ACE Exchange Tackles Cryptocurrency Money Laundering With KPMG

ACE Exchange, one of the biggest cryptocurrency platforms with best-in-class digital security measures in Taiwan, announced that it has collaborated with KPMG, KGI Bank, CYBAVO, and Lockton to counter crypto money laundering.

According to the announcement, the exchange aims to offer protection against anti-money laundering (AML) and other financial crimes on its platform, providing a secured crypto trading platform for all users.

Since its inception, ACE Exchange has set priority on security and user protection, which laid a robust groundwork for regulatory compliance regarding AML and KYL in partnership with world-leading law firms, accounting firms and financial institutions.

"ACE Exchange has cooperated with KPMG to put in place relevant measures to fight against money laundering and terrorism financing practices by strictly scrutinizing user information and identities even before the rollout of the new Taiwanese AML regulations for cryptocurrencies," said David Pan, Founder of ACE Exchange.

“We have also joint hands with Taiwan's criminal and investigative authorities to help establish well-rounded anti-money laundering mechanisms within the crypto space,”Pan added.

As nations around the world step up trying to take control over cryptocurrencies, digital exchanges have started introducing strict KYC requirements for crypto users. 

Last month, Binance has improved its KYC requirements​, requiring all new users to complete Intermediate Verification to access Binance products and service offerings