JPEX - One more crypto thingy gone wrong...

[shri]

The Hong Kong Securities and Futures Commission (SFC) issued a warning on Wednesday against the use of the cryptocurrency exchange JPEX, accusing it of "suspicious features" and promoting misleading information about its licensing.

Online influencers and over-the-counter virtual asset money changers (OTC shops) were making false or misleading statements about JPEX having applied for a virtual asset trading platform (VATP) licence in Hong Kong, the city's chief financial regulator said in a statement posted to its website.

"No entity in the JPEX group is licensed by the SFC or has applied to the SFC for a license to operate a VATP in Hong Kong," it said.

https://finance.yahoo.com/news/crypt...093000084.html

In response to the SFC's warning, JPEX reportedly acted quickly to limit the amount clients could withdraw to 1,000 Tether tokens - or USDT - but subject to an administrative fee of 999 USDT. That was lowered to 975 USDT later amid claims that each USDT was worth US$1.

https://www.thestandard.com.hk/secti...ion/17/256190/

[shri]

And some arrests made.. Good to know the bro had some dead tree/polymer based currency lying around.

Barrister-turn-insurance manager Joseph Lam Chok, who is also an active social media influencer, was arrested by police on Monday in connection with cryptocurrency trading platform JPEX, after the exchange was alleged to be operating without a license.

Lam was taken to his Central office by police this morning. Officers seized evidence including a laptop and cash after a 2-hour search.

https://www.thestandard.com.hk/break...tion/4/208312/

[freeier]

remembered this other news that got him fired from prudential or aia...

https://www.dimsumdaily.hk/hong-kong...urder-suspect/

[shri]

Hah .. thats even worse that this clown was a barrister at one time. So much of having discretion and thought ...

[Cheeky Kiwi]

He was the ex of Louisa Mak, Ms HK 2015

By all accounts he is a dick

[chuckster007]

Influncer LOL only has 221K subscribers

https://www.thestandard.com.hk/break...ation:-sources

[shri]

Influncer LOL only has 221K subscribers

Which is probably the total number of barristers-turned-bros in HK .. I think.

[freeier]

I heard its one of those where if you put in money you get 20% return, and if you introduce someone to put in money you get 20% referral fee.. that caught the interest of these invincible influencer and now.. seems going haywire..

[Trebor]

https://www.dimsumdaily.hk/coiner-cr...ia-influencer/

[Trebor]

https://hongkongfp.com/2023/09/18/so...ypto-exchange/