Crypto exchange JPEX has reportedly faced consequences from Hong Kong’s Securities and Futures Commission (SFC), including an increase in withdrawal fees and staff disappearing from its booth at the Token 2049 event in Singapore. The SFC issued a warning on September 13, accusing JPEX of promoting its services to the Hong Kong public without being licensed or regulated. Despite these allegations, JPEX marketed itself as a licensed and recognized platform on its website. Following the SFC’s warning, reports emerged online of JPEX raising its withdrawal fees to as high as 999 USDT to discourage users from withdrawing their funds. Additionally, attendees of the Token 2049 event noticed JPEX’s booth abandoned after the warning. This has led to criticism of the event organizers for allowing JPEX to sponsor the event despite the allegations against it. [source]
The SFC’s warning against JPEX stemmed from the exchange’s alleged promotion of its services to the public in Hong Kong without proper licensing or regulation. Despite not being licensed, JPEX falsely marketed itself as a licensed and recognized platform. The SFC has since notified relevant opinion leaders and over-the-counter stores about its suspicions regarding JPEX and instructed them to cease promoting the exchange’s services. [source]
In response to the SFC’s warning, JPEX reportedly increased its withdrawal fees, potentially as a tactic to discourage users from withdrawing their funds. This move comes amid growing concern about the exchange’s legitimacy and the reliability of its services. [source]
Furthermore, attendees of the Token 2049 event in Singapore noticed that JPEX’s booth had been abandoned after the warning from the Hong Kong regulator. This incident has raised questions about the event’s vetting process for sponsors and whether they should have allowed JPEX to promote itself as a sponsor, considering the allegations against the exchange. [source]
Criticism has also been directed at the event organizers for allowing JPEX to market itself as a sponsor of Token 2049, which is one of the largest crypto events in the country. Community members have expressed concern that this endorsement may have misled attendees and undermined the credibility of the event. [source]
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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