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JPEX

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 The Hong Kong Securities and Futures Commission (SFC) has <a href="https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR101" rel="noopener noreferrer nofollow">issued </a>a public warning regarding the activities of JPEX, an unlicenced virtual asset trading platform operating in the region. 
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In a statement released on September 13, 2023, the SFC raised concerns that JPEX has been actively marketing its products and services to the Hong Kong public through various channels, including social media influencers and over-the-counter virtual asset money changers (OTC Shops), all without obtaining the necessary licence to do so. 
According to the SFC, there are numerous suspicious elements about JPEX’s operations, and the platform has been on the SFC’s Alert List since July 2022. The regulator specifically highlighted that JPEX’s claims of being legally registered with Dubai’s Virtual Assets Regulatory Authority (VARA) could not be substantiated, as the platform is not included in VARA’s public list of licensed virtual assets service providers. 
JPEX had previously <a href="https://www.globenewswire.com/en/news-release/2023/07/14/2704968/0/en/JPEX-Announces-Partnership-with-Hong-Kong-listed-Company-Synertone.html" rel="noopener noreferrer nofollow">announced </a>in July 2023 that it had entered into agreements with three local entities in Hong Kong to provide its services in the region. However, the SFC refuted this claim, stating that the agreements had been terminated, and the listed companies made no investments. Furthermore, the SFC established that it had not received any licence applications from JPEX. 
The SFC noted that it has taken measures to address its concerns, including notifying the relevant stakeholders and OTC Shops about the regulatory suspicions and requesting them to cease promoting JPEX and its associated services and products. 
Notably, this is the regulator’s first public warning under the new regulatory regime for virtual asset trading and management that<a href="https://hongkong.dentons.com/en/insights/articles/2023/june/5/hong-kongs-new-licensing-regime-for-virtual-asset-trading-providers-takes-effect" rel="noopener noreferrer nofollow"> came into effect in June 2023.</a> 
The new regulations empower the SFC to act against individuals and entities found to violate its requirements. The regulator has emphasized its commitment to enforcing the regulatory framework and warned both investors and the public to exercise caution when dealing with unregulated and unlicensed virtual asset operators. It urged individuals to verify the licensing status of any virtual asset operator by referring to its public list of licensed operators in the region. 
This public warning also marks a significant step in SFC’s efforts to ensure compliance with the new virtual asset regulatory regime. <a style="color: #0000ff;" href="https://defi-planet.com/2023/08/hashkey-crypto-exchange-obtains-upgraded-licence-from-hong-kong-sfc/" rel="noopener noreferrer nofollow">HashKey Exchange was the first entity</a> to obtain full licensing under these regulations. 
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/09/hong-kongs-securities-and-futures-commission-issues-public-warning-about-virtual-asset-platform-jpex/">Hong Kong’s Securities and Futures Commission Issues Public Warning About Virtual Asset Platform JPEX</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Hong Kong’s Securities and Futures Commission Issues Public Warning About Virtual Asset Platform JPEX

DeFi Planet

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