HK SFC Details JPEX Probe; CEO Affirms Hong Kong’s Web3 Commitment

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Key Takeaways

Hong Kong’s Securities and Futures Commission (SFC) has supplied particulars on its investigation into the unlicensed digital asset buying and selling platform JPEX.

Over 2,000 individuals have reported being defrauded by JPEX, involving greater than HKD 1.4 billion.

SFC CEO Leung Fung-yee emphasizes that the incident won’t change Hong Kong’s route in growing a Web3 ecosystem.

Background and Investigation Timeline

The Hong Kong Securities and Futures Commission (SFC) has make clear its investigation into JPEX, an unlicensed digital asset buying and selling platform accused of fraud. The platform has acquired complaints from over 2,000 people, involving property exceeding HKD 1.4 billion. The SFC started monitoring JPEX in early 2022, suspecting false claims on its web site and commercials. By July 2022, the platform was placed on a watchlist resulting from its evasive responses. Formal investigations have been initiated in June 2023, resulting in an official warning issued on September 13, 2023.

Regulatory Stance

SFC CEO Leung Fung-yee said that the incident underscores the significance of regulation. She emphasised that Hong Kong’s dedication to growing a Web3 ecosystem stays unchanged. “If there is no regulatory system, investors cannot identify which platforms are relatively safe and reliable,” Leung added.

Ongoing Police Investigation

When requested about the potential of halting or collaborating with abroad monetary regulators to dam JPEX’s asset transfers, Christopher Wilson, Executive Director of the Regulatory Enforcement Department, mentioned that the police are presently main the associated investigation and declined to reveal additional particulars.

Transition Period Concerns

Regarding the 12-month transition interval for digital asset platforms to adjust to new rules, Huang Lexin, head of the SFC’s fintech group, mentioned that the association is to present platforms working in Hong Kong affordable time to use for licenses and meet regulatory necessities.

Disclaimer & Copyright Notice: The content material of this text is for informational functions solely and isn’t meant as monetary recommendation. Always seek the advice of with knowledgeable earlier than making any monetary selections. This materials is the unique property of Blockchain.News. Unauthorized use, duplication, or distribution with out categorical permission is prohibited. Proper credit score and route to the unique content material are required for any permitted use.

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