Key Takeaways
- Taiwanese authorities have accused Bixiang Technology of operating an NT$23 billion money laundering operation.
- Bixiang ran a network of cash-to-crypto storefronts operating under the CoinW brand.
- Despite the use of CoinW branding, there is no evidence that Bixiang had ties to CoinW Global.
Taiwanese prosecutors have indicted 14 people accused of running an NT$23 billion money laundering operation.
The perpetrators allegedly operated a network of retail locations where customers could buy USDT and other cryptocurrencies using cash.
The Scheme
At the center of the allegations is Bixiang Technology, a Taiwan-registered company that operated more than 40 cash-to-crypto shops.
Prosecutors allege that Bixiang promoted itself as “CoinW Taiwan,” making use of the offshore CoinW brand and even claiming it was the only FSC-authorized provider in Taiwan, a claim authorities say was false.
The indictment states that NT$12.75 billion (around $390 million USD) in fraud proceeds were funneled through Bixiang’s shops.
By layering transactions through multiple wallets and routing funds into CoinW-linked addresses, the group allegedly laundered a total of NT$23 billion ($700 million).
Is CoinW Global Involved?
The Bixiang case raises questions about CoinW itself, a Dubai-headquartered crypto exchange that isn’t registered to offer services in Taiwan.
Chinese media coverage underscores that Bixiang and CoinW Global are not the same entity.
Bixiang is a local company that marketed itself as “CoinW Taiwan,” but there is no public record of formal ownership or links to the exchange’s global headquarters.
For now, the legal spotlight falls on the individuals who ran Bixiang’s shop network, not on CoinW’s executives abroad.
14 Arrested on Money Laundering Charges
In April, Taiwanese police arrested alleged Bixiang mastermind Shi Qiren and 13 others connected to the money laundering network.
Authorities also seized NT$60 million in cash, 640,000 USDT, other cryptocurrencies, and luxury vehicles.
Prosecutors are seeking a 25‑year prison sentence for Shi and have filed for seizure of the full NT$12.75 billion in assets.
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James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
