Visit to JPEX Blockchain Building | Encountering Victims Seeking Justice: Don't those people need to be held accountable?

On September 14th, visited the JPEX exchange warned and restricted by the Hong Kong Securities and Futures Commission, located at the "Blockchain Building" on Zhongxiao East Road in Taipei, and coincidentally encountered affected users seeking to protect their rights.

Victims Seek Justice, JPEX's "Blockchain Building" Unoccupied

During a visit to the "Blockchain Building" near Taipei's Zhongxiao Fuxing Station, victims seeking justice were coincidentally encountered.

They inquired about the spokesperson for JPEX, a beverage shop on the ground floor, regarding their investments, but hit a dead end when trying to locate any relevant personnel from JPEX. They were informed that the interior was under renovation, making it impossible to find anyone upstairs. Attempts to take the elevator only led to classrooms on the third and fourth floors. Other floors were restricted with no access and no personnel available for assistance or contact.

Victims Criticize: Are Those People Not Accountable?

When interviewing victims of JPEX, they expressed that they initially got involved in the cryptocurrency market due to its high returns compared to the stock market, lured by the saying "a day in the coin circle is like a year on Earth." They fell into the trap through recommendations from friends, celebrity endorsements, and media publicity.

The JPEX victims even questioned why JPEX did not disclose which insurance company it was affiliated with, as it is supposed to be licensed?

They were informed that traditional insurance companies are reluctant to insure cryptocurrency platforms, and emerging insurers willing to do so have certain claim limits, usually disclosing the insurance company. Additionally, JPEX exchange has been warned several times by the Hong Kong Securities and Futures Commission, with a recent move on 9/12 disqualifying JPEX for any regulatory compliance.

The infuriated JPEX victims questioned, are those people not accountable? Is there no one responsible in Taiwan?

Regrettably, the Financial Supervisory Commission of Taiwan currently only issues warnings to the public to bear the risk themselves regarding high-risk overseas cryptocurrency platforms. There is no actual enforcement against individuals involved in media promotion, operating in Taiwan, or engaging in OTC trading exchanges.

It is speculated that further protection for investors may only be possible once the Taiwan FSC's guidance principles, due to be announced at the end of September, and self-regulatory standards are established.

Interpreting the draft guidance principles of the Taiwan FSC, will overseas operators no longer be able to advertise?

No One Found at JPEX?

According to "Hong Kong 01", investigations across Hong Kong, the United States, Canada, Australia, and Lithuania revealed that the directors of the exchange JPEX are different individuals, and the actual responsible person and operating location of JPEX have never been disclosed.

It is understood that those promoting in Taiwan are mostly "agents," tasked with finding new users for the company and collaborating with fiat currency deposit and withdrawal partners; a behavior pattern similar to that warned by the Hong Kong Securities and Futures Commission.

Note: Disclosure of interest, prior to JPEX entering the Taiwan market, in March and June 2022, two sponsored articles were published under the name of JPEX collaborating with a football club and recruiting talent, which have since been removed. Following substantial feedback from readers in Hong Kong, there has been no further business interaction.