Digital asset platform JPEX suspended trading

Sep 18, 2023
Hong Kong-based exchange JPEX has suspended trading since Monday due to a large number of complaints over the lack of a licence.

Due to liquidity issues, the platform said it has halted all transactions in the Earn Trading interface. At the same time, JPEX carries out ongoing orders and charges withdrawal fees. The exchange also said it may restructure into a decentralised autonomous organisation (DAO).

On its blog, JPEX said it had frozen funds due to unfair treatment of the crypto exchange by regulatory agencies in Hong Kong. In addition, there have been problems with market makers on liquidity constraints and a significant increase in daily operating costs.

JPEX says on its website that the company is licensed by securities authorities in Australia and is registered with the US Financial Crimes Enforcement Network (FinCEN) as a financial services company (MSB).