The Hong Kong Securities and Futures Commission (SFC) has issued a warning to the cryptocurrency exchange JPEX for a series of questionable practices.
In a statement dated September 13, SFC called out cryptocurrency exchange JPEX. in a stern warning found. The regulator said JPEX could be criminally liable for trading unregistered and promising high rates of return to Hong Kong citizens.
SFC requested the exchange to stop promoting its relevant services and products.
The regulator has issued a statement regarding the accounts opened by some retail investors at JPEX. They couldn’t withdraw their crypto money. or in account balances suspicious movements He said he filed a complaint about what happened.
of the stock market High returns up to 20% Drawing attention to the promise, SFC stated that while waiting for a response from the stock exchange that this rate is affordable, detailed research on the subject continues. SFC offers such an attractive rate of return. “quite risky” He defined it with these words.
On the other hand, it was emphasized that the cryptocurrency exchange JPEX was not licensed by the SFC or did not apply at this point, but despite this, the official website of the exchange included statements as if it were a licensed organization. SFC criticizes this behavior exhibited by the stock exchange. An attempt to deceive investors He described it as:
JPEX states on its website that it is a “licensed and recognized digital asset and virtual currency platform.” It has claimed on its website and native advertisements that it has licenses from a number of regulators to operate cryptocurrency trading platforms, but this is not true.
SFC will take action against such organizations that do not comply with legal responsibilities and act outside regulations. will not hesitate to impose sanctions he underlined.
Stock exchange staff disappeared
Shortly after the statement made by SFC Singapore2049 at the event Staff waiting at the JPEX booth disappeared. The empty state of the stand worried those who saw it. JPEX also charges withdrawal fees from the exchange. up to $980 increased, driving investors into further panic.
SFC reports on these latest developments was handed over to law enforcement he emphasized.