Crypto Platform JPEX Shuts Down Trading Amid Hong Kong Probe

Support Independent Journalism with a donation (Paypal, BTC, USDT, ETH)
Spread the love

(Bloomberg) — Cryptocurrency platform JPEX shut down some trading during an ongoing investigation by the Hong Kong police.

Most Read from Bloomberg

Users won’t be able to place new orders on its Earn Trading interface from Monday, according to a statement Sunday, referring to some wealth management products. JPEX is negotiating with third-party market makers to resolve a liquidity shortage, the statement said.

Hong Kong police are investigating JPEX after a referral from the Securities and Futures Commission, the markets regulator. The SFC has said the firm was operating in the city as an unlicensed entity, the first such warning by the watchdog since the country boosted efforts to grow Hong Kong’s presence as a crypto hub by luring more individual investors.

JPEX said market makers had frozen funds following probes by Hong Kong authorities. Existing orders on Earn Trading will continue until the product’s maturity, it said. JPEX didn’t respond to a request for comment.

The Hong Kong police arrested influencer Joseph Lam Chok in connection with the JPEX probe and police officers were seen carrying boxes into a separate vehicle, according to local media reports and a footage on HK01. The Hong Kong police didn’t respond to a request for comment.

Hong Kong police has received 83 complaints on JPEX involving HK$34 million ($4.3 million), according to a media report, citing police commissioner Raymond Siu on Saturday.

JPEX is headquartered in Dubai, according to its website.

–With assistance from Dominic Lau.

(Adds detail on Lam’s reported arrest in fifth paragraph)

Most Read from Bloomberg Businessweek

©2023 Bloomberg L.P.

EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email [email protected]

Support Independent Journalism with a donation (Paypal, BTC, USDT, ETH)

News Agencies

About Author

The latest news from the News Agencies

You may also like

Saudi Arabia imposes curfew

Saudi Arabia imposes curfew due to coronavirus in Makkah and Madina

Spread the loveSaudi Arabia’s government has decided to impose a 24-hour curfew in Makkah and Madina while tightening precautionary measures
saudi royal family

Dozens of Saudi royal family infected with coronavirus: report

Spread the loveRiyadh: 150 members of the Saudi royal family have been diagnosed with Coronavirus.   According to a US