Hong Kong authorities block access to JPEX, reports say

Hong Kong telecom operators, at the government’s request, restricted access to the website and app of the collapsed exchange JPEX. The report comes from South China Morning Post.

According to the publication’s sources, authorities will also ask local social networks to remove all pages for the trading platform.

On September 18, JPEX suspended operations amid a liquidity crisis, and the Hong Kong Securities and Futures Commission (SFC) launched a wide-ranging investigation.

Police soon held a briefing, reporting 1,641 complaints from customers regarding funds stuck on the exchange, totalling HK$19 billion ($152 million). As part of the investigation, law enforcement swiftly detained eight suspects.

As of now, the number of arrests has risen by three. Among them, according to media reports, is a 31-year-old YouTube blogger. Earlier authorities detained crypto-influencer Joseph Lam over his ties to JPEX.

During the investigation, Asian TV star Juliana Chung, who had been the platform’s ambassador for a year, was also questioned.

In response to the coercive restrictions on JPEX заявили that the SFC blocked access to the exchange.

“Even in the face of such oppression and unfair treatment, our platform will continue to operate as usual. Users can log into our mobile app or use the web version with VPN apps,” said JPEX representatives.

In another statement, the company continued the restructuring plan in the DAO. Under the plan, JPEX users will be able to convert their assets on the platform into “stakeholder dividends” on a one-to-one basis. In total, the platform will distribute governance tokens worth $400 million.

Earlier, the Hong Kong Monetary Authority warned unauthorised crypto companies against describing their services as banking. Such advertising is regarded by the regulator as misleading to customers.