Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Troubled Hong Kong cryptocurrency exchange JPEX has submitted a request for deregistration in Australia.
As per a document reviewed by Cointelegraph on September 20, Jieyi Chen, the director of JP-EX Crypto Asset Platform PTY LTD (JPEX), has lodged a deregistration application with the Australian Securities and Investment Commission (ASIC). In the document, JPEX asserts that all company members consent to the deregistration, the business is no longer operational, its assets do not exceed $1000 Australian Dollars, and it holds no liabilities.
Related Posts
On September 13, during the Token2049 conference in Singapore, the JPEX team reportedly vacated its corporate booth after Hong Kong authorities detained six JPEX employees on allegations of fraud related to running an unlicensed cryptocurrency exchange. The Hong Kong Securities and Futures Commission (SFC) stated on the same day that it had received over 1,000 complaints concerning the JPEX platform, with reported losses exceeding one billion Hong Kong dollars ($128 million).
As the situation gained media attention, JPEX allegedly increased its withdrawal fees to 999 Tether (USDT) to hinder transfers from the exchange. Previously, JPEX had provided yields as high as 30% annually on stablecoin staking.
The website is currently unreachable at the time of this report. Just prior to its shutdown, JPEX released a compensation plan for users, asserting that users would be compensated on a “one-to-one” basis with their assets converted into stakes in the JPEX DAO by September 21. The exchange also indicated that third-party custodians have “maliciously frozen” platform assets due to the SFC investigation, resulting in an “unprecedented catastrophe.”
Magazine: ‘AI has killed the industry’: EasyTranslate boss on adapting to change
