Amid an ongoing investigation by the Hong Kong police, cryptocurrency platform JPEX has temporarily suspended certain trading activities. Starting Monday, users are unable to place new orders on its Earn Trading interface, which primarily concerns wealth management products, as per the company’s announcement on Sunday.
JPEX revealed that the halt stems from negotiations with third-party market makers as the platform grapples with a liquidity crunch. The company further stated that the market makers had frozen assets due to the ongoing scrutiny by Hong Kong authorities.
This investigation into JPEX was initiated after a recommendation from the Securities and Futures Commission (SFC), the principal markets regulator in Hong Kong. The SFC alleges that JPEX has been functioning in the city as an unlicensed entity. This accusation represents the first of its kind from the regulatory body since Hong Kong intensified its efforts to establish itself as a prominent crypto hub, aiming to attract more private investors to the sector.
JPEX assured its users that all existing orders within the Earn Trading interface would proceed as usual until the maturity of the product. However, the platform did not provide any comments when approached.
Adding another layer to this evolving story, local influencer Joseph Lam Chok was apprehended in relation to the JPEX investigation. Visual evidence from local media outlet HK01 showcased police officials transporting boxes to a separate vehicle. The Hong Kong police have not issued any comments regarding these developments.
Recent reports indicate that the Hong Kong police have registered 83 complaints against JPEX, encompassing a total of HK$34 million (approximately $4.3 million). According to its official website, JPEX is based out of Dubai.
Top Recommended Articles
- Read Also: Best Web3 Coins To Invest In
- Read Also: Best Low Cap Crypto To Buy Now
- Read Also: Best Crypto Utility Tokens
- Read Also: Best Crypto To Buy Right Now Reddit
- Read Also: Best Crypto Under $1
- Read Also: Best Penny Crypto Coins To Invest In
- Read Also: Best Shitcoins To Buy Right Now
- Read Also: Best Crypto Presale To Buy Now
- Read Also: Best Low Supply Cryptocurrency
- Read Also: Best DeFi Coins To Buy Now
- Read Also: Best Altcoins To Invest In Right Now
- Read Also: Best Crypto ICO To Invest In
- Read Also: Next Crypto To Explode In 2023
- Read Also: Best Cryptocurrency Coins To Buy
- Read Also: New Cryptocurrencies To Invest In