The Hong Kong Securities and Futures Commission (SFC) has condemned the virtual asset trading platform "JPEX" for operating without a license and making false or misleading statements through social media influencers and over-the-counter currency exchangers. JPEX is a cryptocurrency exchange operating in Hong Kong that has come under scrutiny from various Hong Kong authorities. Hong Kongâs Securities and Futures Commission (SFC) has expressed concern that JPEX is misleading investors. The Securities and Futures Commission has issued a public warning about cryptocurrency exchanges, stressing that potential investors should exercise caution. Additionally, the Hong Kong police have launched an investigation into JPEX, highlighting the potential risks associated with the platform. The Securities and Futures Commission has taken further action against unregistered cryptocurrency platforms such as JPEX and urged investors to be cautious about approaching such platforms. In the broader context, Hong Kongâs Securities and Futures Commission issued guidelines and warnings for cryptocurrency-related companies. They specifically warn against companies that disguise themselves as banks or regulated financial institutions without the necessary licenses.
Transaction fees increased to 999 USDT. The victim, Ms. Huang, was unable to withdraw 400,000 USDT. Users reported that JPEXâs fund withdrawal limit is a maximum of 1,000 USDT stablecoins, and the withdrawal fee increased to 999 USDT. USDT is a stable currency pegged to the U.S. dollar, with 1 USDT equivalent to 1 U.S. dollar. Therefore, users can only withdraw up to $1. "Hong Kong 01" reporter found Ms. Huang in a Telegram group called "JPEX Victims Concern Group". She saw an advertisement for JPEX last year and decided to invest in Bitcoin. She did not attempt to withdraw the funds before the SEC's statement. Currently, she has 400,000 USDT (approximately HKD 3.13 million) stored on the platform. However, after the announcement, she discovered that the platform had introduced a transaction fee of 999 USDT. She decided to report the incident to the police, but they responded that they could not investigate because the platform was still functioning normally.
Former lawyer Lin Zuo, Internet celebrity "Coin Master" Huang Zhengjie and other Internet celebrities have announced their separation from JPEX and expressed their commitment to protecting the interests of investors. Lin Zuo emphasized that he had no direct relationship with JPEX and that his actions were to help the public clarify the truth. In addition, it is reported that Lin Zuo's newly opened store has a monthly rent of up to 260,000 yuan, but it has now ceased operations, resulting in significant economic losses.
According to a recent post on the JPEX official website, the company understands that recent challenges and competition may have caused concern. Their new project team is actively addressing these challenges and working hard to develop effective strategies to protect usersâ assets. We will continue to provide safe and reliable services and emphasize that the platform will not be shut down and will operate stably. At the same time, they will temporarily close all functions of the platform game lobby starting from 00:00 on September 16, 2023 (GMT+8) in accordance with the instructions of the Hong Kong Securities and Futures Commission.
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