Authorities in the city suggest that up to $300 million has been frozen by the exchange. Some investors are turning their attention to its local connections.
JPEX, the Hong Kong cryptocurrency exchange which collapsed owing more than $300 million and is the focus of a major fraud operation by the city’s financial authorities, marketed itself as an Australian-licensed operation and was registered to an apartment building in Sydney’s north.
Hong Kong authorities said last week that they have received more than 2400 complaints about the exchange, after assets totalling as much as $HK1.5 billion were frozen.in Australia, Canada and the United States. Documents filed with the Australian Securities and Investments Commission show a company known as JP-EX Crypto Asset Platform was registered in 2020, describing its purpose as marketing.
Several of the videos associated with JPEX have been deleted from Mr Hartmann’s promotional YouTube page. “JPEX purports to be a virtual asset trading platform and is unregulated, and has been on the SFC’s radar since March 2022 when the SFC began making inquiries into its suspected false and misleading representations and unlicensed activities,” the Hong Kong regulator said late last month.
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