JPEX Faces Withdrawal Fee Hike and Missing Staff Amid SFC Warning and Token 2049 Abandonment
Summary:
Hong Kong-based crypto exchange JPEX faces increased withdrawal fees after receiving a warning from the Securities and Futures Commission (SFC). Additionally, the exchange's staff is reported missing from its Token 2049 booth in Singapore. JPEX had been actively promoting its services to the Hong Kong public without the necessary license. Reports suggest the exchange raised fees to discourage users from withdrawing funds. Criticism arises as JPEX's booth at the Token 2049 event was abandoned.
Hong Kong-based crypto exchange JPEX has reportedly hiked its withdrawal fee, going as high as 999 USDT, following a warning from the Securities and Futures Commission (SFC). The exchange has also faced criticism as its staff were believed to have been absent from their booth at the Token 2049 event in Singapore. The SFC issued a warning against JPEX for promoting its services to the Hong Kong public without a license. The commission noted that JPEX had presented itself as a licensed platform on its website, despite being unregulated. News of JPEX's increased withdrawal fees comes in the wake of the SFC's warning. Additionally, reports suggest that JPEX's booth at the Token 2049 event was deserted after the regulator's admonition. Some attendees of the event have expressed disappointment that JPEX was allowed to sponsor and promote itself at such a high-profile crypto event.
Published At
9/15/2023 1:18:40 PM
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