- The probe into JPEX has resulted within the arrest of 1 particular person.
- The JPEX change has allegedly been working within the nation and not using a license.
- JPEX’s native token, JPC, has skilled a 21.98% decline in worth over the previous 24 hours following because the occasions unfold.
Hong Kong’s cryptocurrency change, JPEX, has halted its buying and selling operations in response to an investigation performed by the Hong Kong Securities and Futures Fee (SFC). This inquiry resulted within the arrest of a person affiliated with the change, as reported by native media.
The SFC has asserted that JPEX, based mostly in Hong Kong, had been conducting its operations with out the required license, which prompted quite a few complaints from customers to legislation enforcement businesses. The JPEX comes as Hong Kong warns crypto firms towards referring to themselves as “banks.”
JPEX cites unfair therapy by Hong Kong authorities
In a weblog submit, JPEX expressed dissatisfaction with the therapy it acquired from related Hong Kong establishments and attributed the freezing of funds by their third-party market makers to those perceived injustices. These market makers demanded extra data from the change for negotiation functions, thereby limiting liquidity and considerably rising every day operational prices, resulting in operational challenges.
In mild of those liquidity points, JPEX introduced its determination to cease all transactions on its Earn Buying and selling interface, efficient Monday. Concurrently, the change pledged to handle ongoing orders and make changes to withdrawal charges. Moreover, JPEX said that it’s considering a restructuring effort to remodel right into a Decentralized Autonomous Group (DAO).
JPEX’s Taiwan workplaces vacated
Media reviews from Taiwan have indicated that JPEX’s Taipei workplace was just lately vacated, and native authorities have reportedly interrogated Taiwanese influencers whom the change had engaged.
JPEX’s official web site claims that the change holds licenses from securities authorities in Australia and is registered with the US Monetary Crimes Enforcement Community (FinCEN) as a Cash Companies Enterprise (MSB).
Attendees on the current Token2049 convention in Singapore famous that JPEX’s sales space appeared deserted after the primary day of the occasion.