Hong Kong Tackles Unregistered Crypto Trading

Posted on 09/19/2023

Chief Executive of Hong Kong John Lee Ka-chiu says unregistered crypto trading is in the crosshairs after six people were arrested for running an unregistered exchange, JPEX. JPEX had received over a thousand complaints after customers allegedly lost more than US$ 127 million on the platform. Customers argued their balances were not accurate, or withdrawing funds was difficult. JPEX acknowledged a “liquidity shortage” affecting its cryptocurrency trading accounts. However, JPEX says this is due to its funds being frozen unfairly.

Cryptocurrency trading in Hong Kong will have to take place on one of two approved exchanges: OSL Exchange and Hashkey Exchange.

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