Last Updated on September 18, 2023 by Bitfinsider
According to a local media report, the Hong Kong cryptocurrency exchange JPEX has halted trading as a result of an investigation by the Hong Kong Securities and Futures Commission (SFC) that led to the arrest of one exchange employee.
The SFC claims that JPEX, a company based in Hong Kong, has been operating in the region without a licence and that the platform has been the subject of multiple complaints to the police.
“Our partnered third-party market makers have deliberately stopped funds recently because to the unfair treatment by key institutions in Hong Kong against JPEX, a cryptocurrency trading platform, and a series of negative news,” the exchange stated in a blog post. “We experienced operational difficulties as a result of their demands for additional information from the platform for negotiation, which limited our liquidity and sharply increased our daily operating costs.
In the midst of these liquidity issues, JPEX announced that, starting of Monday, it will delist every transaction on its Earn Trading interface, guaranteeing existing orders and modifying withdrawal costs. It was also stated by the exchange that a Decentralised Autonomous Organisation (DAO) reorganisation is being considered.
Authorities are apparently questioning Taiwanese influencers that the exchange employed, and local media in Taiwan reports that JPEX’s Taipei office was just abandoned.
JPEX claims on its website that it is registered as a Money Services Business (MSB) with the U.S. Financial Crimes Enforcement Network (FinCEN) and that it holds an Australian securities authority licence.
During the most recent Token2049 conference in Singapore, attendees discovered that JPEX’s exhibit had allegedly been abandoned after the first day.
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