Hong Kong police held a press conference on the JPEX case: in July 2022, they issued a warning, but JPEX continued to promote through media and social platforms.

The Securities and Futures Commission (SFC) of Hong Kong and the police jointly attended a press conference to explain the arrest operation of the JPEX case. Representatives from the SFC and the police reported on the current situation and stated that they will actively investigate. The enforcement operation is reportedly named "Operation Iron Curtain."

SFC: JPEX to Be Listed as Suspicious Website in July 2022

The Securities and Futures Commission (SFC) of Hong Kong stated that as of July 8, 2022, the JPEX platform has been listed on the SFC's list of unlicensed companies and suspicious websites. Subsequently, the public has been continuously warned not to use unregulated platforms, but JPEX not only persisted but also intensified its promotion.

It continues to promote through various media, social platforms, and Key Opinion Leaders (KOLs), advertising low risk and high returns, while operating illegal over-the-counter (OTC) trading.

Hong Kong Police: 1,641 Cases Involving Approximately HK$1.2 Billion

The Hong Kong police also announced the arrest of 2 more individuals, totaling 4 men and 4 women, including company executives, OTC shop owners, and managers.

There are a total of 1,641 reported cases, involving 1,129 men and 512 women, with funds totaling approximately HK$1.2 billion (NT$4.8 billion). The largest single deposit was reported to be HK$40 million (NT$160 million). During 20 searches, HK$8 million was seized, bank accounts totaling HK$15 million were frozen, and properties worth HK$44 million were confiscated, amounting to HK$67 million in suspected proceeds of crime. The police are considering freezing the assets first before potential confiscation by court order.

Most victims are inexperienced cryptocurrency investors who were lured by "investment authorities" and impulsive investments due to promises of high returns.

More details: Yahoo News, Blockcast Report, Sing Tao Daily

Reporter: How Will Media and KOLs Promoting JPEX Be Handled?

The SFC responded to reporters that existing regulatory frameworks already include measures to protect investors.

Reporter: How Many OTC Coin Exchange Shops Exist in Hong Kong?

SFC: Due to the current regulatory framework not covering OTC operators, the exact number of OTC coin exchange shops in Hong Kong is unknown, but the presence of these operators is acknowledged.

Earlier Updates:

JPEX | Hong Kong Police Arrest Seven More Suspects, Over 1,400 Reports Filed, Totaling NT$4 Billion in Cases

Chief Executive of Hong Kong, Carrie Lam, Concerned About JPEX Case, SFC and Police Will Explain the Situation in the Afternoon

Accountability Process

JPEX | Media Hastily Deletes Articles, Spokespersons Remain Unresponsive! False Advertisements May Lead to Civil Compensation, Criminal Fraud