1 year ago
Hong Kong constabulary officers person arrested crypto influencer Joseph Lam Chok for promoting the JPEX crypto platform, South China Morning Post reported connected Sept. 18.
Per the report, the constabulary questioned the societal media celebrity, and his institution astatine the Entertainment gathering successful Central was raided.
JPEX is simply a crypto level believed by galore to person been rug-pulled. The Hong Kong constabulary claimed it received much than 80 complaints astir the exchange, with customers saying they mislaid astir $34 million.
The constabulary had earlier said that the China Securities Regulatory Commission (CSRC) referred the lawsuit to it, starring the bureau to acceptable up a hotline for the nationalist to study incidents.
The CSRC said that JPEX promoted its services utilizing respective entities, nary registered with the regulatory authorities successful China oregon Hong Kong.
The apprehension comes aft JPEX announced that it volition pause its Earn Trading transactions connected Sept. 18. The Japanese speech said that the halt volition mean users cannot spot caller gain orders, but the existing ones volition proceed to make rewards until their extremity date.
JPEX has been suspending immoderate of its services arsenic it faces concerns astir whether it has licenses for regulated operations. The Hong Kong Securities and Futures Commission precocious questioned its output offering connected USDT. In response, the speech raised USDT withdrawal fees to support astir funds.
Meanwhile, Hong Kong authorities person been cracking down connected crypto scams and unregistered exchanges, particularly aft its caller crypto regulatory authorities became effectual successful June 2023.
The station Hong Kong societal media prima arrested for promoting arguable JPEX crypto platform appeared archetypal connected CryptoSlate.
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