Hong Kong crypto exchange JPEX suspends trading in the wake of regulator probe

Hong Kong cryptocurrency exchange JPEX has suspended trading, will delist all transactions on its Earn Trading interface, and is considering restructuring as a Decentralized Autonomous Organization (DAO) following a probe by the Hong Kong Securities and Futures Commission (SFC).

Local media reports have it that the probe by the SFC has resulted in the arrest of one person attached to the exchange.

SFC allege that JPEX has been operating in Hong Kong without a license. The SFC also says that police have received numerous complaints about the platform.

Local media in Taiwan report that JPEX’s Taipei office was recently vacated, and authorities have reportedly questioned Taiwanese influencers hired by the exchange.

JPEX claims to be licensed by securities authorities in Australia and has registration with the U.S. Financial Crimes Enforcement Network (FinCEN) as a Money Services Business (MSB).

Attendees who visited JPEX’s booth during the recent Token2049 conference in Singapore found it to be reportedly abandoned after the first day.

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