The largest physical cryptocurrency exchange in the country, “Bixiang,” is searched by police for allegedly assisting fraud groups in laundering over a hundred million each month.

According to a report by ETtoday News Cloud, the largest cryptocurrency physical trader in Taiwan, “Bixin Technology,” was raided by the Criminal Investigation Bureau’s Second Investigation Team yesterday (24th) on suspicion of laundering money for fraud groups. The police brought in seven individuals, including the responsible person with the surname Shi, who were subsequently sent to the Shilin District Prosecutors Office for investigation for violating the Anti-Money Laundering Act.

Yesterday morning, the Criminal Investigation Bureau executed searches at 36 “Bixin” trading stores across 14 counties and cities in the country, apprehending seven individuals, including the 36-year-old responsible person with the surname Shi. The police discovered that the suspects had established Bixin stores nationwide, specifically to launder money for fraud groups. Their method primarily involved having the victims pay cash at the exchange, which was then transferred to the fraud group by the exchange. It is understood that the exchange has a monthly cash flow exceeding 100 million NTD, with illegal profits potentially reaching tens of millions each month.

It is reported that Bixin Technology was one of the early virtual currency platform operators to comply with the Anti-Money Laundering regulations issued by the Financial Supervisory Commission (now changed to the VASP registration system). The company is also a member of the Virtual Currency Association and has previously changed its management team. The police will continue to investigate the principal suspects and accomplices behind the scenes.