JPEX Crypto Platform Halts Trading Amid Hong Kong Investigation.
The cryptocurrency platform JPEX has shut down some trading during an ongoing investigation by the Hong Kong police. Users won’t be able to place new orders on its Earn Trading interface from Monday, September 18, 2023. This refers to some wealth management products. JPEX is negotiating with third-party market makers to resolve a liquidity shortage. The Hong Kong […]
The cryptocurrency platform JPEX has shut down some trading during an ongoing investigation by the Hong Kong police. Users won’t be able to place new orders on its Earn Trading interface from Monday, September 18, 2023. This refers to some wealth management products.
JPEX is negotiating with third-party market makers to resolve a liquidity shortage. The Hong Kong police are investigating JPEX after a referral from the Securities and Futures Commission, the markets regulator. The SFC has said the firm was operating in the city as an unlicensed entity.
JPEX said market makers had frozen funds following probes by Hong Kong authorities. Existing orders on Earn Trading will continue until the product’s maturity. They didn’t respond to a request for comment.
The Hong Kong police have received 83 complaints involving HK$34 million ($4.3 million), according to a media report, citing Police Commissioner Raymond Siu on Saturday. The cryptocurrency platform, as per its website, has its headquarters in Dubai.
In connection with the JPEX probe, the Hong Kong police arrested influencer Joseph Lam Chok and police officers were seen carrying boxes into a separate vehicle, according to local media reports and footage on HK01.
Some of JPEX’s competitors are other cryptocurrency platforms that offer similar or different services to their users.
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