JPEX Crypto Exchange Closes Down Due to Liquidity Crisis
JPEX, a crypto exchange and lending platform based in Dubai, abruptly halted its operations on September 17th. The closure was a result of a sudden liquidity crisis. According to JPEX, the blame lies with institutions and its partners in Hong Kong, who acted unfairly and maliciously.
End of the Earn Program
JPEX’s Earn program, which offered high APYs of up to 30% for certain cryptocurrencies, will be permanently shut down. New Earn orders have been disabled, while existing ones will be completed as planned. The Hong Kong regulators recently warned about the Earn program and other alleged violations by JPEX.
“Some of the products offered by JPEX appear to be arrangements involving virtual assets such as virtual asset ‘deposits,’ ‘savings,’ or ‘earnings,’ which are not allowed under the SFC’s regulatory regime for VATPs.”
Community members noticed that JPEX’s booth at a crypto event in Singapore was abandoned shortly after the warning from Hong Kong regulators. Additionally, users pointed out the similarity between JPEX’s logo and that of another defunct platform.
The Platinum sponsor, JPEX, abandoned their booth at #Token2049 on the second day.
Hot Take: JPEX Faces Liquidity Crisis and Regulatory Issues
JPEX, a Dubai-based crypto exchange, has closed down due to a liquidity crisis and regulatory concerns. The exchange’s Earn program, offering high APYs for certain cryptocurrencies, has been permanently discontinued following warnings from Hong Kong regulators. JPEX blames institutions and its partners in Hong Kong for acting unfairly and maliciously.
The sudden closure of JPEX has raised questions within the crypto community, with users noting the abandonment of the exchange’s booth at a recent crypto event. The similarity between JPEX’s logo and that of another defunct platform has also caught attention. It remains to be seen what the future holds for JPEX and its users in light of these developments.
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