Cryptocurrency News

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

[ad_1]

Crypto exchange JPEX has reportedly increased its withdrawal fee to up to 999 Tether (USDT) after receiving a warning from Hong Kong’s Securities and Futures Commission (SFC). The staff of the exchange has also been reportedly missing from its Token 2049 booth in Singapore. 

On Sept. 13, the SFC, Hong Kong’s crypto watchdog, issued a warning against JPEX for actively promoting its services to the Hong Kong public despite not being licensed or applying for a license to operate in their jurisdiction. According to the SFC, JPEX has marketed itself on its website as a licensed and recognized platform despite being unregulated.

According to the SFC, they’ve already notified the relevant opinion leaders and over-the-counter stores of their suspicions about the exchange and asked them to cease promoting the exchange’s services.

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

Following the SFC’s warnings, reports of JPEX increasing its withdrawal fees to up to 999 USDT have started to circulate online. The move is seemingly to discourage users from withdrawing their funds from the exchange.

Apart from this, community members who attended the Token 2049 event held in Singapore have reported that JPEX’s booth has been abandoned after the warning from the Hong Kong regulator. 

Some members of the community criticized the event for allowing the exchange to market itself as a sponsor of Token 2049, which is one of the biggest crypto events in the country. 

Magazine: Are DAOs overhyped and unworkable? Lessons from the front lines