Crypto Exchange JPEX Faces Liquidity Crisis, Regulatory Warnings After Freezing Funds

Crypto exchange JPEX blames third-party market makers for freezing funds and causing a liquidity crisis.
JPEX forced to hike withdrawal fees and suspend certain operations due to the liquidity issues.
JPEX shutting down its Earn product and introducing a DAO to get restructuring suggestions.
Hong Kong regulator issued a warning against unlicensed JPEX for targeting local residents.
Police in Hong Kong received over 80 complaints about JPEX following the liquidity crisis.

cointelegraph.com

Relevant topic timeline:

9/18/2023

Unlicensed Hong Kong Crypto Exchange JPEX Suspends Trading After Probe and Arrest

Hong Kong cryptocurrency exchange JPEX has suspended trading following an investigation by the Hong Kong Securities and Futures Commission, resulting in the arrest of one individual, and the exchange is considering restructuring as a Decentralized Autonomous Organization (DAO) due to operational difficulties.

9/20/2023

Crypto Exchange JPEX Faces Fraud Allegations, Applies for Deregistration in Australia After Raising Fees and Publishing Compensation Plan

The troubled Hong Kong crypto exchange, JPEX, has applied for deregistration in Australia after allegedly soliciting over $128 million from users before being reprimanded by the Hong Kong Securities and Futures Commission.

9/22/2023

Hong Kong Police Probe Alleged $166 Million Cryptocurrency Fraud at Unlicensed JPEX Trading Platform

Hong Kong police are investigating allegations of fraud against cryptocurrency trading platform JPEX after investors complained of HK$1.3bn ($166m; £134m) in losses, with eleven people, including popular influencers, being arrested in what could be one of Hong Kong's biggest fraud cases as the city positions itself as a global hub for virtual assets.