“Gene Brewing Beer Festival” features popular Passion Sisters cheerleaders Bian Helü, Winnie, and Shao Yan. By depositing funds and trading on the sponsored cryptocurrency exchange Star Vaults, participants can get a one-on-one interaction opportunity with South Korean cheerleader goddess Bian Helü. However, information about Star Vaults is relatively limited. According to LinkedIn, most of its team members are from Taiwan, and its community followers are few. It is not listed on CoinMarketCap nor included in Taiwan’s VASP list.
Deposit funds into the cryptocurrency exchange and trade to interact with the cheerleaders?
The “Gene Brewing Beer Festival” post states that they invited Passion Sisters cheerleaders Bian Helü, Winnie, and Shao Yan, and mentions that by depositing funds and trading on the cryptocurrency exchange Star Vaults, users can have a one-on-one interaction with South Korean cheerleader goddess Bian Helü. The exchange Star Vaults is the event’s title sponsor.
Specifically, the first 50 users who deposit more than $20 are guaranteed VIP access. Users who deposit over $100 and trade more than $300,000 USD are eligible for a lottery, with winners able to have a one-on-one interaction with Bian Helü.
What are the compliant exchanges in Taiwan? Public VASP list
Cryptocurrency exchanges can generally be divided into Taiwanese exchanges and offshore exchanges based on their compliance status. Taiwanese exchanges are those that have completed anti-money laundering declarations and related procedures according to law, i.e., VASP (Virtual Asset Service Provider). The Rybit exchange, which collaborated with CTBC Brothers in 2023, is one example. However, times change. Currently, the following VASP providers are still operating, listed in order of strokes:
Hoya Digital Technology (HOYA BIT)
Pioneering Digital Technology (ZONE Wallet)
Modern Wealth Technology (MaiCoin, MAX Exchange)
KryptoGO
Fusheng Digital Technology (TWEX)
Cross-Chain Technology (Chainss)
BitoPro
XREX Co., Ltd. (XREX Exchange)
(Taiwan VASP one less! Due to regulatory and cost pressures, Hong Zhu Digital announced suspension of operations)
Why use a Taiwanese compliant cryptocurrency exchange?
Taiwan-compliant exchanges are often used for deposits and withdrawals (i.e., converting NTD to cryptocurrencies and vice versa). Compliant VASP significantly reduces the risk of funds being frozen or returned. Since these providers are regulated under the Anti-Money Laundering Act and have completed AML registration with the Financial Supervisory Commission, their risk level for fund transactions with banks is clearer, making suspicious activity less likely.
Only Taiwanese compliant cryptocurrency exchanges can facilitate bank deposits and withdrawals
For users, whether depositing NTD to buy crypto assets or withdrawing profits to bank accounts, the process is smoother. It helps avoid investigations, transaction restrictions, or account closures due to unclear fund sources.
Compared to unregistered or offshore gray platforms, compliant providers have clearer risk profiles in asset management and operational stability, making sudden fund withdrawal stops or rule changes less likely. More importantly, in case of disputes, users have formal channels for rights protection.
Non-compliant exchanges cannot offer perpetual contracts; users turn to offshore exchanges
However, since Taiwanese exchanges prohibit leverage and derivatives like perpetual contracts, many users turn to offshore exchanges that offer such products. The most prominent is Binance, the world’s largest crypto exchange. Others like OKX, Bybit, and Bitget are also well-known.
How to choose a cryptocurrency exchange? Common method: check CMC rankings
When selecting offshore exchanges, the simplest way is to look at rankings on CoinMarketCap, Coingecko, and other reputable data sites. Taiwanese exchange HOYA BIT restricts withdrawals to exchanges registered with the FSC for AML, and only to the top 30 exchanges on CoinMarketCap. HOYA BIT states that by limiting withdrawal destinations to reputable or compliant exchanges, they ensure fund traceability.
Note that being listed does not guarantee safety, and unlisted exchanges may have lower transparency and higher risks.
(Cryptocurrency withdrawal regulations, HOYA BIT leads: withdrawals limited to CMC top 30 exchanges and Taiwanese VASP)
Is Star Vaults exchange safe? Data platforms show no information
In fact, a CoinMarketCap search yields no information about “Star Vaults.” Their Facebook, X, YouTube, Telegram accounts have only a handful of followers, sometimes in the single digits. According to LinkedIn, most team members are based in Taiwan. However, from both Taiwanese and offshore exchange perspectives, their compliance and market standing lack clear public information.
JPEX and FTX also recruited celebrities for endorsements
In the past, exchanges often hired celebrities for promotions. The most notable in Taiwan was singer Chen Lingji, who was involved in the JPEX scam in Hong Kong. JPEX, which caused a stir in Hong Kong and Taiwan, used various ads, social media, and influencer collaborations to attract investors. The platform claimed to offer low-risk, high-return investments, appealing to many interested in cryptocurrencies.
However, in September 2023, after a warning from the Hong Kong Securities and Futures Commission, JPEX suddenly increased withdrawal fees, leading to many customers unable to withdraw funds. It was later revealed that the platform was involved in transferring funds and money laundering. Hong Kong police are actively investigating the case, tracing the masterminds and the flow of illicit funds. Due to the scale of the case, authorities said further investigations and prosecutions will continue.
(Alleged fraud! Singer Chen Lingji endorses JPEX scam, receiving 10 million TWD)
Former second-largest crypto exchange FTX also recruited well-known athletes like Tom Brady, Stephen Curry, Naomi Osaka, and Shohei Ohtani, and sponsored the Golden State Warriors’ home games. Ultimately, FTX went bankrupt.
Star Vaults previously co-hosted the “Beer On-Chain Festival” with Gene Brewing, inviting artists like Xie Hexian to perform. According to current reports, Star Vaults only invited Passion Sisters cheerleaders for the event, not as endorsers. Chain News has verified this with Passion Sisters’ management.
This article questions whether depositing funds can truly lead to a one-on-one interaction with Bian Helü via Star Vaults, and raises doubts about the exchange’s legitimacy. Originally published by Chain News ABMedia.
