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Hong Kong to Tighten Regulation of Cryptocurrencies After Arrests Linked to JPEX Buying and selling Platform Categorical Occasions

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HONG KONG (AP) — Hong Kong’s chief stated Tuesday that the territory will tighten regulation of digital property after police arrested six folks following allegations of fraud at an unlicensed cryptocurrency change within the metropolis.

The arrests on Monday adopted an announcement by Hong Kong’s securities watchdog final week that the change, 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 buyers stated complained of being unable to withdraw their digital property from JPEX accounts or of discovering their balances have been “lowered and altered.”

The SFC and police have been anticipated to launch particulars on the case later Tuesday.

Hong Kong’s chief government, John Lee, informed reporters Tuesday that the federal government would step up efforts to coach buyers and remind them to make use of solely platforms licensed by SFC.

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JPEX introduced Monday that it was suspending buying and selling on its platform. It stated in a press release that it was “negotiating with … third-party market makers to resolve the liquidity scarcity.”

In a press release Sunday, JPEX complained of “unfair remedy by related establishments” in Hong Kong. It accused an unnamed partnered third-party market maker of “maliciously” freezing funds.

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