Dubai’s JPEX Ceases Operations, Citing Partner Issues

Dubai's JPEX Ceases Operations, Citing Partner Issues


JPEX Cryptocurrency Exchange Closes Down Due to Liquidity Crisis

JPEX, a cryptocurrency 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 digital currencies, 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.

” Several of the products offered by JPEX seem 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 cryptocurrency event in Singapore was abandoned shortly after the warning from Hong Kong regulators. In addition, users pointed out the similarity between JPEX’s logo and that of another defunct platform.

Hot Take: JPEX Faces Liquidity Crisis and Regulatory Issues

JPEX, a Dubai-based cryptocurrency exchange, has closed down due to a liquidity crisis and regulatory concerns. The exchange’s Earn program, offering high APYs for certain digital currencies, has been permanently discontinued following warnings from Hong Kong regulators. JPEX blames institutions and its partners in Hong Kong for acting unfairly and maliciously.

READ NOW
New Opportunities Unveiled by USDRIF in Combating Currency Volatility

The sudden closure of JPEX has raised questions within the cryptocurrency community, with users noting the abandonment of the exchange’s booth at a recent cryptocurrency event. The similarity between JPEX’s logo and that of another defunct platform has likewise caught attention. It remains to be seen what the future holds for JPEX and its users in light of these developments.

Author – Contributor at | Website

Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.

READ NOW
Approval Granted to BlockFi, the Bankrupt Crypto Lender, for Repayment of Users
Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend