The Police received a referral from the SFC that JPEX had not applied to the SFC for a licence to operate a virtual asset platform in Hong Kong, and after the Commercial Crime Bureau took over the investigation, it launched a large-scale arrest and search operation today (18 December). Following the news that Lin Zuo and KOL Chen Yi were arrested on suspicion of conspiracy to defraud this morning, police searched a number of cryptocurrency exchange shops promoting JPEX, including the "Coingaroo" exchange shop in Tuen Mun City Square. At about 4 p.m., it was visible at the scene that a number of uniformed police officers and plainclothes agents were investigating the store, and the shop was enclosed with hoardings.


Coingaroo claims to be the largest USDT exchange in Hong Kong and has promoted JPEX in the past. After the JPEX scandal broke out, the company had posted on social platforms as early as last Thursday (14th), pointing out that in view of the public notice of the Hong Kong Securities and Futures Commission, the company will not mention or promote unlicensed exchanges on the special page from now on. Other small and small exchange services continued. The reporter went to the Mong Kok branch on the same day to learn and found that the store was open, but the staff told the customer that he could not "withdraw money" and waited for the boss's instructions.

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