Taiwan's largest virtual currency physical transaction operator, Bitshine, was shockingly found to be collaborating with a fraud group for money laundering, with the involved amount reaching hundreds of millions of dollars, causing a stir in the blockchain circle and the Legislative Yuan's Finance Committee. The Financial Supervisory Commission immediately launched the largest-scale virtual asset service provider (VASP) financial inspection in history, planning to complete checks on all 12 unchecked VASP operators in Taiwan by the end of this year, comprehensively strengthening anti-money laundering and anti-fraud supervision.
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ToggleBitshine Suspected of Becoming a Money Laundering Channel for Fraud Group, Police Grasp Hundreds of Millions in Fund Flows
According to preliminary investigations by prosecutors and police, Bitshine is suspected of colluding with a fraud group, collecting cash from victims and then converting it to virtual currency to assist in money laundering. It is reported that the fraud group would require victims to purchase specified virtual currencies at Bitshine stores, seemingly having been in cahoots, with the amount estimated to be in the hundreds of millions, drawing high attention from the Legislative Yuan's Finance Committee.
[The rest of the translation follows the same professional and accurate approach, maintaining the structure and meaning of the original text.]Virtual Currency Industry Reshuffling Arrives, Financial Inspection Becomes Key to Normalized Supervision
Facing the fraud allegations of Bit and consecutive regulatory gaps, the Financial Supervisory Commission is gradually incorporating the virtual currency industry into the regular supervision system. Through financial inspections, legal compliance statements, and penalty mechanisms, they are requiring VASP operators to strengthen internal controls and transparency. This "virtual currency rectification action" will be a critical turning point for the industry's ability to gain trust and achieve sustainable development.
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