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JPEX cryptocurrency scandal

JPEX cryptocurrency scandal
The latest news, analysis and opinion on JPEX cryptocurrency scandal. In-depth analysis, industry insights and expert opinion.
last updated:
9 September, 2024
JPEX advertisements in an MTR station in 2023. Photo: Handout
Hong Kong courts

Hong Kong court orders HK$1.85 million recovery in first civil suit against JPEX

District Court rules platform breached its duty, ‘wrongfully’ transferred away plaintiffs’ assets to other unknown crypto wallets.

Cybersecurity

Hi-tech fraud: here are the technologies changing the face of scams in Hong Kong

Crime in Hong Kong

Hong Kong JPEX scandal: pair launch civil claims in bid to recover HK$1.8 million

Crime in Hong Kong

72 arrested, HK$228 million in assets frozen in Hong Kong JPEX crypto scandal

Providing update on city’s largest alleged fraud, police chief Raymond Siu also says force has received 2,636 reports regarding case, with about HK$1.6 billion involved.

The JPEX scandal erupted last September after Hong Kong’s securities watchdog named the cryptocurrency trading company as an unlicensed platform, accusing it of suspicious activities. Photo: Edmond So
Blockchain

Hong Kong vows to regulate stablecoins, over-the-counter crypto shops

The government will submit a bill on licensing rules for stablecoin issuers and OTC trading services to the legislature ‘as soon as practicable’, says the city’s financial affairs chief.

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Hong Kong economy

Hong Kong authorities propose licensing regime for virtual asset exchange stores

Financial Services and the Treasury Bureau launches public consultation for proposed regulations covering over-the-counter traders, in bid to clamp down on crypto scams.

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Digital currencies

Hong Kong joins many governments in beefing up crypto rules: report

In 2023, 17 jurisdictions including Hong Kong, the EU, South Korea, Singapore, and the US, tightened cryptocurrency regulations, according to a report by TRM Labs.

In 2023, 17 jurisdictions including Hong Kong, the EU, South Korea, Singapore, and the US, tightened cryptocurrency regulations. Photo: Shutterstock
Financial regulation

Hong Kong to push retail access to spot cryptocurrency exchange-traded funds

This initiative shows Hong Kong policymakers’ determination to rebuild investor confidence in virtual assets, following a number of major financial scandals involving cryptocurrencies.

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Crime in Hong Kong

Hong Kong’s securities watchdog blacklists 2 suspect cryptocurrency websites

Websites HongKongDAO and BitCuped placed on alert list after they were suspected of spreading false information, the SFC says.

Banking & finance

Editorial | Price of online scams too high for city to pay

Scandals involving virtual trading platforms, bogus sales and other fraudulent methods do nothing for Hong Kong’s reputation.

Hong Kong police have launched an investigation into the virtual asset exchange platform Hounax. Photo: Handout
Fintech

Hong Kong virtual insurer OneDegree on track to turn a profit in 2024: CEO

Fintech start-up OneDegree’s optimistic projection stems from the positive performance of the company’s household pet and digital-asset insurance operations.

OneDegree co-founders Alex Leung Te-yuan (left), who serves as chief insurance officer, and Alvin Kwock Yin-lun, the firm’s chief executive, at the company’s office in Kwun Tong. Photo: SCMP
Blockchain

Forget crypto: Hong Kong Web3 events focus on what’s next for blockchain

Major Web3 events in Hong Kong have been focusing more on Web3 usability and use cases like identification, content ownership and video gaming.

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Digital currencies

Opinion | Hong Kong’s cryptocurrency retail investors must be better protected

The Securities and Futures Commission has put up guard rails but Hong Kong still lacks a cohesive education and protection ecosystem to underpin the regulation, as JPEX fraud case shows.

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Crime in Hong Kong

Hong Kong must address money-laundering risks for crypto changers: customs chief

Commissioner Louise Ho stops short of saying whether her agency, which oversees other money changers, will be tasked with regulatory review of cryptocurrency shops.

Over-the-counter (OTC) cryptocurrency shops are not subject to any licensing or regulatory regime at present. Photo: TNS
Digital currencies

BC Technology denies it is selling HK$1 billion OSL crypto exchange

BC Technology has rejected a report that it is looking to sell OSL, one of two licensed Hong Kong crypto exchanges and the firm’s main revenue source.

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BC Technology says a report that it is looking to sell OSL is “factually inaccurate and highly misleading”. Photo: Shutterstock
Bitcoin

Hong Kong’s trust in crypto assets plunges after JPEX scandal, survey finds

Hongkongers’ attitudes towards virtual assets have soured following fallout from the implosion of JPEX, a survey found, highlighting the challenges the city faces in its efforts to embrace this volatile industry.

Crime in Hong Kong

Hong Kong JPEX cryptocurrency scandal exposes regulatory ‘loopholes’: victims

Victims say they were influenced by army of celebrities, blanket advertising and cryptocurrency investing education centres.

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Digital currencies

Retail interest in virtual assets grows but education lags, survey finds

As retail investment interest in virtual assets grows, investor education lags in the city, according to recent research.

Retail interest in virtual assets grows but education lags, survey finds. Photo: Bloomberg
Crime in Hong Kong

‘Crypto investors need education’: Hong Kong YouTuber after JPEX allegations

There were early red flags over cryptocurrency platform at the centre of HK$1.5 billion fraud scandal, says YouTuber.

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Hong Kong economy

Vigilance is the best way to beat the scammers

The current investigation into the JPEX scandal in Hong Kong is a timely reminder that cybersecurity is a team effort.

Crime in Hong Kong

Hong Kong JPEX cryptocurrency scandal: suspect arrested on arrival at airport

While identity of suspect not known, individual known as Henry Choi, or ‘Tung Gei’ says on Instagram he was returning to city ‘to explain the truth to the public’ and help police with investigation.

The latest arrest brings the total number of suspects detained in relation to the scandal to 28. Photo: Bloomberg
Digital currencies

Hong Kong’s crypto power players applaud Web3 regulation after JPEX scandal

A group of 10 cryptocurrency industry executives, including Animoca Brands co-founder Yat Siu, has published a public letter endorsing the government’s commitment to Web3.

Cryptocurrency platform JPEX imploded last month after Hong Kong’s securities watchdog issued a public warning that accused the enterprise of offering “suspicious features” and spreading misleading claims about its licensing status. Photo: Bloomberg
Digital currencies

Opinion | Why JPEX scandal won’t derail Hong Kong’s cryptocurrency ambitions

The silver lining is that Hong Kong has a licensing regime capable of addressing the regulatory challenge JPEX exposed, making it safer for retail investors in an industry maturing beyond mere speculation.

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Venture capital market

Exclusive | Hong Kong crypto venture capital firm CMCC Global launches US$100 million fund

CMCC Global, a Hong Kong-based venture capital firm, has raised US$100 million for a new fund aimed at backing Asian blockchain start-ups amid Hong Kong’s virtual asset push, despite the recent JPEX scandal.

Crime in Hong Kong

‘Just waste paper’: Hong Kong JPEX users unable to withdraw assets under new plan

Police arrest two more suspects linked to fast-growing case of alleged fraud involving more than HK$1.5 billion in assets.

Police have arrested TV actor Cheng Chun-hei and impounded his white Porsche. Photo: Elson Li
Bitcoin

Futu Holdings warns of crypto impostors in wake of JPEX

Futu Holdings, an online Chinese brokerage backed by Tencent, has warned that malicious sites are imitating its brand after three alleged domains were flagged by the city’s financial regulator.

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A bitcoin is seen in an illustration picture taken June 23, 2017. Photo: Reuters
Crime in Hong Kong

Hong Kong JPEX crypto scandal is chance to ‘learn more, boost vigilance’

Dora Li, general manager of the Investor and Financial Education Council, says public should verify licences of virtual asset trading platforms before using them.

Crime in Hong Kong

Hong Kong police arrest duo over JPEX scandal after they are returned by Macau

Police earlier described them, and 2 others, as being ‘relatively close to the core’ of under-investigation crypto platform JPEX.

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