Hong Kong’s Securities and Futures Commission Issues Warning to JPEX Exchange
Crypto News

Hong Kong’s Securities and Futures Commission Issues Warning to JPEX Exchange

2m
Created 5mo ago, last updated 5mo ago

The Securities and Futures Commission (SFC) of Hong Kong has issued a warning against cryptocurrency exchange JPEX, citing "suspicious features".

Hong Kong’s Securities and Futures Commission Issues Warning to JPEX Exchange

JPEX Exchange Receives Warning From Hong Kong’s Securities and Futures Commission

The Securities and Futures Commission (SFC) of Hong Kong has issued a warning against cryptocurrency exchange JPEX, citing "suspicious features" as well as the lack of required licensing to operate legally in Hong Kong. This comes as Hong Kong seeks to establish itself as a regional crypto powerhouse by enacting extensive crypto legislation, including the requirement of a virtual asset trading platform (VATP) license. However, the SFC reports that JPEX has not filed for such a license.

The SFC also stated that JPEX was falsely advertised as having sought for a VATP license by online influencers and over-the-counter virtual asset money changers (OTC shops). The regulator advised investors to be careful of such statements and to exercise caution when considering investment possibilities that appear too good to be true.

In response to the SFC's warning, JPEX issued a statement stating that the company intends to modify its business practices and procedures. The conversation mentioned plans to form a special task force to discuss future development directions and other changes. JPEX also indicated its desire to seek for a crypto trading license, but provided no information on the status of the application process.

Hong Kong has been developing a legislative framework for the crypto business, including allowing retail investors to trade digital assets and establishing a Web3 task group to support ecosystem development. The SFC's warning against JPEX emphasizes the regulatory scrutiny and the necessity for compliance in Hong Kong's developing crypto sector.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article