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Home » JPEX Crypto Exchange Seeks Deregistration In Australia Amidst Mounting Troubles

JPEX Crypto Exchange Seeks Deregistration In Australia Amidst Mounting Troubles

Hania by Hania
September 21, 2023
in Crypto Exchanges
Reading Time: 2 mins read
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JPEX Crypto Exchange Seeks Deregistration In Australia Amidst Mounting Troubles
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Table Of Content:

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  • JPEX’s Deregistration Bid
  • Legal Troubles Unleash Chaos
  • User Compensation Plan and Accusations

Unlicensed Exchange Faces Legal Wrath After Allegedly Soliciting Over $128 Million

Key Pointers:

  • Troubled cryptocurrency exchange JPEX seeks deregistration in Australia amidst mounting legal issues and the arrest of six of its employees.
  • JPEX faces allegations of fraud and has been accused of soliciting over $128 million from users, leading to a flurry of complaints and its decision to halt operations.

JPEX’s Deregistration Bid

In a bid to extricate itself from the ever-tightening legal web, embattled Hong Kong-based cryptocurrency exchange, JPEX, has filed for deregistration in Australia. The move comes in the wake of a slew of troubles that have beset the exchange, culminating in the arrest of six of its employees on charges of fraud and the intervention of the Hong Kong Securities and Futures Commission (SFC). Jieyi Chen, director of JP-EX Crypto Asset Platform PTY LTD (JPEX), has initiated the deregistration process, citing various factors to support the decision.

Legal Troubles Unleash Chaos

The deregistration application, dated September 20 outlines several key points. Firstly, JPEX asserts that all company members are in concurrence with the deregistration proposal. Secondly, the application states that the company has ceased its operations, with no ongoing business activities. Thirdly, JPEX attests that its assets are valued at less than $1,000 Australian dollars, and finally, the application claims that the company bears no outstanding liabilities.

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JPEX Crypto Exchange Seeks Deregistration In Australia Amidst Mounting Troubles

JPEX’s downward spiral began on September 13 during the Token2049 conference in Singapore when the exchange’s team reportedly abandoned its corporate booth. This abrupt exit followed the arrest of six JPEX employees by the Hong Kong police on charges of fraud, all linked to their operation of an unlicensed cryptocurrency exchange. The Hong Kong Securities and Futures Commission (SFC) concurrently reported a deluge of complaints against the JPEX platform, with users alleging losses exceeding a staggering 1 billion Hong Kong dollars ($128 million).

Also Read: Dubai’s JPEX Exchange Shuts Down, Citing Issues with Partners

As public attention swelled around the unfolding scandal, JPEX purportedly escalated its withdrawal fees to an exorbitant 999 USDT, ostensibly to hinder users from transferring their funds out of the beleaguered exchange. Notably, JPEX had previously enticed users with alluring yields of up to 30% per annum through stablecoin staking. At the time of writing, the JPEX website remains inaccessible.

User Compensation Plan and Accusations

In a last-ditch effort to appease users, JPEX unveiled a compensation plan shortly before its website’s closure. The plan promised users a “one-to-one” reimbursement of their assets, which would be converted into a stake in the JPEX decentralized autonomous organization by September 21.

Furthermore, the exchange laid blame on third-party custodians, accusing them of maliciously freezing platform assets as a consequence of the ongoing SFC investigation, characterizing the situation as an “unprecedented catastrophe.”

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Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

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