The lessons of FTX and JPEX: buyer beware
Crypto advocates and financial regulators are united in their push for a sensible institutional framework, but consumer advertising, including from influencers, threatens this common objective.
Tekef
November 07, 2023
Even as Hong Kong’s crypto communities move on from the demise of global crypto exchange FTX, those dealing in digital assets are grappling with a crisis of confidence closer to home.
In late September 2023, the Securities and Futures Commission SFC accused crypto exchange JPEX of suspicious activity, having initially flagged the company in July 2022. With over HK$1 billion $120 million reported missing and thousands of police reports filed, crypto advocates and regulators are working to rebuild trust towards the digital asset industry.
Just like FTX, JPEX leveraged its public image by launching extensive advertising campaigns across Hong Kong’s mass...
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