Some users of the virtual asset trading platform JPEX have been unable to withdraw funds, and some users have pointed out that JPEX has limited the withdrawal limit to 1,000 USDT (US dollar stablecoin), and the commission has been changed to 999 USDT.


In response to media enquiries, the SFC indicated that it would refer the Police for follow-up.

The SFC issued a statement on Wednesday (13th) pointing out that none of the entities of the virtual asset trading platform JPEX have been licensed by the SFC, and have not applied to the SFC for a license to operate a virtual asset platform in Hong Kong. At the same time, the SFC also pointed out that JPEX and those who actively promote JPEX to the Hong Kong public and the methods used by money changers were observed.

The CSRC named JPEX Lin Zuo posted on IG that he would cooperate with all the requirements of the regulatory authorities, and the CSRC named JPEX 01 Multi-country search revealed the registration of "heads" in various places The actual person in charge was a mystery, JPEX was named and warned by the CSRC, and listed 6 suspicious points and was asked to stop promoting services and products

The China Securities Regulatory Commission listed six major doubts and asked Internet celebrities to stop promotion

The SFC said on Wednesday (13th) that it noticed a virtual asset trading platform called "JPEX", which was actively promoted through online celebrities and over-the-counter money changers (OTCs). The SFC clarified that none of the entities under JPEX Group are licensed by the SFC and have not applied to the SFC for a licence to operate a virtual asset trading platform in Hong Kong. The SFC also listed six major suspicious points:

(1) JPEX states on its website that it is "a licensed and recognized digital asset and virtual currency platform". It claims on its website and in local editorial advertisements that it has obtained licenses from a number of overseas regulators to operate virtual asset trading platforms, which is actually inconsistent with the facts.

(2) JPEX offers extremely high returns on some of its products.

(3) The SFC received complaints from retail investors and noted media reports that retail investors had failed to withdraw virtual assets from their accounts opened with JPEX or found that their account balances had been reduced and changed.

(4) Some of the products offered by JPEX appear to involve virtual asset arrangements, such as "deposits", "savings" or "income" of virtual assets that are not permitted under the SFC's virtual asset trading platform regulatory regime.

(5) JPEX advertised on its website and local editorial advertisements that it had entered into a business partnership with and received investment from a Hong Kong listed company, when in fact the cooperation had been terminated and the listed company had not actually made any investment.

(6) Influencers and OTC money changers made false or misleading statements on social media that JPEX had independently or jointly applied for a virtual asset trading platform licence in Hong Kong with a Hong Kong listed company, when in fact none of the JPEX Group entities had submitted any application for a virtual asset trading platform licence to the SFC.

After the SFC issued a statement, JPEX responded on its website, saying that it had previously announced that it "intended" to apply for a Hong Kong license, was preparing documents, and had not yet submitted an application.