Taiwan Prosecutors Arrest 2 Major JPEX Officials

Taiwan Prosecutors Arrest 2 Major JPEX Officials

FraudExchange

By Miles

09 Nov 2023 (7 months ago)

1 min read

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Taipei Prosecutors arrest two JPEX crypto leaders for fraud; Hong Kong shuts down their operation.

Today in Taipei, two major staffs of the crypto exchange JPEX were arrested for suspected fraud. Chang Tung-Ying, who leads JPEX in Taiwan, and lecturer Shi Yu were taken by the authorities. They are accused of breaking banking and anti-fraud laws, says Taiwan's Central News Agency.

The prosecutors confirmed this incident and stated that they had investigated nine places and questioned four people. One person, Liu, was let go after paying bail, and Niu was released after questioning. It seems JPEX has been promoting crypto investments since June.

Nine Chen, a famous singer and once the face of JPEX in Taiwan, was questioned. He may face more legal trouble if he is found involved. It's not clear how big JPEX's Taiwan operation was, but over ten victims have sued them.

Taiwan has had rules that require crypto businesses to follow anti-money laundering laws since July 2021, but JPEX didn't register for this.

In a separate incident, Hong Kong officials shut down JPEX's local operations in September, arresting 11 people. They also blocked the company's app and website. JPEX denies the accusations, stating they were made without proper investigation.

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