JPEX crypto exchange shuts trading amid regulator probe
According to media reports, Dubai-based cryptocurrency exchange JPEX is suspending trading on its platform as an investigation by the Hong Kong Securities and Futures Regulatory Commission found that the company was operating as an unlicensed entity.
See related article: Hong Kong’s Web3 industry is forming new associations to advance crypto hub ambitions
Brief information
- JPEX blamed its “third-party market makers” for freezing funds and restricting liquidity after it was revealed that authorities in Hong Kong were investigating.
- Hong Kong police received at least 83 complaints about the exchange, according to a report from the South China Morning Post on Monday.
- According to media reports, Hong Kong police arrested influencer Joseph Lam Chok on Monday in connection with cryptocurrency trading platform JPEX.
- Hong Kong welcomes investment from digital asset companies and has set new rules for the industry as the city aims to become a global digital asset hub.
- It allows licensed cryptocurrency trading platforms to offer services to retail investors while implementing measures to protect individual traders.
See related article: Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race to become Asia’s Web3 hub is on | Part 1
