Hong Kong: Issued SFC warning regarding unregulated virtual asset trading platform JPEX

On 13 September 2023, the Hong Kong Securities and Futures Commission (SFC) issued a warning notice on the unregulated virtual asset trading platform JPEX, which is targeting residents of Hong Kong through social media influencers, key opinion leaders (KOLs), and over-the-counter virtual asset money changers (OTC Shops). The SFC has affirmed that JPEX and its affiliated entities lack the requisite licenses to operate within Hong Kong. As a result, it warns investors to be wary and has notified relevant KOLs and OTC Shops requesting them to stop promoting JPEX on their platforms.