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AP-National

Hong Kong to scrutinize cryptocurrency regulation after arrests linked to JPEX exchange

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Published 10:27 PM

By ZEN SOO
AP Technology Writer

HONG KONG (AP) — Hong Kong’s leader says the territory will scrutinize the regulation of digital assets after police arrested eight people over allegations of fraud at an unlicensed cryptocurrency exchange that impacted more than 1,600 investors and over $150 million in assets. Those arrested include social media influencers and employees of the JPEX cryptocurrency exchange. The arrests followed an announcement by Hong Kong’s securities watchdog last week that the exchange was unlicensed and did not have authority to operate its cryptocurrency trading platform in the city. 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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