Hong Kong’s SFC cautions against unregulated crypto trading by JPEX
The Hong Kong Securities and Futures Commission (SFC) has advised investors to exercise caution regarding JPEX, a cryptocurrency exchange operating without regulatory approval. Hong Kong clamps down on JPEX The SFC, in an announcement on Sept. 13, noted that none of the entities under the JPEX Group has obtained a license, nor has there been an application to operate a regulated virtual asset trading platform (VATP). Instead, JPEX utilizes social media influencers, key opinion leaders (KOLs), and over-the-counter (OTC) crypto money changers to promote its products and services to customers in Hong Kong. Furthermore, the regulator has outlined some concerning activities associated with JPEX and its promoters. These include a false statement on JPEX’s website, where it claims to be regulated by foreign regulatory agencies as a regulated VATP. Additionally, the company offers high annual yields for certain products, with rates as high as 21%. The SFC has also received compla...