Warning: Exercise Caution When Using JPEX Trading Platform

The Hong Kong Securities and Futures Commission (SFC) has issued an announcement on its official website regarding a virtual asset trading platform known as “JPEX.” The SFC has noted that this platform has been actively promoting its services and products to the Hong Kong public through social media influencers and over-the-counter virtual asset currency exchangers.

The SFC clarifies that none of the entities under the JPEX Group are licensed by the SFC, nor have they applied for a license to operate a virtual asset trading platform in Hong Kong.

According to the SFC, JPEX has stated on its website that it is a “London-licensed and recognized digital asset and virtual currency platform.” It has also claimed to have obtained licenses for virtual asset trading platforms from multiple overseas regulatory authorities, which is not in line with the actual facts.

Furthermore, JPEX has falsely promoted partnerships with a Hong Kong-listed company, claiming to have received investments from the said company, which is also untrue. In addition, JPEX operates a virtual asset trading platform on the jpex.io website, which has been listed by the SFC as an unlicensed company and a suspicious website since July 8, 2022.

According to WikiBit, JPEX has an overall score of 3.85 points. It is noted that JPEX holds financial licenses from three different countries. However, it has been reported that the company's operations exceed the scope permitted by these licenses.

In the comments section of WikiBit, user Kenneth37833 has raised concerns about JPEX potentially misappropriating user funds. User Kevin419 has reported longer withdrawal times from the JPEX platform, and the actual withdrawal addresses being tagged as Binance and Huobi. These user comments suggest potential issues with JPEX's operations and raise red flags regarding the platform's trustworthiness and transparency. Users should exercise extreme caution and consider these reports when dealing with JPEX.

WikiBit analysts, after registering and using JPEX, have identified three significant issues with the platform:

• JPEX platform only supports the withdrawal of USDT.



• Withdrawals of USDT are limited to the Ethereum and Tron blockchains, with a withdrawal fee of 999 U, which significantly exceeds the usual withdraw fees.



• JPEX platform offers users the option to earn returns by depositing their assets, with APY rates for various cryptocurrencies exceeding 10%, far surpassing typical interest rate levels.



Previously, JPEX was announced as a platinum sponsor of TOKEN2049 at the X. However, some users on the web claimed that there were no staff at the JPEX booth.



In summary, the JPEX platform has significant legal and compliance issues, as it has been singled out and reported by the Hong Kong Securities and Futures Commission, involving false advertising. The platform's functionalities and fees do not align with the normal logic of legitimate trading platforms. Additionally, team members have never made public appearances.

After conducting their analysis and research, WikiBit analysts strongly advise users to exercise extreme caution and, if possible, refrain from using JPEX.