Hong Kong and Macau authorities have arrested 18 suspects in the ongoing JPEX crypto exchange case, seizing a total of $2.8 million in cash and gold. Two individuals were charged in Hong Kong for using Macau casinos to launder illicit funds, leading to the seizure of casino assets and $1.7 million in cash. Two more individuals were arrested, with one caught attempting to destroy evidence. The Hong Kong Police Force is working to locate additional suspects linked to fraud and money laundering charges.
The JPEX saga began when Hong Kong's financial regulator warned the exchange for promoting its services without proper licenses. The exchange then increased its withdrawal fees to nearly $1,000 and its employees deserted their booths at a recent event in Singapore. JPEX wound down operations overnight on September 17th, accusing its Hong Kong partners of acting unfairly and maliciously. Several arrests were made for alleged money laundering, but authorities maintain that the ringleaders behind JPEX are still at large.
In related news, the Securities and Futures Commission (SFC) has warned investors about another unlicensed virtual asset trading platform, FUBT Exchange. The company allegedly provided a fake Hong Kong phone number to give the impression of having a presence in the city. As of September 22, FUBT Exchange was included in the SFC's roster of suspicious virtual asset trading platforms.
The JPEX saga began when Hong Kong's financial regulator warned the exchange for promoting its services without proper licenses. The exchange then increased its withdrawal fees to nearly $1,000 and its employees deserted their booths at a recent event in Singapore. JPEX wound down operations overnight on September 17th, accusing its Hong Kong partners of acting unfairly and maliciously. Several arrests were made for alleged money laundering, but authorities maintain that the ringleaders behind JPEX are still at large.
In related news, the Securities and Futures Commission (SFC) has warned investors about another unlicensed virtual asset trading platform, FUBT Exchange. The company allegedly provided a fake Hong Kong phone number to give the impression of having a presence in the city. As of September 22, FUBT Exchange was included in the SFC's roster of suspicious virtual asset trading platforms.