Cryptocurrency platform JPEX has suspended some trading functions amidst a probe by Hong Kong police. Beginning 18 September, users are restricted from placing new orders on the platform's Earn Trading interface, which deals with certain wealth management products. The Securities and Futures Commission (SFC) revealed that JPEX had been operating unlicensed in Hong Kong, triggering the investigation. This revelation by the SFC is significant given recent endeavours to position Hong Kong as a prominent crypto hub. Local influencer Joseph Lam Chok was detained in relation to the JPEX inquiry, and six individuals have been arrested for “conspiracy to defraud”. The Hong Kong authorities have registered 1,408 complaints involving HKD1bn (USD127m) against JPEX, with further arrests anticipated. JPEX is based in Dubai.
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