FTX’s Collapse: Taiwan’s Three Main Exchanges Continue To Function Normally
In a joint statement released over the weekend, Taiwanese top three crypto exchanges MaiCoin, BitoEX, and ACE, said they would soon provide evidence of assets verified by independent organizations. In the statement, the exchanges added that they would assist in setting up meetings with affected FTX users in Taiwan to discuss this best practice.
“Active compliance with laws and regulations, user protection, and limitation of risks reasonably” are the top working principles of the MaiCoin digital asset trading platform and its digital asset exchange subsidiary, MAX.
MaiCoin added that it never listed FTT on its platform or its subsidiaries. Hence, neither the group nor its platform users are directly affected.
The group clarifies that it transacts with FTX.com solely for liquidity management and hedging purposes. Nevertheless, MaiCoin announced that it had exposure to FTX.com worth approximately $260,546.
But it clarified that this would not impact the company’s operations. According to people familiar with the situation, the Taipei-based cryptocurrency exchange MaiCoin is considering listing its shares on Nasdaq within the next two years.
According to records verified by Bloomberg, MaiCoin expects its trading revenue to grow more than 70% annually through 2025 after the Nasdaq listing.
Earlier this month, BitoEX reported that it had withdrawn its funds from FTX, while ACE said nothing had changed regarding its operations.
BitoEX partnered with East Asian convenience store chain FamilyMart in 2014 to enable bitcoin payments at its digital kiosks. In addition, the exchange conducted an Initial Coin Offering (ICO) in May 2018, raising $10 million.
Taiwan’s Crypto Environment
The country’s largest chain, 7-11, joined Maicoin’s rival BitoEX and launched Bitcoin purchases at thousands of FamilyMart, OK-Mart, and Hi-Life stores across Taiwan earlier this year. The service transfers BTCs directly to users’ wallets using a mobile phone number and PIN combination system.
Earlier this year, numerous Bitcoin exchanges in Taiwan were shut down due to strict anti-money laundering (AML) laws. While the Financial Supervisory Commission (FSC) has the power to monitor the market, Taiwan’s crypto space still lacks full regulatory clarity.
Hence, this lack of a full regulatory framework for digital assets deters domestic companies.
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