JPEX Does Not Have The Necessary License To Operate

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Last Updated on September 15, 2023 by Bitfinsider

The Securities and Futures Commission (SFC), Hong Kong’s main financial watchdog, has issued a warning against crypto exchange JPEX.

According to the South China Morning Post, the SFC alleges the platform has “suspicious features” and lacks the essential licencing to function legally in Hong Kong.

The territory just established a milestone set of crypto legislation in its drive to become the region’s crypto centre. It necessitates, among other things, a virtual asset trading platform (VATP) licence. However, JPEX has not applied for one, according to the SFC.

JPEX issued a statement earlier today, declaring that the company would have to change its business practises and rules. Along with changing the USDT withdrawal cost, the crypto exchange announced the formation of a special task force to explore future development directions and further modifications.

According to the regulator’s notification from yesterday, “no entity in the JPEX group is licenced by the SFC or has applied to the SFC for a licence to operate a VATP in Hong Kong.”

The SFC also accused internet influencers and over-the-counter virtual asset money changers (OTC shops) of spreading false information about JPEX’s application for a VATP licence.

In response to the SFC’s warning, the company issued a statement yesterday indicating their purpose and plans to apply for the crypto trading licence. JPEX, on the other hand, was unable to offer information on the status of their application process.

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