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Cryptocurrency exchange JPEX, headquartered in Dubai, has faced significant challenges recently, pointing fingers at regulatory agencies and particular financial institutions in Hong Kong for their current struggles. The exchange accuses these entities of causing liquidity issues by freezing funds, an act they describe as having malicious intent.
These challenges have had financial repercussions for JPEX. For instance, their response to these liquidity issues led to increased daily operational expenses, pushing them to make significant changes in their services. By September 18, the company revealed that it would be removing all functionalities related to its Earn product. Consequently, customers of the platform can't initiate new Earn transactions, and the current ones will proceed only until the product's expiry.
While the regular trading activities of the platform are still ongoing, there's a rising concern among JPEX users regarding the exorbitant fees tied to their withdrawals. Some users have reported being charged a fee of 999 Tether (USDT) for withdrawing up to a limit of 1,000 USDT.
JPEX, in their defense, assured that after their ongoing discussions with the financial institutions causing the liquidity constraints conclude, they will revert the withdrawal fees to their standard rates.
In an attempt to revamp their operations, the company declared that they're turning to a decentralized autonomous organization (DAO) structure. This move will allow the platform's users to offer suggestions on restructuring.
Earlier on September 13, Hong Kong's Securities and Futures Commission (FSC) publicly cautioned against JPEX. The regulatory body criticized the exchange for marketing its services to residents of Hong Kong without acquiring the necessary licenses. The FSC elaborated on their concerns, highlighting the excessively high returns promised by JPEX and discrepancies in its marketing strategies, considering its unlicensed status.
Adding to JPEX's woes, an individual present at the Token 2049 conference in Singapore mentioned that JPEX's stall was noticeably empty a day after the FSC's public warning. Furthermore, recent news from the South China Morning Post on September 18 revealed that the local Hong Kong police have accumulated over 80 complaints related to JPEX's operations.
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