Hongkongers urged against trading on unlicensed crypto exchanges as JPEX fraud claims climb to HK$1.2 billion

Hong Kong’s financial watchdog has urged investors to use licensed and regulated cryptocurrency trading platforms amid a major fraud investigation into an unlicensed virtual asset platform involving around HK$1.2 billion in losses. Eight people – four men and four women aged 22 to 52 – were arrested on Monday over allegations of conspiracy to defraud linked to crypto exchange JPEX, police said in a joint press conference with the Securities and Futures Commission (SFC) on Tuesday. More than 1,600 complaints had been received, with one person suffering a loss of HK$40 million, they added. The p…

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