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
JPEXโs Earn program, which offered high APYs of up to 30% for certain digitalย 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.
โ Several of the products offered by JPEX seemย to be arrangements involving virtual assets such as virtual asset โdeposits,โ โsavings,โ or โearnings,โ which are not allowed under the SFCโs regulatory regime for VATPs.โ
Community members noticed that JPEXโs booth at a cryptocurrency event in Singapore was abandoned shortly after the warning from Hong Kong regulators. Inย addition, users pointed out the similarity between JPEXโs 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 cryptocurrency exchange, has closed down due to a liquidity crisis and regulatory concerns. The exchangeโs Earn program, offering high APYs for certain digitalย 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.
The sudden closure of JPEX has raised questions within the cryptocurrency community, with users noting the abandonment of the exchangeโs booth at a recent cryptocurrency event. The similarity between JPEXโs 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.
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