📰 Yello Paradisers!
Hong Kong authorities have taken action against the unlicensed crypto exchange JPEX, arresting a social media influencer for promoting the platform. Let’s dive into the details.
📰 The Arrest
Joseph Lam Chok, an active social media influencer and insurance manager, was arrested for promoting JPEX. He allegedly encouraged investors to open accounts on the unlicensed exchange. Although he claimed to be a JPEX partner, he didn’t hold any shares in the company. Officers seized several boxes of “evidence,” including a large stock of banknotes, from Chok’s office.
📰 The Charges
Hong Kong’s Securities and Futures Commission (SFC) stated that JPEX was actively promoting its services without the necessary licenses. The police have received over 83 reports against JPEX, with an estimated loss of HK$34 million. The SFC also mentioned that JPEX uses internet celebrities and “over-the-counter” exchange shops for promotion.
📰 Regulatory Action
The SFC clarified that JPEX Group and its entities are not licensed to operate a virtual digital asset trading platform in Hong Kong. The police received a referral from the China Securities Regulatory Commission for suspicion of fraud related to the crypto exchange.
📰 Misleading Information
JPEX claimed to have licenses from overseas regulators and offered high returns on savings products. Authorities have warned the public against the false and misleading information shared by the company on its website.
📰 The Takeaway
This incident serves as a cautionary tale about the risks associated with unlicensed crypto exchanges. Always make sure to do your due diligence before investing in any platform, especially those promoted by social media influencers who may be paid promoters.
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