 "Cryptocurrency")
The SFC additionally stated some traders stated complained of being unable to withdraw their digital belongings from JPEX accounts or of discovering their balances had been lowered and altered | Picture: Bloomberg
Hong Kong’s chief stated on Tuesday that the territory will tighten regulation of digital belongings after police arrested six individuals following allegations of fraud at an unlicensed cryptocurrency trade within the metropolis.
The arrests on Monday adopted an announcement by Hong Kong’s securities watchdog final week that the trade, JPEX, was unlicensed and didn’t have authority to function its cryptocurrency buying and selling platform within the metropolis.
The Securities and Futures Fee stated it had obtained greater than 1,400 complaints in opposition to JPEX involving greater than 1 billion Hong Kong {dollars} ($127.9 million) in losses.
The SFC additionally stated some traders stated complained of being unable to withdraw their digital belongings from JPEX accounts or of discovering their balances had been lowered and altered.
The SFC and police had been anticipated to launch particulars on the case later Tuesday.
Hong Kong’s chief govt, John Lee, informed reporters Tuesday that the federal government would step up efforts to teach traders and remind them to make use of solely platforms licensed by SFC.
JPEX introduced on Monday that it was suspending buying and selling on its platform. It stated in an announcement that it was negotiating with third-party market makers to resolve the liquidity scarcity.
In an announcement on Sunday, JPEX complained of unfair therapy by related establishments in Hong Kong. It accused an unnamed partnered third-party market maker of maliciously freezing funds.
(Solely the headline and film of this report might have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Sep 19 2023 | 1:31 PM IST
