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Hong Kong Arrest A Celebrity In JPEX Controversial Crypto Exchange Investigation

WikiBit 2023-09-18 12:06

Abstract:Hong Kong Arrest A Celebrity In JPEX Controversial Crypto Exchange Investigation

Key Points:

Hong Kong internet celebrity Lam Zuo was arrested for promoting the controversial crypto exchange JPEX. Police respond to referrals from both the China Securities Regulatory Commission and the Securities and Futures Commission. Over 83 reports against JPEX, involving around HK$34 million, have been received by the Hong Kong Police.

In a significant development involving the virtual asset trading platform “JPEX,” the Hong Kong Police Commercial Crime Bureau has made an arrest in connection with the case.

According to local reports, the individual apprehended in this case has been identified as Lam Zuo, a prominent Hong Kong internet celebrity. Lam Zuo stands accused of promoting the controversial cryptocurrency exchange.

This arrest follows an ongoing investigation into the activities of JPEX, which has been under scrutiny by both local and international authorities. The Hong Kong Police initiated this action after receiving a referral from the China Securities Regulatory Commission, suspecting fraudulent activities linked to the exchange.

To address the growing concerns about potential fraud associated with JPEX, Hong Kongs Police Commissioner, Siu Chak-yi, revealed that the Securities and Futures Commission (SFC) had also flagged the matter. The Commercial and Crime Investigation Bureau has consequently launched an investigation into the allegations.

In a recent statement, the SFC noted that JPEX had actively promoted its services and products to the Hong Kong public through internet celebrities and over-the-counter exchange shops. Crucially, none of the entities under the JPEX Group have been licensed by the SFC to operate a virtual asset trading platform in Hong Kong.

As of now, the Hong Kong Police have received over 83 reports related to JPEX, with an estimated total value of approximately HK$34 million. The investigation is ongoing, and further details are awaited as law enforcement authorities work to unravel the complex web of activities surrounding the exchange. Public engagement remains crucial, with the police having established a hotline for reporting cases and inquiries related to this case.

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