JPEX hikes withdrawal fee to almost $1k after Hong Kong watchdog warning

Crypto alternate JPEX has reportedly elevated its withdrawal fee to up to 999 Tether (USDT) after receiving a warning from Hong Kong’s Securities and Futures Fee (SFC). The employees of the alternate has additionally been reportedly lacking from its Token 2049 sales space in Singapore. 

On Sept. 13, the SFC, Hong Kong’s crypto watchdog, issued a warning towards JPEX for actively selling its companies to the Hong Kong public regardless of not being licensed or making use of for a license to function of their jurisdiction. In accordance to the SFC, JPEX has marketed itself on its web site as a licensed and acknowledged platform regardless of being unregulated.

In accordance to the SFC, they’ve already notified the related opinion leaders and over-the-counter shops of their suspicions in regards to the alternate and requested them to stop selling the alternate’s companies.

Associated: Hong Kong securities regulator issues in-principle approval to HKVAX

Following the SFC’s warnings, reviews of JPEX rising its withdrawal charges to up to 999 USDT have started to flow into on-line. The transfer is seemingly to discourage customers from withdrawing their funds from the alternate.

One other rip-off alternate inflicting 1000’s of victims dropping their financial savings.

JPEX is a small crypto alternate in Hong Kong that’s been providing almost 30% APY on stablecoin staking.

Additionally they have a alternate token $JPEX with $200 billion totally diluted worth, promoting on Hong… pic.twitter.com/vns0QnMOpn

— Leon.sol (@leon_only1) September 14, 2023

Other than this, neighborhood members who attended the Token 2049 occasion held in Singapore have reported that JPEX’s sales space has been deserted after the warning from the Hong Kong regulator. 

The Platinum sponsor, JPEX, deserted their sales space at #Token2049 on the second day.

On a aspect word, their emblem seems fairly comparable to FTX. Is {that a} signal? pic.twitter.com/KZw9o5vNgF

— J O Y (@joyxspacelatte) September 14, 2023

Some members of the neighborhood criticized the occasion for permitting the alternate to market itself as a sponsor of Token 2049, which is among the largest crypto occasions within the nation. 

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