The SFC, Hong Kong's regulatory authority for cryptocurrencies, issued a stern warning on September 13th directed at JPEX. The SFC accused the exchange of actively marketing its services to the Hong Kong public, even though it lacks the requisite license to operate in the jurisdiction. The SFC alleges that JPEX has presented itself on its website as a licensed and reputable platform, despite operating in an unregulated manner.
Reports have emerged that JPEX, a cryptocurrency exchange, has hiked its withdrawal fees substantially, reaching almost 1000 USDT per withdrawal. This decision reportedly comes in the wake of a cautionary notice from Hong Kong's Securities and Futures Commission (SFC). Curiously, there are also reports of JPEX personnel mysteriously disappearing from their exhibition booth at the Token 2049 event in Singapore.
In response to the SFC's admonition, rumors began circulating online that JPEX was dramatically raising its withdrawal fees, possibly as a deterrent to users attempting to withdraw their funds from the platform.
JPEX has come under scrutiny from the SFC for a series of concerning practices in its engagement with the Hong Kong public. These include making false assertions about being a licensed platform for digital asset trading, enticing investors with unusually high returns on specific products, reports of retail investors encountering challenges when attempting to withdraw virtual assets, and the introduction of products that potentially defy the SFC's regulatory guidelines for Virtual Asset Trading Platforms (VATPs).
Furthermore, the SFC has issued a stern caution against the dissemination of deceptive information regarding business collaborations and investment partnerships, especially in conjunction with a Hong Kong-listed company. On a side note, their logo looks quite similar to FTX. Is that a sign?