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Terrorized crypto exchange JPEX applies for deregistration in Australia

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The unlicensed exchange allegedly solicited extra than $128 million from users sooner than being reprimanded by the Hong Kong Securities and Futures Price.

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Terrorized Hong Kong crypto exchange JPEX has utilized for deregistration in Australia.

In response to a submitting seen by Cointelegraph on Sept. 20, Jieyi Chen, director of JP-EX Crypto Asset Platform PTY LTD (JPEX), has filed a deregistration application with the Australian Securities and Investment Price. Within the submitting, JPEX claims that every people of the firm conform to the deregistration, the firm is now not any longer carrying exchange, its resources develop no longer exceed $1,000 Australian bucks, and it carries no liabilities.

On Sept. 13, through the Token2049 convention in Singapore, the JPEX personnel allegedly deserted its company booth after Hong Kong police arrested six JPEX workers on costs of fraud for working an unlicensed crypto exchange. The Hong Kong Securities and Futures Price (SFC) acknowledged on the same day that it obtained over 1,000 complaints in terms of the JPEX platform, with claims of losses amounting to over 1 billion Hong Kong bucks ($128 million).

Because the misfortune turned publicized, JPEX reportedly raised its withdrawal bills to 999 USDT (USDT) to forestall transfers out of the exchange. Previously, JPEX had equipped yields as high as 30% per year on stablecoin staking. 

The on-line repute is currently inaccessible at the time of newsletter. Presently sooner than its takedown, JPEX published a compensation notion for users, claiming that users would be reimbursed on a “one-to-one” basis with their resources exchanged for a stake in the JPEX decentralized self sustaining group by Sept. 21. The exchange also wrote that third-event custodians possess “maliciously frozen” platform resources due to the SFC investigation, which has ended in an “exceptional catastrophe.”

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