Since the implementation of the regulatory system for virtual asset trading platforms in Hong Kong in June, the Securities and Futures Commission of Hong Kong has issued its first warning to a platform. The Securities and Futures Commission has noticed a virtual asset trading platform called "JPEX", which actively promotes its services and products to the Hong Kong public through internet celebrities and over-the-counter exchange shops.
The Securities and Futures Commission emphasized that none of the entities under the JPEX group have been licensed by the Securities and Futures Commission, nor have they applied for a license to operate a virtual asset trading platform in Hong Kong. The Securities and Futures Commission has notified relevant internet celebrities and over-the-counter exchange shops about the suspected and concerning matters, and has asked them to stop promoting JPEX and its services and products.
The Securities and Futures Commission has observed that there are many suspicious practices used by JPEX and those who actively promote JPEX to the Hong Kong public through internet celebrities and over-the-counter exchange shops. JPEX claims on its website that it has obtained a license to operate a virtual asset trading platform from overseas regulatory agencies, which is not true; in addition, some of the products offered by JPEX involve virtual assets such as "deposits", "savings" or "earnings" that are not allowed under the regulatory system of the Securities and Futures Commission.
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