Hong Kong Blocks JPEX Website and App Amid Investigations

hong kong

Local media reported that Hong Kong police had arrested at least 11 individuals in connection with the suspected fraud case.

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Hong Kong authorities have told local telecom companies to block access to JPEX, the troubled cryptocurrency exchange. Local police have arrested at least 11 people and conducted raids at many locations, seizing assets related to the case.

JPEX released a statement, saying that Hong Kong’s Securities and Futures Commission (SFC) has unreasonably blocked their mobile app and official website. They claim that the SFC made accusations about their platform’s operation and promotion methods without conducting an investigation.

With their platform blocked in Hong Kong, JPEX advised users to use a virtual private network (VPN) service to access their platform. They emphasized that despite these challenges, their platform would continue to operate as usual, and users could log in using VPN applications like Surfshark.

Increased Enforcement

The police investigation into JPEX followed warnings from the SFC about crypto influencers and the platform spreading false information on social media, particularly regarding JPEX’s supposed application for a virtual asset trading license in Hong Kong.

JPEX recently suspended some of its operations and increased withdrawal fees due to an ongoing liquidity crisis.

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As of Monday night, the police had received 1,641 complaints related to the JPEX case. These complaints alleged that users were unable to withdraw their holdings from the exchange, involving assets worth around HK$1.19 billion ($152 million).

JPEX to Launch DAO Stakeholders Dividend Plan

JPEX has announced a “DAO Stakeholders Dividend Plan” in response to recent developments.

Under this plan, JPEX users can convert their platform assets into DAO stakeholder dividends at a 1:1 ratio. The exchange will distribute 49% of the DAO Stakeholder dividends, totaling approximately 400,000,000 USDT for subscription and conversion. Repurchase options will also be offered one year and two years later.

Additionally, new users will receive double payouts if they subscribe to these DAO stakeholder dividends. JPEX assures that subscribers won’t bear all the operational responsibilities of the platform.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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