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AP National

Hong Kong to tighten regulation of cryptocurrencies after arrests linked to JPEX trading platform

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Published 11:27 PM

By ZEN SOO
AP Technology Writer

HONG KONG (AP) — Hong Kong’s leader has said the territory will tighten regulation of digital assets after police arrested six people following allegations of fraud at an unlicensed cryptocurrency exchange in the city. The arrests followed an announcement by Hong Kong’s securities watchdog last week that the exchange, JPEX, was unlicensed and did not have authority to operate its cryptocurrency trading platform in the city. The Securities and Futures Commission said it had received more than 1,400 complaints against JPEX involving more than 1 billion Hong Kong dollars (127.9 million) in losses. JPEX suspended trading on its platform on Monday and blamed a third-party market maker for freezing its funds. It complained of unfair treatment by the authorities.

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