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Home » EXPLAINER: Has the Jpex Explosion Killed Hong Kong’s Crypto … – Legal Business Online

EXPLAINER: Has the Jpex Explosion Killed Hong Kong’s Crypto … – Legal Business Online

EXPLAINER: Has the Jpex Explosion Killed Hong Kong’s Crypto … – Legal Business Online

In September, Hong Kong’s reputation as a global financial hub took a battering following the news of high-profile arrests related to unlicensed crypto exchange Japan Exchange (JPEX). The Securities and Futures Commission (SFC) issued two public announcements warning investors that JPEX’s claims to be regulated were false, and that some of its activities, including offering high returns on various virtual asset products, were prohibited under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance.Soon after, at least 20 people, including JPEX employees and online influencers, were arrested as upwards of 2,000 victims were uncovered, with claims totalling as much as HK$1.56 billion ($199… 

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