BiXiang Exchange was used by a fraud gang to launder money! The mastermind, Shi Qiren, received a heavy sentence of 22 years in the first instance, with cash flows exceeding NT$2.3 billion.

The domestic largest virtual currency firm “Bixin Technology” colluded with a fraud syndicate, laundering money for the fraud gang through 45 branches across Taiwan. On July 16, the Shilin District Court delivered its first-instance verdict, finding that the mastermind, Shi Qiren, who has a background linked to the Tiandao League and the Justice Society, committed crimes including the illegal provision of virtual asset services, aggravated fraud, and money laundering. The court combined sentences and imposed 22 years in prison, and confiscated more than NT$43.71 million (more than NT$43,710,000) in criminal proceeds. This case, dubbed the largest crypto money-laundering case in Taiwan in terms of scale, involved cash flows of over NT$2.3 billion, and also exposed regulatory loopholes that allowed virtual assets to appear “seemingly compliant.”
(Background recap: Taiwan’s largest crypto money-laundering case》Bixin Technology’s chief suspect Shi Qiren was released on bail for NT$20 million; fraud of NT$1.275 billion, and involved funds exceeding NT$2.3 billion)
(Background addition: a full interpretation of Taiwan’s crypto industry special law, the Virtual Asset Service Act: exchanges move into a licensing regime, and conditions for stablecoin issuers are decided)

Key summary

• Shilin District Court in the first instance sentenced Bixin Technology’s mastermind Shi Qiren to 22 years, confiscated more than NT$43.71 million in criminal proceeds; the case is appealable
• Shi Qiren bought Bixin, which had already been certified by the Financial Supervisory Commission, for NT$19.2 million, used “franchising” to evade money-laundering review, and opened 45 branches
• Bixin leaked KYC question banks to the fraud syndicate in a “seemingly compliant” way; the money-laundering cash flow was over NT$2.3 billion, assisting fraud of more than NT$1.27 billion

The domestic largest virtual currency firm “Bixin Technology” was recently exposed for laundering for a fraud syndicate. On July 16, the Shilin District Court delivered its first-instance judgment. The court held Shi Qiren—who has a background connected to the Tiandao League Justice Society—was involved in crimes including the illegal provision of virtual asset services, aggravated fraud, and money laundering. The court imposed a combined sentence of 22 years in prison and confiscated NT$43,718,505 in criminal proceeds. The whole case remains appealable.

Another identity of Shi Qiren is as the Taiwan-area leader of the offshore virtual asset exchange CoinW (Biying). Co-defendant Yang Jiwen is the Asia-Pacific business director. Because CoinW did not complete the Financial Supervisory Commission’s mandatory reporting for anti–money laundering measures, in October 2023, the two purchased Bixin—a company that had already been announced as compliant with anti–money laundering regulations through the Financial Supervisory Commission—for a consideration of NT$19.2 million and an equivalent of 613,223 Tether (USDT) coins. Then, through a “franchising” model, they expanded Bixin externally as the VASP (Virtual Asset Service Provider) brand, thereby evading the store-by-store review required under the anti–money laundering regulations. In a short time, they opened 45 branches nationwide and rose to the position of the largest physical virtual coin trader.

How the “seemingly compliant” scheme tricked law enforcement

What truly enraged prosecutors was this “seemingly compliant” mechanism. On the surface, Bixin hired compliance personnel and risk-control managers who were allegedly unaware, and it seemingly designed KYC (identity verification) procedures. In reality, however, Shi Qiren and others leaked the KYC review question bank for branches to the fraud syndicate in advance. Through a “middleman,” they taught members of the fraud gang and victims how to answer, so that when victims brought large amounts of cash into the branches, they could pass verification easily and successfully exchange for USDT.

More precisely, they “grab the big and let the small go,” intentionally refusing some customers’ transactions and leaving behind “refusal records,” creating a fraudulent illusion of strict screening. Prosecutors criticized that this method was not only intricate, but also directly misled law enforcement personnel.

How the money-laundering pipeline worked

After victims were lured by sales talk such as “fake investment,” “fake companionship,” and “fake recruiting,” they were directed to the “cash-in machine” at Bixin branches to deposit cash. Then a security company transferred the funds into bank accounts, conducted settlement and purchased USDT, and then co-defendant Wang Xuezhi transferred the proceeds for sale through CoinW’s wallet. Once the money flowed into the so-called “reservoir wallet,” a break in the cash-flow chain was created, making it difficult to trace. Prosecutors estimated that the syndicate used this pipeline to scam more than 1,000 people, with amounts exceeding NT$1.27 billion, and the money-laundering cash flow exceeded NT$2.3 billion. However, ultimately the Shilin District Court determined that there were 485 victims, with scam amounts of about NT$360 million. Some cases were found not guilty due to insufficient evidence or because they were unrelated to the fraud.

Prosecutors originally sought sentences of 10 years each for Shi Qiren per victim, plus 1.5 years for money-laundering, totaling 25 years. The panel ultimately handed down 22 years, reasoning that although Shi Qiren was a responsible person, he ignored regulations, failed to carry out anti–money laundering registration, and even actively introduced resources from the fraud syndicate for profit. After the offense, he only admitted that the franchise stores violated the anti–money laundering act, but denied the entirety of the fraud and money laundering. To date, he has not compensated the victims.

Yang Jiwen and Wang Xuezhi, who pleaded guilty and promised to return proceeds, received lighter punishment. A piece of verified “compliant” qualification ultimately became the front for a gang to launder money for the fraud syndicate—this is precisely the gap in Taiwan’s virtual asset regulation that urgently needs to be fixed.

Common questions

What is the Bixin Technology money-laundering case?

Bixin Technology is the largest virtual-coin firm in Taiwan. Its mastermind Shi Qiren colluded with a fraud syndicate, laundering money for scams such as fake investments through 45 branches. The cash flow was over NT$2.3 billion. In July 2026, the Shilin District Court in the first instance sentenced him to 22 years in prison.

How did Bixin evade the Financial Supervisory Commission’s anti–money laundering review?

Shi Qiren bought Bixin for NT$19.2 million, after Bixin had already been certified for anti–money laundering compliance by the Financial Supervisory Commission. He then used a “franchising” model to expand branches and evade store-by-store review, and leaked the KYC verification question bank to the fraud syndicate, allowing victims to pass identity verification easily.