The Securities and Futures Commission (SFC) has raised concerns about the virtual asset trading platform (VATP) known as “JPEX” actively promoting its services to the Hong Kong public through social media influencers and over-the-counter virtual asset money changers. The SFC clarifies that JPEX and its entities are not licensed or authorized by the SFC to operate a VATP in Hong Kong. The SFC has observed suspicious practices by JPEX, including false licensing claims, high return offers, complaints of withdrawal issues, unauthorized virtual asset arrangements, false business cooperation claims, and misleading statements by influencers. The SFC has warned the influencers and money changers involved and emphasized that fraudulent practices related to virtual assets are offenses under the law. Investors are urged to be cautious of investment opportunities that seem too good to be true and to be aware of the risks of trading on unregulated VATPs.
Resource:
https://apps.sfc.hk/edistributionWeb/gateway/EN/news-and-announcements/news/doc?refNo=23PR101