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Hong Kong’s monetary regulator will publish an inventory of suspicious crypto corporations because it steps up efforts to rein in renegade operators within the wake of an alleged fraud at JPEX.
The Securities and Futures Fee mentioned in a Sept 25 assertion that it’s going to additionally put in place a sequence of measures to bolster data dissemination and investor training. It plans as nicely to publish an inventory of all licensed, deemed licensed, closing down, and digital asset buying and selling platforms (VATPs) candidates, following public demand.
SFC’s New Measures to Fight Unregulated Crypto Buying and selling in Hong Kong
🚨 Hong Kong Takes Motion on Crypto After JPEX Scandal 🇭🇰
Hong Kong’s monetary regulator, the Securities and Futures Fee (SFC), is on a mission to guard buyers. They will publish lists of licensed, closing-down, and suspicious crypto buying and selling platforms. 📋🔍
This transfer…
— BuzzBeatHQ 🚀 (@mely_buzz) September 25, 2023
The SFC’s marketing campaign to teach the general public “will additional improve investor training by varied means, reminiscent of mass media, social media, and academic talks, facilitating the general public’s understanding of the dangers related to VAs and potential fraud,” it mentioned.
The brand new measures are being put in place after the continuing probe towards JPEX. The unregulated crypto alternate is presently being accused of deceiving its clients and inflicting over 2,300 buyers to lose virtually HK$1.43 billion (US$182 million), making it one of many largest fraud case in Hong Kong historical past.
The incident is a setback for the federal government’s efforts to ascertain itself as one of many world’s main crypto hubs.
Orchestrators Nonetheless On The Run
Regardless of the arrests of 11 individuals who have been detained for questioning in reference to the JPEXl, Hong Kong police say these on the centre of the alternate’s operations stay at giant.
🚨#JPEX Arrest
Hong Kong police arrest 11 folks in ongoing JPEX crypto investigation, together with influencers who promoted the platform.
JPEX not solely tapped influencers but additionally put up adverts on Hong Kong’s Mass Transit Railway (MTR) practice system utilizing giant billboards.
— Fencing (@Fencingbanana) September 24, 2023
Among the many 11 presently in police custody is crypto influencer Joseph Lam Chok, who has lately made repeated steps to publicly dissociate himself from the alternate and even inspired victims to file complaints of their losses with the police.
The police have additionally detained two YouTube stars, Chan Wing-yee and Chu Ka-fai, who had beforehand collaborated with JPEX to advertise their choices to their followers regardless of the alternate being unlicensed.
Three employees of the JPEX Technical Assist Firm, the corporate’s solely director, Kwok Ho-lun, a restaurant supervisor, three well-known individuals who allegedly as soon as promoted JPEX not directly have additionally been detained for questioning.
The Hong Kong police are nonetheless conducting investigations and, in accordance with reviews by native media, extra arrests are to be anticipated.
After noticing questionable cryptocurrency transfers coming from the JPEX alternate, the Hong Kong police have additionally reportedly requested help from Interpol and different worldwide regulation enforcement organizations, says a supply of the native media.
The pursuit towards the JPEX alternate publicly started on September 13, regardless of the authorities having a watch on the corporate since final yr. In response to Christopher “Equipment” Wilson, director of enforcement on the SFC, JPEX was positioned on the alert listing in July 2022, attributable to “evasive” conduct from stakeholders and unsatisfactory responses to requests for data, says Cointelegraph.
The SFC has since been conducting investigations that escalated to the present scenario in April after the regulators acquired their first official investor criticism towards the alternate, with the Anti-Cash Laundering Ordinance (AMLO) being concerned in June.
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