JPEX exchange has suspended trading activities
JPEX exchange has suspended trading activities
Panic is spreading among users of the JPEX crypto exchange as the platform has announced a trading halt due to fraud investigations. JPEX users are currently experiencing access difficulties and are claiming damages due to high fees.
Trading on JPEX has been halted following preliminary warnings from the Hong Kong Securities and Futures Commission (SFC), Coingape reported.
The SFC accused the platform of misleading users and failing to regulate transactions. The exchange is also currently under investigation for possible fraud.
JPEX clients have noticed difficulties in withdrawing funds as the crisis worsens. Some have reported high withdrawal fees, as high as $999. This was reported on social media, and 83 formal complaints were made to the Hong Kong Police. Claims totaled HK$34 million (US$4.3 million).
The Hong Kong SFC has previously exposed JPEX's tactics based on misleading claims, which included misrepresentations about overseas licensing and promises of unrealistically high profits. In addition, none of the companies in the JPEX group have been licensed by the SFC to operate a virtual asset trading platform in Hong Kong.
Moreover, Hong Kong internet celebrity Lam Tso was arrested for advertising and promoting the scandalous JPEX cryptocurrency exchange.
Read also: FTX has reopened access to the claims portal.
