JPEX

<![CDATA[<figure class="image"><img src="https://cimg.co/news/125068/330395/hong-kong-police.jpg" alt="" srcset="https://cimg.co/news/125068/330395/responsive-images/hong-kong-police___media_library_original_612_408.jpg 612w, https://cimg.co/news/125068/330395/responsive-images/hong-kong-police___media_library_original_600_400.jpg 600w, https://cimg.co/news/125068/330395/responsive-images/hong-kong-police___media_library_original_300_200.jpg 300w" sizes="100vw" width="612" class="content-img"><figcaption>Source: Getty Images</figcaption></figure>Cryptocurrency platform JPEX, headquartered in Dubai, is reportedly shutting down some of its operations, as the exchange is <a href="https://cryptonews.com/news/sfc-warns-unregistered-crypto-exchange-jpex-of-potential-criminal-liability.htm">facing a probe</a> from Hong Kong police and the financial regulator over suspected fraud.The company <a href="https://archive.ph/o/3qjlf/https:/blog.jp-ex.io/en/jpex-special-announcement-20230917/">announced</a> Sunday that it would &ldquo;delist&rdquo; all transactions associated with its Earn Trading interface on September 18, 2023.<blockquote>&ldquo;At that time, users will not be able to place any new Earn order. Existing ongoing Earn orders will continue until the product&rsquo;s end date to receive reward.&rdquo;</blockquote><h2 style="text-align:justify;" id="jpex-unfair-treatment-in-hong-kong">JPEX: &ldquo;Unfair Treatment&rdquo; in Hong Kong</h2>JPEX has pointed fingers at relevant institutions in Hong Kong for their &ldquo;unfair treatment&rdquo; toward the exchange. The platform also said that negative news surrounding the company has caused third-party market makers to &ldquo;maliciously&rdquo; freeze funds.<blockquote>&ldquo;They demanded more information from the platform for negotiation, restricting our liquidity and significantly increasing our daily operating costs, leading to operational difficulties.&rdquo;</blockquote>Further, the exchange is negotiating with the market makers to resolve the liquidity shortage to protect the interests of users.<h2 style="text-align:justify;" id="internet-celebrity-arrested-in-connection-with-jpex-rug-pull">Internet Celebrity Arrested in Connection with JPEX &ldquo;Rug Pull&rdquo;</h2>In a separate probe related to the JPEX platform, Hong Kong police have arrested a popular internet celebrity Lam Zuo, for allegedly promoting rug pull crypto exchange JPEX.<figure class="media"><oembed url="https://twitter.com/WuBlockchain/status/1703601246106710049"></oembed></figure>The arrest comes days after the HK regulator &ndash; Securities and Futures Commission (SFC) &ndash; <a href="https://www.sfc.hk/en/News-and-announcements/Policy-statements-and-announcements/Warning-statement-on-unregulated-virtual-asset-trading-platform">issued a warning statement</a> that the &ldquo;unlicensed&rdquo; JPEX has been actively promoting its products and services to citizens through social media influencers, key opinion leaders and over-the-counter crypto exchange shops.Hong Kong police had set up a hotline to report cases and inquires to the public, according to a <a href="https://gbcode.rthk.hk/TuniS/news.rthk.hk/rthk/ch/component/k2/1718811-20230918.htm?spTabChangeable=0">local news report</a> on Monday. &ldquo;The police will later search his (Lam Zuo) company in Queen's Road Central, Central,&rdquo; it added.The regulator cautioned the public to be wary of any opportunities that seemed &ldquo;too good to be true.&rdquo; Following the warning, a few users reported issues while withdrawing cryptos from their online accounts. They complained that the platform is charging a <a href="https://twitter.com/hellosuoha/status/1702241687790395838?s=20">high withdrawal fee</a>.The exchange promised on Sunday that it would &ldquo;gradually adjust the withdrawal fees back to normal levels.&rdquo; There will be a dedicated withdrawal team responsible for handling emergency withdrawal requests, it added.&ldquo;We hope to navigate through these challenging times together with our users.&rdquo;The Hong Kong police have received 83 reports against JPEX, involving a total of HK$34 million (roughly $4.3 million), according to Police Commissioner Raymond Siu, who <a href="https://news.rthk.hk/rthk/en/component/k2/1718628-20230916.htm">said Saturday</a> during a press meet.Officers in Hong Kong are in touch with Cyberport and have provided opinions on safeguarding cybersecurity, particularly after perpetrators stole 400 gigabytes of data in a cyber-attack on the company's file storage server in August.
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Crypto Exchange JPEX Suspends Earn Trading Amid Ongoing Investigations in Hong Kong

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