JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud.&nbsp;

The exchange, as per South China Morning Post (SCMP) announced on Sunday that negative news had led market makers to freeze its capital and disrupt its cash flow.

<h2>Complaints against JPEX</h2>

The police have received 83 complaints related to JPEX. These complaints involve virtual assets worth about HK$34 million (US$4.3 million). As per Coin Market Cap, the platform has also faced controversy over its increased withdrawal fees and unaccounted staff at its Singapore 2049 booth.

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Investigation by the Commercial Crime Bureau was reportedly triggered after China's Securities and Futures Commission alerted the police about suspected fraud.

<h2>Investors warned</h2>

The Securities and Futures Commission previously on Wednesday warned potential investors to be cautious when dealing with JPEX.

JPEX, which has been advertising itself as a "licensed and recognised platform" is reportedly yet to file any license applications and has allegedly also made false claims about obtaining permits from overseas regulators.&nbsp;

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The financial watchdog also cautioned against the platform's advertisements promising returns on savings products that seemed "too good to be true" and its reliance on misleading statements from social media influencers who were paid promoters.

As a result of the warning, some users encountered difficulties withdrawing virtual assets from their online accounts.

In its Sunday statement, JPEX did not name any organisations but claimed it was being treated unfairly.

The exchange said it would freeze new trades, while existing ones would remain effective until maturity. JPEX also promised "to recover liquidity from market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels".

Previously, JPEX had criticised the allegations levelled against it and called them "unfair suppression". It also said that the regulator was "exerting undue pressure" on it.&nbsp;

(With inputs from agencies)

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JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud.

JPEX-Crypto Platform, a cryptocurrency exchange in Hong Kong, is reportedly suspending trades amid a police and financial regulator's investigation into suspected fraud. The exchange, as per South China Morning Post (SCMP) announced on Sunday that negative news had led market makers to freeze its capital and disrupt its cash flow. Complaints against JPEX The police have received 83 complaints related to JPEX. These complaints involve virtual assets worth about HK$34 million (US$4.3 million). As per Coin Market Cap, the platform has also faced controversy over its increased withdrawal fees and unaccounted staff at its Singapore 2049 booth. Also read | Foxconn plans to invest and increase its employees by two-fold in India by next year Investigation by the Commercial Crime Bureau was reportedly triggered after China's Securities and Futures Commission alerted the police about suspected fraud. Investors warned The Securities and Futures Commission previously on Wednesday warned potential investors to be cautious when dealing with JPEX. JPEX, which has been advertising itself as a "licensed and recognised platform" is reportedly yet to file any license applications and has allegedly also made false claims about obtaining permits from overseas regulators. Also read | France to permit sale of fuel below cost to combat inflation The financial watchdog also cautioned against the platform's advertisements promising returns on savings products that seemed "too good to be true" and its reliance on misleading statements from social media influencers who were paid promoters. As a result of the warning, some users encountered difficulties withdrawing virtual assets from their online accounts. In its Sunday statement, JPEX did not name any organisations but claimed it was being treated unfairly. The exchange said it would freeze new trades, while existing ones would remain effective until maturity. JPEX also promised "to recover liquidity from market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels". Previously, JPEX had criticised the allegations levelled against it and called them "unfair suppression". It also said that the regulator was "exerting undue pressure" on it. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto exchange JPEX suspends trades amid investigation into suspected fraud

North Korea denied on Sunday allegations that it had obtained $2 billion through cyberattacks on banks and cryptocurrency exchanges, and accused the United States for spreading rumours.

North Korea denied on Sunday allegations that it had obtained $2 billion through cyberattacks on banks and cryptocurrency exchanges, and accused the United States for spreading rumours. A United Nations report seen by Reuters last month said North Korea had used "widespread and increasingly sophisticated" cyberattacks to steal from banks and cryptocurrency exchanges, amassing $2 billion which it used to fund weapons of mass destruction programmes. "The United States and other hostile forces are now spreading ill-hearted rumours," North Korea's state-run KCNA news agency reported, citing a statement from the spokesperson for the National Coordination Committee of the DPRK for Anti-Money Laundering and Countering the Financing of Terrorism. "Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK," the statement said. Washington has made scant progress towards its goal of getting North Korea to give up its nuclear weapons programme, despite three meetings between U.S. President Donald Trump and North Korean leader Kim Jong Un. North Korea's vice foreign minister said on Saturday that hopes for talks with Washington were fading, and criticised Mike Pompeo's recent comments about "North Korea's rogue behaviour". Pyongyang has been blamed in recent years for a series of online attacks, mostly on financial networks, in the United States, South Korea and over a dozen other countries, as experts say such cyber activities generate hard currency for the regime. The crux of the allegations against North Korea is its connection to a hacking group called Lazarus that is linked to $81 million cyber heist at the Bangladesh central bank in 2016 and a 2014 attack on Sony's Hollywood studio.

North Korea denies it amassed $2 billion through cyberattacks on banks

Four executives from two South Korean cryptocurrency exchanges were detained on Thursday and are being questioned in connection with the alleged embezzlement of billions of won, prosecutors said.

One of the detained executives was Kim Ik-hwan, CEO of Coinnest, South Korea's fifth largest cryptocurrency exchange. The other suspects were not identified.

"They are being questioned about the embezzlement of billions of won from their clients' accounts and transferring it to their own," an official from the prosecutors' office told.

Coinnest was not immediately available for comment, although the company's websites appeared to be operating as normal.

It is the first time employees of a local cryptocurrency business have been detained in South Korea, the world's third-largest cryptocurrency trading country.

South Korean authorities have previously vowed strong action against what they said were illegal, unfair movements in cryptocurrency trading after a bitcoin frenzy at the end of last year.

Related government agencies are now negotiating comprehensive regulations for cryptocurrency markets.

The official added that prosecutors will decide whether to issue arrest warrants for the detained exchange employees, adding they planned to investigate other virtual coin exchanges for possible crimes.&nbsp

($1 = 1,057.40 won)

Related government agencies are now negotiating comprehensive regulations for cryptocurrency markets

Four executives from two South Korean cryptocurrency exchanges were detained on Thursday and are being questioned in connection with the alleged embezzlement of billions of won, prosecutors said. One of the detained executives was Kim Ik-hwan, CEO of Coinnest, South Korea's fifth largest cryptocurrency exchange. The other suspects were not identified. "They are being questioned about the embezzlement of billions of won from their clients' accounts and transferring it to their own," an official from the prosecutors' office told. Coinnest was not immediately available for comment, although the company's websites appeared to be operating as normal. It is the first time employees of a local cryptocurrency business have been detained in South Korea, the world's third-largest cryptocurrency trading country. South Korean authorities have previously vowed strong action against what they said were illegal, unfair movements in cryptocurrency trading after a bitcoin frenzy at the end of last year. Related government agencies are now negotiating comprehensive regulations for cryptocurrency markets. The official added that prosecutors will decide whether to issue arrest warrants for the detained exchange employees, adding they planned to investigate other virtual coin exchanges for possible crimes. ($1 = 1,057.40 won)

South Korean cryptocurrency executives detained over alleged embezzlement

Japan`s financial regulator on Thursday punished seven cryptocurrency exchanges, suspending business at the two of them, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based Coincheck.

A senior official at the Financial Services Agency told reporters at a briefing on Thursday it had confirmed Coincheck had funding to reimburse its customers for digital NEM coins stolen from its exchange. It said the company would announce details of its reimbursement plan later in the day.

The regulator issued business improvement orders to Coincheck and six other exchanges, saying the seven exchanges lacked the proper and required internal control systems.

It ordered the suspension of operations at two of them, Bit Station and FSHO, for one month starting Thursday.

FSA said a senior employee at Bit Station was found to have used customers` bitcoin for the person`s own purposes. The agency said the exchange, which has been allowed to operate on a provisional basis, dropped its application to become an authorised exchange.

Bit Station, FSHO and Coincheck did not immediately respond to emailed requests for comment.

The FSA said Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing.

The FSA said Coincheck lacked a proper internal control system

Japan`s financial regulator on Thursday punished seven cryptocurrency exchanges, suspending business at the two of them, in an effort to shore up consumer protection after the $530 million theft of digital money from Tokyo-based Coincheck. A senior official at the Financial Services Agency told reporters at a briefing on Thursday it had confirmed Coincheck had funding to reimburse its customers for digital NEM coins stolen from its exchange. It said the company would announce details of its reimbursement plan later in the day. The regulator issued business improvement orders to Coincheck and six other exchanges, saying the seven exchanges lacked the proper and required internal control systems. It ordered the suspension of operations at two of them, Bit Station and FSHO, for one month starting Thursday. FSA said a senior employee at Bit Station was found to have used customers` bitcoin for the person`s own purposes. The agency said the exchange, which has been allowed to operate on a provisional basis, dropped its application to become an authorised exchange. Bit Station, FSHO and Coincheck did not immediately respond to emailed requests for comment. The FSA said Coincheck lacked a proper internal control system for risks such as money laundering and terrorism financing.

Japan punishes seven cryptocurrency exchanges over lapses

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