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Hong Kong Tightens Crypto Regulation Because Of JPEX
09/19/2023

Hong Kong Tightens Crypto Regulation Because Of JPEX

09/19/2023
4,2

Once positioned as a cryptocurrency hub, Hong Kong is tightening regulation amid the JPEX exchange investigation scandal.

Last week, local police received 1,400 complaints from JPEX users about fraud, freezing of funds and balance emptying.  Today, that number has increased to 1,641. Law enforcement arrested six people and froze $1.92 million in assets. Police are also considering seizing $7.6 million in illegally obtained funds.

Users started complaining that they could not withdraw funds. According to some reports, the total amount of blocked funds is 152 million dollars.



The situation unfolding around JPEX's activities has raised concerns among local regulators. In a statement, SFC head John Lee Ka-Chiu confirmed the government's intentions to inform the public about the risks of using crypto platforms and the need to use licensed ones.

Unfortunately, the JPEX epic is unfolding according to the scenario already familiar to the crypto community. Liquidity crisis, freezing of users' funds, reduction of clients' wallet balances, arrests of persons associated with the exchange, shifting of responsibility. Time will tell whether JPEX will become the "Asian FTX" and how the investigation will unfold.


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The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


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