JPEX

Force

<img width="800" height="533" src="https://cdn.thebittimes.com/images/2023/10/07/30c3534556eba01fe0423f78c8ab68aa.webp" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="display: block; margin: auto; margin-bottom: 5px;max-width: 100%;" link_thumbnail="1" srcset="https://cdn.thebittimes.com/images/2023/10/07/30c3534556eba01fe0423f78c8ab68aa.webp 800w, https://cdn.thebittimes.com/images/2023/10/07/30c3534556eba01fe0423f78c8ab68aa.webp 450w, https://cdn.thebittimes.com/images/2023/10/07/30c3534556eba01fe0423f78c8ab68aa.webp 750w, https://cdn.thebittimes.com/images/2023/10/07/30c3534556eba01fe0423f78c8ab68aa.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
In response to the ongoing <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> scandal in <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> involving the <a rel="noopener noreferrer nofollow" title="JPEX" href="https://thebittimes.com/tag/jpex.html">JPEX</a> <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> exchange, a collaborative effort has been initiated. This joint endeavor brings together the <a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a> Police Force (HKPF) and the Securities and Futures Commission (SFC), establishing a dedicated <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a>-focused task force to tackle illicit <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> exchange activities.
In a statement released on October 4th, the SFC revealed that this alliance was formed following a meeting held on September 28th with the HKPF. This development comes in the midst of ongoing arrests and evolving events connected to the Dubai-based <a rel="noopener noreferrer nofollow" title="JPEX" href="https://thebittimes.com/tag/jpex.html">JPEX</a> exchange.
Just prior to this pivotal meeting, 11 individuals were apprehended for questioning regarding their potential involvement in the JPEX scandal. The SFC has accused the firm of promoting its services within the region without the necessary license.
The primary objective of this collaborative working group is to elevate the level of monitoring and investigation concerning illegal activities carried out by Virtual Asset Trading Platforms (VATPs). They will actively exchange information regarding suspicious activities, conduct risk assessments of dubious exchanges, and engage in joint investigations.
<a rel="noopener noreferrer nofollow" title="Hong Kong" href="https://thebittimes.com/tag/hong-kong.html">Hong Kong</a>’s regulatory authorities had previously signaled their intention to reinforce regulations within the <a rel="noopener noreferrer nofollow" title="Crypto" href="https://thebittimes.com/tag/crypto.html">Crypto</a> market in response to the <a rel="noopener noreferrer nofollow" title="JPEX" href="https://thebittimes.com/tag/jpex.html">JPEX</a> saga.
Comprising officials from both the SFC’s enforcement division and the HKPF’s commercial, cybersecurity, financial intelligence, and investigations bureaus, this partnership aims to deploy resources effectively in combating “problematic VATPs” and safeguarding the interests of investors.
Eve Chung, Assistant Commissioner of Police (Crime) at HKPF, emphasized the crucial role of the working group in sharing intelligence and jointly addressing challenges arising from VATPs, with the ultimate goal of enhancing public protection in Hong Kong.
The SFC has also taken the step of publishing a comprehensive list, encompassing licensed, deemed licensed, closing down, and application-pending exchanges, as well as a roster of “suspicious VATPs” for transparency and vigilance.
The post As the story of JPEX unfolds, Hong Kong police and regulators assemble a crypto task group. appeared first on BitcoinWorld.
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/as-the-story-of-jpex-unfolds-hong-kong-police-and-regulators-assemble-a-crypto-task-group-tbt65443.html">https://thebittimes.com/as-the-story-of-jpex-unfolds-hong-kong-police-and-regulators-assemble-a-crypto-task-group-tbt65443.html</a>

As the story of JPEX unfolds, Hong Kong police and regulators assemble a crypto task group.

TheBitTimes

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