Nearly two months ago, Dubai-based crypto exchange platform JPEX decided to “wind down operations” after Hong Kong regulators took notice of their activities.

Immediate Fallout

At the time, JPEX’s Earn program was singled out by authorities as a major point of contention with the platform. Things took a wild turn from there, as the exchange practically halted operations overnight and restricted withdrawals by implementing a 99 withdrawal fee – thus disabling them without actually blocking them. Access to the platform and its mobile app were also swiftly blocked by the authorities.

“Since September 13, 2023, the SFC has suddenly made a series of accusations against our platform’s operating model and promotional methods, which we vehemently resent as they were made without investigation or review.”

These events were followed by JPEX representatives abandoning their booth at a local crypto event that they were one of the main sponsors of.