The fight against money laundering using cryptocurrencies is hitting up, as more nations join the cause. Now, ACE Exchange, a Taiwan-based crypto exchange has become actively involved in the crusade. The exchange is partnering with Lockton, KGI Bank, KPMG, and CYBRAVO to protect illegal transfer activities and financial crimes. The exchange wants to offer a secure crypto trading platform for all types of traders.
On July 1, the Taiwanese government set up a law that is aimed at protecting traders and individuals against fraud and other financial crimes.
The new rule requires the crypto exchange to evaluate and verify users’ identities before they are allowed to do business. It’s similar to the Know Your Customer (KTC) policies currently carried out by regulators in several other jurisdictions. In line with the new law, it seems ACE Exchange wants to become one of the first platforms to start following the guidelines in the country.
However, the exchange has started scrutinizing users’ information even before the Taiwanese AML crypto regulations.
ACE Exchange Makes Security Its Top Priority
Founder of ACE Exchange, David Pan, commented on the development. According to him, the exchange has intensified efforts to offer more protection to users and traders on its platform.
He added that ACE Exchange has also collaborated with investigative authorities to set up a comprehensive anti-money laundering system in the crypto space.
The recent activities of ACE exchange regarding security show how highly they want the protection of users’ funds. The exchange says it offers dual protection for crypto-assets and the new Taiwan dollar. Last year, it partnered with KGI Bank to establish “FIA Trust Custody”. The platform comes with a state-of-the-art security system and is powered by the highly popular Blockchain security firm CYBAVO.
In another deal, ACE Exchange struck a partnership agreement with international insurance firm Lockton to enable users to enjoy all-around protection.
Since it was launched, ACE Exchange has put its sight on the protection of users’ funds against fraud. The firm says that’s the reason why it has partnered with KYL and AML, as well as top law firms in the world.