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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.
The defendants were remanded in custody after appearing at Eastern Court on Friday. Photo: Eugene Lee
Hong Kong courts

10 defendants remanded in custody in JPEX cryptocurrency fraud case

Hong Kong magistrate rejects bail requests from four men and six women.

Crime in Hong Kong

Police charge another 10 people over HK$1.6 billion JPEX cryptocurrency scandal

Hong Kong economy

Hong Kong to broaden crypto rules with new licences for dealers and custodians

Banking & finance

Hong Kong eyes info sharing on crypto assets to combat tax fraud, evasion

Compliance with OECD framework is of ‘paramount importance’ to maintain Hong Kong’s reputation as a finance hub, secretary says.

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Government aims to complete legislative amendments in the coming year and start automatic exchange of tax information starting in 2028. Photo: Shutterstock
Hong Kong courts

15 in court over Hong Kong’s record HK$1.6 billion cryptocurrency fraud

Lawyer-turned-influencer Joseph Lam Chok, core JPEX figures and promoters facing 50 charges in a case involving more than 2,700 victims.

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.

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Cybersecurity

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

Emerging technologies like deepfakes, large language models and cryptocurrencies have made fraud easier than ever, with Hong Kong proving particularly vulnerable.

Emerging technologies have allowed for more sophisticated digital fraud that is becoming harder to detect before it is too late. Photo: Shutterstock
Crime in Hong Kong

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

Plaintiffs Herbert Lee and Chan Wing-yan have launched the first civil action against platform involved in an alleged HK$1.6 billion financial fraud.

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.

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’s financial affairs and treasury chief says the government plans to submit legislative proposals to regulate stablecoins and over-the-counter crypto trading. Photo: AFP
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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Hong Kong is looking to shore up regulations covering over-the-counter virtual asset exchanges. Photo: Shutterstock
Cryptocurrency

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.

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.

HongKongDAO sold a digital token named “HKD”, the SFC said. Photo: Yik Yeung-man
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.

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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Cryptocurrency

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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A cryptocurrency exchange office in Hong Kong on May 27. Photo: AFP
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.

Cryptocurrency

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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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.

The logo of cryptocurrency platform JPEX is arranged in this photo illustration on September 19, 2023. Photo: Bloomberg
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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Lawmaker Johnny Ng (left) and victims of the JPEX cryptocurrency scandal meet the press on Thursday. Photo: Edmond So
Cryptocurrency

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.

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.

The number of arrests and estimates on losses continue to mount as police investigate Hong Kong’s largest alleged financial fraud involving cryptocurrency platform JPEX. Photo: Bloomberg
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
Cryptocurrency

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

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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