JPEX investigation to test Hong Kong's crypto approach

Suspected $180m fraud leaves questions over enforcement and oversight

20230926 Securities and Futures Commissions

The Hong Kong Securities and Futures Commissions has accused crypto platform JPEX of suspicious practices and misleading promotions. © Getty Images

PAK YIU and ECHO WONG, Nikkei staff writers

HONG KONG -- When Hong Kong regulators singled out cryptocurrency trading platform JPEX by name in a warning earlier this month, the move came as a surprise for many in the crypto community.

It is extremely rare for the Securities and Futures Commission (SFC) to name an individual company in this kind of advisory, industry insiders told Nikkei Asia. Yet that is precisely what the SFC did on Sept. 13 when it accused JPEX of suspicious practices and misleading promotions.

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