The Taipei District Prosecutors Office’s Actions
The Taipei District Prosecutors Office has detained two individuals involved in JPEX’s operations for suspected fraud. Chang Tung-Ying, the chief partner of the crypto exchange’s Taiwan Office, and Shi Yu, a lecturer affiliated with JPEX, were taken into custody for alleged violations of relevant banking and anti-money laundering laws. The office confirmed this news and directed the local justice investigation bureau to carry out probes at nine locations and subsequently summoned four suspects.
One suspect was released on bail, and another was released after questioning. Reports showed that JPEX started to promote cryptocurrency-related products and solicit investments in June. Nine Chen, a Taiwanese singer who once served as JPEX’s brand ambassador in Taiwan, also testified as a witness.
JPEX Operations Busted in Hong Kong
In September, Hong Kong authorities busted JPEX’s local operations and arrested at least 11 people related to an alleged fraud case. The Hong Kong financial regulator and police also blocked JPEX’s mobile app and website.
Hot Take: JPEX Faces Legal Troubles in Multiple Jurisdictions
JPEX is facing legal troubles in both Taiwan and Hong Kong, where its operations have been targeted by authorities for alleged fraudulent activities. The situation has raised concerns among investors and regulators about the safety and legitimacy of cryptocurrency exchanges.
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