On September 18th, due to unlicensed operation, the Hong Kong virtual asset platform JPEX announced that it would immediately delist all transactions on the investment page.

　　According to reports, on the morning of September 18th, the Commercial Crime Investigation Unit of the Hong Kong police arrested Hong Kong influencer Lam Lok, who had claimed to apply to become a JPEX partner. The police searched Lam Lok’s office and seized multiple boxes of evidence, including a large amount of cash.
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　　Officers seized evidence. Source: Hong Kong Commercial Dailysports betting method and The latest website

　　This incident is the first time that Hong Kong has taken action against an unlicensed virtual asset platform after announcing the implementation of the virtual asset licensing system.
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　　On the morning of September 19th, the Chief Executive of the Hong Kong Special Administrative Region, Li Jiachao, said that he is very concerned about the JPEX case.

　　Li Jiachao said that the JPEX incident reflects the importance of supervision, and it is necessary to invest in the importance of regulated and licensed trading platforms, as well as the importance of individuals’ understanding of virtual assets and the importance of risk awareness. The SFC will monitor market changes and development to ensure that investors’ interests are fully protectedsports betting and The latest entrance. The SAR government will also vigorously promote investor education.

　　At the same time, he requested that the SFC and the police hold a press conference this afternoon to introduce the situation.

　　Suddenly, it was fully delisted.

　　In recent years, the virtual asset trading platform JPEX, which has become popular in Hong Kong, has been reported that users are unable to withdraw funds. Some users also pointed out that JPEX has set the maximum withdrawal limit to 1000 USDT (USD stablecoin) and changed the handling fee to 999 USDT.

　　On September 13th, the Hong Kong Securities and Futures Commission (SFC) named and warned JPEX, stating that it has engaged in false and misleading promotion through influencers (KOL) and over-the-counter (OTC) exchange shops. The SFC emphasized that no entity under the JPEX Group has obtained a license from the SFC, nor has it applied for a license to operate a virtual asset trading platform in Hong Kong.

　　The SFC has notified the relevant internet celebrities and off-exchange money changers of its suspicions and concerns, and requested them to stop promoting JPEX and its related services and products.

　　In response to the above rumors, JPEX issued a statement on September 14th, explaining that a special investigation team has been established for the phased opening of the withdrawal limit, and the platform is waiting for a reply from the Hong Kong Securities and Futures Commission (SFC).

　　The next day, the SFC refuted, saying that since issuing a warning statement on JPEX on September 13th, JPEX has never contacted the SFC; at the same time, it emphasized that JPEX’s statement and the so-called arrangements or requirements for customer withdrawals are all made by JPEX independently. The SFC has referred the case to the police.

　　After the SFC issued a statement, JPEX responded on its website, saying that the previous announcement stated that it ‘intends’ to apply for a Hong Kong license and is preparing the documents, but the application has not been submitted yet.

　　According to its official website, JPEX calls itself ‘a licensed and recognized digital asset, Online casino and How to find it platform’, aiming to provide a safe and reliable international currency trading platform for everyone to buy and sell cryptocurrencies safely and conveniently in different places.

　　On the night of September 17th, JPEX announced that ‘due to unfair treatment of JPEX by relevant institutions in the Hong Kong region and a series of negative messages released, the third-party market makers working with the platform have temporarily locked up funds and requested the platform to provide more data for negotiation, restricting the liquidity of the platform and making it difficult to operate’.

　　The platform stated that in order to protect user rights, it is in contact with relevant third-party market makers to solve the problem of insufficient liquidity as soon as possible, and the relevant details will be announced after the negotiations are completed. It also promises ‘to recover liquidity from third-party market makers as soon as possible and gradually adjust the withdrawal fee to a normal level’.

　　At the same time, it was announced that ‘all transactions on the financial page will be delisted starting September 18th, at which time users will not be able to place any new financial orders. Existing ongoing financial orders will be maintained until the end of the product date to receive returns.

　　A 34-year-old internet celebrity has been arrested.

　　According to reports, since entering Hong Kong, JPEX has placed a large number of advertisements on television, outdoor billboards, and bus stop light boxes, among other places.

　　The 34-year-old internet celebrity Lam Zok, who was arrested this time, publicly stated in July this year that he had applied to become a JPEX partner.

　　Information shows that Lam Zok is often a hot topic on the Internet due to his luxurious lifestyle and numerous rumors. He is not only a well-known internet celebrity entrepreneur but also a highly controversial figure.

　　The Hong Kong police have confirmed that 8 people have been arrested.

　　According to a report by the Hong Kong Radio website and other Hong Kong media on September 19th, at the press conference held today where the Hong Kong police and the Securities and Futures Commission (SFC) explained the JPEX fraud case, the Hong Kong police confirmed that two more people have been arrested, bringing the total to 4 men and 4 women. They are suspected of conspiracy to defraud, and the arrested individuals include the heads of suspicious companies and off-exchange money changers, and it is not ruled out that more people will be arrested.

　　As of 10:30 pm on the 18th, 1641 people reported that they were unable to withdraw assets from JPEX and suspected of being deceived, involving nearly 1.2 billion Hong Kong dollars.

　　The police introduced that they have seized 8 million Hong Kong dollars in cash, frozen about 15 million Hong Kong dollars in bank balances of the detained persons and companies, and three properties with a total value of about 44 million Hong Kong dollars, and will consider confiscating the proceeds of the crime.

　　The police said that JPEX extensively promoted through channels such as advertisements, and the investigation found that JPEX independently developed a platform currency named JPC, but JPC has extremely low liquidity. The police pointed out that some complainants were lured to buy JPC, as a kind of regular deposit, and to obtain extremely high but unreasonable returns after the maturity, JPEX would require customers to provide the private key of cryptocurrency for custody, and JPEX thus basically controlled the assets of users. After the Securities and Futures Commission issued a warning, JPEX set the withdrawal limit to 1000 US dollars, increased the handling fee to 999 US dollars, and indirectly restricted users from withdrawing funds, and subsequently took down all wealth management transactions.

　　In addition, Hong Kong Securities and Futures Commission’s Financial Technology Group Director Wong Lok-hin said at a press conference that if the list of virtual asset trading platforms currently under application is publicly released, it may mislead people into thinking that these platforms will be regulated, and will maintain the arrangement of only publishing the virtual asset trading platforms that have obtained licenses. Wong Lok-hin refused to disclose how many applications for virtual asset trading platform licenses have been received, and over-the-counter money changers are not regulated by the Securities and Futures Commission under the existing system.

　　Once invited celebrities for advertising endorsements

　　Now they are all

　　Last year, JPEX had widely advertised on television, outdoor advertising sites, and bus shelter billboards, and announced that Zhang Zhilin would serve as the brand ambassador.

　　Zhang Zhilin’s manager, through a public relations company, told the media that they had already notified JPEX that they could not use Zhang Zhilin’s portrait for promotion in Hong Kong before obtaining a license, and would also reserve the right to pursue JPEX, and the relevant advertisement has been taken down online.

　　Actress Zhuang Simin was also accused of filming an introduction to JPEX in July and said that she could receive up to 16% return. The video has been taken down. Zhuang Simin said at an event that she was also one of the victims, and revealed that she had lost a six-figure investment. She knows that the police and the Securities and Futures Commission are involved in the investigation and are currently waiting for news.

　　Another endorser, Chen Lingjiu, also stated on social media that he had ended his endorsement in early July, is trying to understand the situation, but is still unable to contact relevant personnel of JPEX, ‘other details are being handled by the company, and we are willing to fully cooperate with any relevant investigation’, and demanded that JPEX remove all promotional materials as soon as possible.

　　Source: Jiemu News, China Fund News, 21st Century Business Herald, Southern Metropolis Daily, Shenzhen Commercial Daily

　　Title: ‘Suddenly Withdrawn, Involving 1 billion yuan! Female internet celebrity and 8 others arrested…’

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