Is JPEX the Epicenter of Crypto Scandal in Hong Kong?
Trouble brews for JPEX as it faces allegations of being a potential hub for money laundering. This comes amid suspicions of a rug pull
Bitrace reports that an address linked to JPEX moved over 190 million TRC20-USDT tokens in 20 months, raising concerns for investors using the exchange
Hong Kong, a crypto-friendly hub, faces a setback as regulators intensify actions against JPEX, which has now ceased operations
Six individuals, including a crypto influencer, have been arrested
JPEX operated without a license, leading to investor complaints about withdrawals and discrepancies in account balances
The SFC declared it unauthorized for crypto trading in the city.
JPEX suspended trading and is in negotiations with market makers to address liquidity issues. They've also accused a third-party market maker of freezing funds
Police freeze bank accounts and seize properties, totaling millions of Hong Kong dollars, related to JPEX. They've received over 1,600 complaints involving a substantial amount of money
Hong Kong Chief Executive emphasizes the importance of investing in licensed virtual asset platforms to protect investors. The situation remains closely monitored.