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

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Crypto exchange JPEX suspends trades amid investigation into suspected fraud