Steaker Responds to Legal Challenge: Claims Legal Operation and Seeks Truth Through Court

Official Statement: Steaker Maintains Legal Compliance Since Inception

The Taiwanese virtual asset platform Steaker faces prosecution accusations and has issued an official statement affirming its legal operational status. The company emphasizes that since its establishment, it has maintained strict compliance with applicable laws and regulations while actively maintaining dialogue with regulatory authorities. Founder Huang Wei-Hsuan publicly reaffirms that user assets have never been misused and commits to full legal defense throughout the judicial process. This incident has renewed public attention to regulatory questions within the cryptocurrency industry.

Regulatory Uncertainty: Inconsistent Court Rulings Create Legal Risks for New Enterprises

Steaker expresses regret and disappointment regarding prosecution allegations of violations against the Banking Act and Money Laundering Control Act. The company emphasizes that it has sought legal counsel from inception and confirmed the legality of its business model based on judicial interpretation at that time. The inconsistent interpretations and court decisions regarding virtual asset cases in recent years have created substantial legal uncertainty for emerging enterprises. This regulatory ambiguity has made compliance a challenging endeavor, as companies cannot definitively anticipate how courts will classify their operations.

Compliance Measures: Proactive Implementation of Anti-Money Laundering Regulations

Since its founding in 2019, Steaker has dedicated itself to providing asset allocation services for Taiwanese users. Following the enactment of virtual asset provider money laundering regulations in 2021, the company rapidly implemented comprehensive compliance measures:

The platform hired experienced compliance advisors to restructure organizational frameworks and conduct internal staff training. Additionally, Steaker established a SAFU (Secure Asset Fund for Users) fund to address systemic financial risks. The company submitted anti-money laundering declarations to the Financial Supervisory Commission and continuously refined its business model. In subsequent years, Steaker updated its KYC (Know Your Customer) system to restrict transaction capabilities for users who had not completed full identity verification. These measures demonstrate commitment to legal compliance while simultaneously enhancing platform security and user protection.

Legal Defense: Challenging Accusations of Illegal Deposit Acceptance and Asset Commingling

Regarding accusations that Steaker violated Article 29 of the Banking Act, the company argues that virtual assets lack the legal status of official payment instruments and operate fundamentally differently from traditional financial systems, therefore should not be directly interpreted under banking regulations. This distinction is crucial, as virtual assets represent an entirely different asset class with different regulatory requirements.

Concerning allegations of asset commingling, Steaker refutes these claims by explaining that the designated sub-account used for user deposits serves legitimate administrative purposes rather than concealment or obfuscation. All fund movements are clearly documented and maintained in separate accounting records, ensuring transparency and proper accounting procedures.

Risk Disclosure: No Capital Guarantees Provided, Transparent Risk Warnings Implemented

Steaker emphasizes that it has never provided capital guarantees or profit promises to users. The platform has consistently disclosed product risks and notified users about virtual asset volatility throughout the registration process, product documentation, and service terms. The SAFU fund establishment serves to protect user interests during severe market fluctuations rather than to mislead users into making capital contributions. This transparent approach ensures users understand the inherent risks associated with virtual asset trading.

Market Impact: Steaker Launches Compensation Plan for Affected Users

When a major cryptocurrency exchange experienced significant operational disruption in late 2022, Steaker acknowledged the severe impact and recognized it as a force majeure event. The company immediately launched a compensation initiative, achieving participation from a substantial majority of affected users who have received corresponding compensation allocations. Users can track compensation progress through the dedicated platform. Steaker commits to continuing compensation promotion to protect all stakeholders' rights and interests, demonstrating responsibility toward its user base.

Platform Operations: Continued Asset Withdrawal Guarantees for Users

Since April 2023, Steaker suspended certain platform operations, including product orders and new user registrations. However, eligible users retain access to withdrawal functions for their virtual assets, with refund guarantees maintained. This approach demonstrates the company's commitment to protecting users while addressing previous challenges.

Founder's Statement: Commitment to Legal Defense and User Asset Protection

Founder Huang Wei-Hsuan published a public statement confirming active cooperation with investigations and continued advancement of compensation plans. He emphasizes that "Steaker has never accepted official payment instruments, never provided capital guarantees, never issued proprietary tokens, and never misused user funds." Huang Wei-Hsuan notes that the company engaged legal experts for asset recovery litigation and actively pursues recovery to compensate users. He maintains that he has remained transparent and continues working to resolve user issues.

Industry Regulation: Calling for Clear Legal Framework for Virtual Asset Sector

Steaker emphasizes that the legal classification of virtual assets in Taiwan remains unclear, particularly regarding the boundary definition of regulatory application scope. The company calls on all stakeholders to address emerging industry challenges and growth with rational thinking and institutional support. Huang Wei-Hsuan stated: "I do not shirk my responsibilities, but we need a logical and procedural environment that enables entrepreneurs to proceed safely." This reflects the industry's broader need for regulatory clarity to balance innovation with consumer protection.

Conclusion: Awaiting Judicial Determination and Commitment to Transparency

Steaker commits to respecting the legal process while continuing to provide explanations and evidence, hoping the court will determine the truth of the matter. The company pledges to publish all further developments on its official website and thanks the public for their interest and support. This case underscores the ongoing tension between regulatory development and technological innovation in the virtual asset industry, highlighting the need for clear legal frameworks that provide both regulatory certainty and consumer protection. As the judicial process unfolds, the outcome will likely have significant implications for cryptocurrency platform regulation throughout Taiwan and potentially influence industry standards across the broader Asia-Pacific region.