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After Hong Kong Securities And Futures Commission Warnings, JPEX Increases Withdrawal Fee

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To discourage users from withdrawing their funds from JPEX after cautionary advice from Hong Kong’s SFC(Securities and Futures Commission), JPEX reportedly hiked its withdrawal fees to 999 Tether (USDT).

Another scam exchange has emerged in the guise of JPEX, causing many victims to lose their funds. JPEX is a small cryptocurrency exchange in Hong Kong that recently offered almost 30% APY on stablecoin staking.

READ ALSO:Coinbase CEO Urges DeFi Firms to Take CFTC in Court Over Its Recent Enforcement Actions

In addition, they operate an exchange token known as $JPEX that has up to $200 billion fully diluted value.

Fast Facts

  • Reportedly, after the warning from the Hong Kong watchdogs, the community members who attended the Token 2049 ceremony, which was held in Singapore, noticed that the JPEX booth had become deserted.
  • The staff of JPEX has been allegedly missing from its booth at the Token 2049 booth.
  • According to a September 13 warning by Hong Kong’s cryptocurrency regulators, JPEX is actively offering its services to the country’s public even though they are not licensed. The crypto exchange has yet to apply for a license to operate within that region.
  • Furthermore, reports from the country’s Securities and Futures Commission reveal that JPEX has been offering services on its website as a recognized and licensed crypto platform despite needing to be regulated.
  • Reportedly, the SFC has previously communicated to the appropriate opinion leaders and over-the-counter stores its suspicions regarding JPEX. In addition, SFC asked the dubious platform to halt promoting its services.
  • However, despite that, some community members still criticized the ceremony, saying that it shouldn’t have allowed JPEX to showcase itself as one of the Token 2049 sponsors, especially as the event is among the biggest cryptocurrency events in Hong Kong.

What’s Happening In Crypto Today?

As of this writing, the price of Bitcoin is at $26,352.10, with a drop in market cap by 1.05% and a drop in trading volume by 15.98%.

Ethereum, on the other hand, is presently trading at $1,619.31, with a drop in market cap by 0.50% and a drop in trading volume by 21.82%.

  • Meanwhile, Litecoin is selling at $63.56, with an increase in market cap by 1.03% and a drop in trading volume by 11.35%.
  • Shiba Inu is now trading at $0.000007364, with an increase in market cap by 0.68% and a drop in trading volume by 0.44%.
  • Wrapped Bitcoin price currently is at $26,393.78, with a drop in market cap by 0.86% and a drop in trading volume by 30.96%.
  • Bitcoin Cash is now trading at $213.21, with an increase in market cap by 3.16% and an increase in trading volume by 50.69%.
  • Currently, Chainlink is selling at $6.15, with an increase in market cap by 1.27% and an increase in trading volume by 4.20%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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