Cryptocurrency Exchange JPEX Shuts Down Operations Amidst Probe
JPEX, a cryptocurrency platform based in Dubai, is reportedly closing some of its operations due to an ongoing investigation by Hong Kong police and the financial regulator regarding suspected fraud. In an announcement on Sunday, the company stated that it will “delist” all transactions associated with its Earn Trading interface. Users will no longer be able to place new orders, but existing ongoing orders will continue until the product’s end date.
JPEX Accuses Hong Kong Institutions of Unfair Treatment
JPEX has blamed institutions in Hong Kong for their “unfair treatment” towards the exchange. The platform claims that negative news surrounding the company has led to third-party market makers freezing funds. JPEX is currently negotiating with these market makers to resolve the liquidity shortage and protect user interests.
Internet Celebrity Arrested for Promoting JPEX
In a separate investigation related to JPEX, Hong Kong police have arrested Lam Zuo, a popular internet celebrity, for allegedly promoting the rug pull crypto exchange. This arrest follows a warning statement issued by the Securities and Futures Commission (SFC) about JPEX’s unlicensed activities and promotion through social media influencers and over-the-counter crypto exchange shops.
Public Cautioned About Suspicious Opportunities
The SFC cautioned the public to be wary of opportunities that seem “too good to be true.” After the warning, some users reported issues with withdrawing their cryptocurrencies from their online accounts, including high withdrawal fees. JPEX has promised to gradually adjust the withdrawal fees back to normal levels and has set up a dedicated team to handle emergency withdrawal requests.
Hot Take: JPEX Faces Serious Legal Troubles
JPEX’s decision to shut down operations amidst a probe by Hong Kong authorities and its accusations of unfair treatment raise concerns about the platform’s credibility. The arrest of an internet celebrity involved in promoting JPEX further highlights the potential risks associated with unlicensed crypto exchanges. It is essential for users to exercise caution and conduct thorough research before engaging with any cryptocurrency platforms, especially those that make extravagant promises or operate without proper regulatory oversight.
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