March 27, 2024
Hong Kong Crypto Exchange JPEX Faces Regulatory Warning and Controversy
Policy & Regulation

Hong Kong Crypto Exchange JPEX Faces Regulatory Warning and Controversy

After getting a warning from Hong Kong’s Securities and Futures Commission (SFC), cryptocurrency exchange JPEX is said to have upped its withdrawal fee to as much as 999 Tether. The exchange’s personnel are also said to have vanished from its Token 2049 booth in Singapore.

The SFC, Hong Kong’s cryptocurrency watchdog, filed a warning against JPEX on September 13 for proactively advertising its services to Hong Kong residents despite not having a license or asking for one to do so. The SFC claims that despite being unregulated, JPEX has promoted itself on its website as a certified and reputable platform.

The SFC claims that they have previously informed the appropriate opinion leaders and over-the-counter retailers of their concerns regarding the exchange and requested that they stop endorsing the exchange’s products.

Online rumours of JPEX raising its withdrawal costs to as much as 999 USDT have begun to spread in response to the SFC’s concerns. The action appears to be intended to dissuade users from taking money out of the exchange.

In addition, community members who visited the Token 2049 event in Singapore say that JPEX’s stand was abandoned after the Hong Kong regulator issued a warning.

For letting the exchange advertise as being a sponsor of Token 2049, one of the major crypto events in the nation, certain members of the community attacked the event.

Image: Freepik

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