Hong Kong to list ‘suspicious’ crypto platforms in wake of JPEX scandal

The SFC stated it will likewise keep a dedicated list of “suspicious VATPs” which will be featured in a easily available and popular part of the regulators website.The new procedures being introduced by the SFC to combat unregulated VATPs. A total of 11 individuals including crypto influencers, YouTubers, and workers of the supposedly fraudulent crypto exchange have actually been taken into custody for questioning.Related: Troubled crypto exchange JPEX uses for deregistration in AustraliaIn a declaration, the SFC stated the resulting fallout from JPEX “highlights the risks of dealing with unregulated VATPs and the requirement for correct policy to keep market confidence.”The regulators added that it would be working with local police to establish a dedicated channel for people to share information on suspicious activity and possible legal breaches by VATPs, as well as better investigating the JPEX incident to help “bring the wrong-doers to justice.