JPEX Seeks Deregistration in Australia After Hong Kong Fraud Charges!
The post JPEX Seeks Deregistration in Australia After Hong Kong Fraud Charges! appeared first on Coinpedia Fintech News
Hong Kong-based cryptocurrency exchange JPEX has applied for deregistration in Australia. The move comes after Hong Kong police arrested six JPEX employees on charges of fraud for operating an unlicensed crypto exchange. Following the arrests, JPEX allegedly raised its withdrawal fees to 999 USDT to prevent transfers out of the exchange. The Hong Kong Securities and Futures Commission (SFC) received over 1,000 complaints about the JPEX platform, with claims of losses totaling over HKD1bn ($128m). JPEX had previously offered yields as high as 30% per year on stablecoin staking. The website is currently inaccessible.
