Crypto Updates

JPEX’s Legal Woes Could Signal Trouble for HK Crypto

JPEX crypto exchange

After just
three months of easing cryptocurrency regulations in Hong Kong, authorities are
already discussing tightening them again. In the wake of alleged fraud at JPEX,
an unlicensed cryptocurrency exchange in the Chinese special administrative
region, authorities are taking stringent measures to regulate digital assets.
Six individuals have been arrested, and the Securities and Futures Commission
(SFC) has received many complaints against the platform, leading to calls for
tighter supervision.

The SFC had
already warned the public about JPEX’s unlicensed status before the arrests
were made. Over 1,400 complaints have been lodged against the exchange,
implicating more than HKD 1 billion ($127.9 million) in losses. Apart from
this, some investors have reported issues related to withdrawing their virtual
assets or finding their balances manipulated.

Finance Magnates reported yesterday (Monday) that local police arrested financial
influencer Joseph Lam Chok
in connection with his online activities promoting
the platform. The arrest came just hours after the beleaguered exchange
confirmed the suspension of trading activities following an investigation by
the SFC.

to the Associated Press, the regulator may go a…

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