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Hong Kong to list ‘suspicious’ crypto platforms in wake of JPEX scandal

  • Hong Kong’s financial regulator, the Securities and Futures Commission (SFC), will publish a list of licensed and unlicensed virtual asset trading platforms (VATPs).
  • The SFC will also create a dedicated list of “suspicious VATPs” to inform the public and help identify potentially unregulated platforms.
  • This move comes in response to the JPEX crypto exchange scandal, where the exchange was accused of promoting its services without the necessary licenses.
  • The fallout from JPEX has led to significant financial losses and numerous complaints from affected users.
  • Eleven individuals, including crypto influencers and employees of the fraudulent exchange, have been taken into custody for questioning.
  • The SFC emphasizes the need for proper regulation to maintain market confidence and protect investors.
  • The regulator will collaborate with local police to establish a channel for citizens to report suspicious activity and potential legal breaches by VATPs.
  • Since June 1, when Hong Kong introduced new VATP licensing, only two platforms have received licenses to provide services to retail customers.
  • The SFC acknowledges the potential benefits of cryptocurrencies and digital assets but also recognizes the associated risks, including money laundering and investor protection concerns.
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