Hong Kong’s JPEX Halts Trading Amid Police Investigation
Cryptocurrency platform JPEX has temporarily halted trading on its Earn Trading interface due to an ongoing investigation by Hong Kong police. Starting Monday, users will be unable to place new orders, particularly in relation to some wealth management products. JPEX is reportedly in discussions with third-party market makers to address a liquidity shortage issue.
The investigation into JPEX was initiated following a referral from the Securities and Futures Commission (SFC), the financial markets regulator in Hong Kong. The SFC had previously warned that JPEX was operating in the city without the necessary licensing. The police investigation is based on 83 complaints involving approximately $4.3 million related to JPEX’s operations.
