Microsoft Unveils Massive Global AI Investments, Prioritizing India’s Rapidly Growing Digital Market 
Nvidia Develops New Location-Verification Technology for AI Chips 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
EU Court Cuts Intel Antitrust Fine to €237 Million Amid Long-Running AMD Dispute 
Apple App Store Injunction Largely Upheld as Appeals Court Rules on Epic Games Case 
Gold Prices Slip Slightly in Asia as Silver Nears Record Highs on Dovish Fed Outlook 
Judge Orders Return of Seized Evidence in Comey-Related Case, DOJ May Seek New Warrant 
U.S. Appeals Court Rules Trump Can Remove Members of Key Federal Labor Boards 
U.S. Justice Department Orders Intensified Probe Into Antifa and Domestic Extremist Groups 
U.S. Homeland Security Ends TSA Union Contract, Prompting Legal Challenge 
JD.com Pledges 22 Billion Yuan Housing Support for Couriers as China’s Instant Retail Competition Heats Up 
SpaceX Edges Toward Landmark IPO as Elon Musk Confirms Plans 
Samsung SDI Secures Major LFP Battery Supply Deal in the U.S. 
Jieyi Chen, Director of JP-EX Crypto Asset Platform PTY LTD (JPEX), has begun deregistration of the exchange in Australia amid regulatory challenges and accusations in Hong Kong.
While no official confirmation has been provided, the application supposedly states that all entity members agree with the move, as the company is no longer conducting business. Furthermore, it highlights that the Australian entity possesses assets below 1,000 with no liabilities.
The issues for JPEX began last week when the Securities and Futures Commission (SFC) of Hong Kong issued a warning, revealing that the exchange had falsely claimed to have applied for a license with the regulator. The SFC also alleged that other license claims made by the exchange were untrue.
Hong Kong's financial market regulator is collaborating with local law enforcement to crack down on the exchange's allegedly dubious operations. Multiple arrests have been made, including influencers Joseph Lam Chok and Chan Wing-yee, who were promoting JPEX.
Reportedly, the JPEX fiasco is believed to be the largest case of financial fraud in the autonomous Chinese administrative region. The Hong Kong police have received complaints from 1,641 investors involving approximately HK$1.2 billion ($128 billion) in assets, reflecting the scale of the alleged fraud.
In response to the incident, JPEX raised its withdrawal fees to 999 USDT after offering a 30 percent yield on stablecoins to prevent customer withdrawals. Meanwhile, the Hong Kong police have called upon internet providers to block access to JPEX within their jurisdiction.
In an official blog post, the exchange expressed its frustration regarding the actions taken against its platform. JPEX accused the telecommunications service providers in Hong Kong of unfairly blocking their mobile application and official website and advised users to utilize virtual private networks (VPNs) to bypass access restrictions.
As JPEX faces uncertainty and regulatory scrutiny, the future of the exchange remains in question. The impact of the alleged financial fraud and subsequent actions taken by authorities will undoubtedly have far-reaching consequences for all parties involved.
Photo: Kanchanara/Unsplash
