Hong Kong’s Securities and Futures Commission (SFC) has allied with the Police to establish a group to monitor and investigate crypto exchange-related crimes. This development comes amid scandals involving the Dubai-based JPEX exchange, a leading Hong Kong crypto industry player.
The SFC revealed its latest move in an October 4 announcement, noting that it formed the group after a meeting with the Hong Kong Police Force on September 28.
Hong Kong Securities Regulator Probe Crypto Exchanges Following JPEX Scandal
According to the SFC, this group will probe into illicit activities connected to virtual assets trading platforms (VATPs) in Hong Kong. This move stemmed from the ongoing investigation into illegalities surrounding JPEX.
The exchange allegedly promoted its services without obtaining an appropriate license from the SFC. In addition, JPEX’s illegal activities reportedly caused the loss of about $166 million in assets belonging to over 2,086 investors. This has been tagged
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