Hong Kong's JPEX crypto exchange halts trading after an official probe and arrest, amid licensing concerns and a 21% drop in its token value.
Hong Kong's JPEX crypto exchange stops trading after an investigation by the city's Securities and Futures Commission (SFC). This led to the arrest of a person linked to the exchange.
The SFC claims JPEX has been working without a proper license. The police got many complaints about them.
JPEX said in a post that some partners have unfairly blocked their money because of bad news and unfair demands from them. This has caused money problems and increased daily costs for the firm.
Due to these money issues, JPEX will stop all trades on its Earn Trading section from Monday. They also plan to Restructure to become a Decentralized Autonomous Organization (DAO).
Taiwanese authorities have reportedly questioned influencers working for JPEX after the fims Taipei office was suddenly empty.
JPEX's website says they have the right licenses in Australia and the U.S. However, their booth at the Token 2049 Conference was left empty after the first day
Lastly, JPEX's own crypto token, JPC, has lost 21% of its value in a day.