JPEX hikes withdrawal fee to almost $1K after Hong Kong watchdog warning


Crypto alternate JPEX has reportedly elevated its withdrawal fee to up to 999 USDT (USDT) after receiving a warning from Hong Kong’s Securities and Futures Commission (SFC), with its workers additionally reportedly going lacking from its Token 2049 sales space in Singapore. 

On Sept. 13, the SFC, Hong Kong’s crypto watchdog, issued a warning in opposition to JPEX for allegedly selling its companies to the Hong Kong public regardless of not being licensed or making use of for a license to function within the jurisdiction. According to the SFC, JPEX has marketed itself on its web site as a licensed and acknowledged platform regardless of being unregulated.

The SFC stated it had already notified the related opinion leaders and over-the-counter shops of its suspicions in regards to the alternate and requested them to stop selling the alternate’s companies. 

Related: Hong Kong securities regulator issues in-principle approval to HKVAX

Following the SFC’s warnings, stories of JPEX rising its withdrawal charges to up to 999 USDT started circulating on-line. The transfer is seemingly to discourage customers from withdrawing their funds from the alternate.

Apart from this, group members who attended the Token 2049 occasion held in Singapore reported that JPEX’s sales space had been deserted after the warning from the Hong Kong regulator. 

Some members of the group criticized the occasion for permitting the alternate to market itself as a sponsor of Token 2049, which is without doubt one of the greatest crypto occasions within the nation. 

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