The
controversy surrounding the collapsed cryptocurrency change JPEX, has taken a
new flip as Taiwanese prosecutors determine contemporary suspects within the ongoing
investigation. The Taipei District Prosecutors Workplace (TDPO) has reportedly
requested the detention of Chang Tung-ying, the Chief Companion at JPEX’s Taiwan
workplace, over allegations of fraud, in line with native TV channel TVBS Information.
Authorities
executed searches at 9 areas linked to the JPEX investigation, summoning
Chang and three different people, together with JPEX lecturer Shih Yu-sheng, on
expenses of violating the Banking Act and the Cash Laundering Management Act. JPEX
salespersons Liu Chien-fu and Niu Keng-sheng have been launched: Liu was granted
bail of fifty,000 new Taiwan {dollars} ($1,550); Niu, registered as an individual
in control of JPEX Taiwan, was launched after questioning.
The
report moreover highlighted the involvement of 9 Chen, a Taiwanese movie star, who
was summoned by prosecutors. Initially known as to testify as a witness,
prosecutors subsequently named 9 Chen as a defendant within the case. In a tweet from JPEX’s official
X account again in 2022, 9 Chen was introduced as their model ambassador.
📢 JPEX Pronounces Effectively-known Taiwanese Artist 9 Chen（Instagram：diegodtk09）as JPEX Model Ambassador🎉
🔗 https://t.co/2oOXOB8ijt pic.twitter.com/5uxy1rkpnp
— JPEX_Official (@ExchangeJpex) November 14, 2022
JPEX
confronted a sudden halt in some providers in mid-September 2023, citing a liquidity
disaster allegedly triggered by “unfair remedy” from establishments in
Hong Kong. The abrupt collapse led to accusations of deceptive traders about
having utilized for a crypto buying and selling license.
Hong
Kong authorities launched an investigation following over 2,000 complaints from
JPEX customers, reporting losses nearing $180 million. The scandal has raised
issues amongst monetary regulators in Hong Kong, Taiwan, and different jurisdictions.
As
of September 25, regulation enforcement has detained a minimum of 11 suspects within the JPEX
case, whereas the alleged masterminds stay elusive, heightening the complexity
of the investigation. The JPEX
saga has continued to ring throughout the cryptocurrency business, serving as a
cautionary story for traders and regulators alike.
Gaps
in Hong Kong’s Regulatory Framework
Hong
Kong’s Securities and Futures Fee (SFC) has launched new measures
aimed toward safety for retail traders following the JPEX crypto change
debacle, Finance Magnates
reported. The initiatives, introduced in response to vulnerabilities uncovered in
town’s regulatory framework for digital belongings, give attention to transparency,
elevating public consciousness, and tightening laws surrounding crypto buying and selling
platforms.
The SFC plans to publish an inventory of
licensed Digital Asset Buying and selling Platforms on its web site, overlaying
current platforms, these within the utility course of, and entities dealing with
closure or suspicion. The SFC is launching a public marketing campaign
to coach people on safeguarding in opposition to fraud, signaling a dedication to
investigating and prosecuting unlawful platforms whereas intensifying intelligence
efforts associated to digital belongings.
The
controversy surrounding the collapsed cryptocurrency change JPEX, has taken a
new flip as Taiwanese prosecutors determine contemporary suspects within the ongoing
investigation. The Taipei District Prosecutors Workplace (TDPO) has reportedly
requested the detention of Chang Tung-ying, the Chief Companion at JPEX’s Taiwan
workplace, over allegations of fraud, in line with native TV channel TVBS Information.
Authorities
executed searches at 9 areas linked to the JPEX investigation, summoning
Chang and three different people, together with JPEX lecturer Shih Yu-sheng, on
expenses of violating the Banking Act and the Cash Laundering Management Act. JPEX
salespersons Liu Chien-fu and Niu Keng-sheng have been launched: Liu was granted
bail of fifty,000 new Taiwan {dollars} ($1,550); Niu, registered as an individual
in control of JPEX Taiwan, was launched after questioning.
The
report moreover highlighted the involvement of 9 Chen, a Taiwanese movie star, who
was summoned by prosecutors. Initially known as to testify as a witness,
prosecutors subsequently named 9 Chen as a defendant within the case. In a tweet from JPEX’s official
X account again in 2022, 9 Chen was introduced as their model ambassador.
📢 JPEX Pronounces Effectively-known Taiwanese Artist 9 Chen（Instagram：diegodtk09）as JPEX Model Ambassador🎉
🔗 https://t.co/2oOXOB8ijt pic.twitter.com/5uxy1rkpnp
— JPEX_Official (@ExchangeJpex) November 14, 2022
JPEX
confronted a sudden halt in some providers in mid-September 2023, citing a liquidity
disaster allegedly triggered by “unfair remedy” from establishments in
Hong Kong. The abrupt collapse led to accusations of deceptive traders about
having utilized for a crypto buying and selling license.
Hong
Kong authorities launched an investigation following over 2,000 complaints from
JPEX customers, reporting losses nearing $180 million. The scandal has raised
issues amongst monetary regulators in Hong Kong, Taiwan, and different jurisdictions.
As
of September 25, regulation enforcement has detained a minimum of 11 suspects within the JPEX
case, whereas the alleged masterminds stay elusive, heightening the complexity
of the investigation. The JPEX
saga has continued to ring throughout the cryptocurrency business, serving as a
cautionary story for traders and regulators alike.
Gaps
in Hong Kong’s Regulatory Framework
Hong
Kong’s Securities and Futures Fee (SFC) has launched new measures
aimed toward safety for retail traders following the JPEX crypto change
debacle, Finance Magnates
reported. The initiatives, introduced in response to vulnerabilities uncovered in
town’s regulatory framework for digital belongings, give attention to transparency,
elevating public consciousness, and tightening laws surrounding crypto buying and selling
platforms.
The SFC plans to publish an inventory of
licensed Digital Asset Buying and selling Platforms on its web site, overlaying
current platforms, these within the utility course of, and entities dealing with
closure or suspicion. The SFC is launching a public marketing campaign
to coach people on safeguarding in opposition to fraud, signaling a dedication to
investigating and prosecuting unlawful platforms whereas intensifying intelligence
efforts associated to digital belongings.
