WEB3
by BSCN
September 13, 2023
As reported by @WuBlockchain, the Hong Kong Securities and Futures Commission (SFC) has issued a statement warning against use of cryptocurrency exchange, JPEX, and accusing it of offering “suspicious features”.
On September 13, the Hong Kong SFC issued a release titled, Warning statement on unregulated virtual asset trading platform, in which the regulator targeted the Dubai-headquartered cryptocurrency exchange, JPEX, specifically.
“The SFC wishes to make it clear that no entity in the JPEX group is licensed by the SFC or has applied to the SFC for a licence to operate a VATP in Hong Kong”, reads the release.
The statement continues to point out “a number of suspicious features about the practices of JPEX”, including but not limited to:
The SFC’s release concluded with comments both warning users that they risk losing their entire portfolio if JPEX “ceases operation, collapses, is hacked or otherwise suffers from any misappropriation of assets” and that seeking “recourse against platforms that do not have a nexus with Hong Kong is likely to be difficult and legal remedies may not be available”.
In the wake of these comments, and the statement itself, it appears likely that the Hong Kong SFC may take action against the exchange in question.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].
Latest News
0h : 35m ago
Morgan Stanley Exploring Potential Crypto Offerings for Clients
2h : 20m ago
US President Donald Trump Signs Landmark Crypto Executive Order: Key Takeaways
4h : 5m ago
Senator Cynthia Lummis Named Chair of Senate Banking Subcommittee on Digital Assets
5h : 50m ago
SEC Rescinds ‘Anti-Crypto’ SAB 121, Brings SAB 122
January 23, 2025
Coinbase Appeals to Court Over SEC Lawsuit in Battle for Crypto Clarity
January 23, 2025
Is Bitcoin a Threat to the U.S. Dollar? Goldman Sachs CEO Weighs In
January 23, 2025
Ethereum Maintains Fee Earnings Lead Despite Dencun Upgrade and Internal Strife
January 23, 2025
Bitwise Files for Dogecoin (DOGE) ETF Amid Growing Meme Coin Interest