JPEX cryptocurrency exchange named in 83 complaints to Hong Kong police over virtual assets worth HK$34 million

Commissioner of Police Raymond Siu urges other victims to come forward, days after securities regulator names and shames JPEX for dubious practices

Some platform users have also complained online of difficulties withdrawing Tether tokens, or USDT, with larger sums being held as ‘processing fees’

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Cryptocurrency exchange JPEX was recently named and shamed for dubious practices by the Hong Kong Securities and Futures Commission. Photo: Facebook/JPEX-Crypto Platform

Published: 5:17pm, 16 Sep 2023Updated: 9:32pm, 16 Sep 2023

Hong Kong police have received at least 83 complaints involving the JPEX cryptocurrency exchange and virtual assets worth about HK$34 million (US$4.3 million) after the city’s securities watchdog called out the unregulated firm for dubious tactics.

Commissioner of Police Raymond Siu Chak-yee on Saturday also said the Securities and Futures Commission (SFC) had filed a report with the force two days ago over suspected fraud, adding that the commercial crime bureau was investigating.

He said police had received 83 complaints as of 3pm on Friday as the force had set up a dedicated 24-hour hotline at 2860 5012.

Commissioner of Police Raymond Siu has urged more victims to come forward. Photo: Edmond So

“I appeal to people who have related questions about the case or want to report a crime to contact us through the hotline or the electronic report form,” Siu said.

On Wednesday, the commission issued a warning to potential investors that JPEX had not filed any licence applications, calling for the public to be wary of any opportunities that seemed “too good to be true”.

The watchdog said the trading platform had made false claims that it had obtained licences from overseas regulators, as well as offering high returns on savings products.

JPEX also relied on misleading statements made by social media influencers “who are often paid promoters”, the commission added.

The securities regulator has included two JPEX-affiliated companies on its alert list since July last year, indicating the platform was seeking Hong Kong investors without a proper licence.