Kenne Michael 
The Hong Kong Police Commercial Crime Bureau has apprehended an individual in relation to a significant development on the virtual asset trading platform “JPEX.”
The individual arrested in this case has been identified as Lam Zuo, a prominent Hong Kong internet personality, according to local news reports.
The accusation against Lam Zuo is that he promoted the controversial cryptocurrency exchange.
This arrest is the result of a continuing investigation into the activities of JPEX, which both domestic and foreign authorities have scrutinized.
The Hong Kong Police initiated this investigation after receiving a referral from the China Securities Regulatory Commission, which suspected the exchange of fraudulent activity.
Hong Kong’s Police Commissioner, Siu Chak-yi, disclosed that the Securities and Futures Commission (SFC) had also flagged the matter in response to growing concerns about potential misconduct associated with JPEX.
As a result, the Commercial and Crime Investigation Bureau has begun investigating the allegations.
In a recent statement, the SFC noted that JPEX had aggressively marketed its services and products to the Hong Kong public via internet celebrities and over-the-counter exchange shops.
The SFC has authorized none of the JPEX Group entities to operate a virtual asset trading platform in Hong Kong.
The Hong Kong Police have received over 83 JPEX-related reports with an estimated total value of approximately HK$34 million.
The investigation is ongoing, and additional information is awaited as law enforcement officials work to untangle the intricate web of activities surrounding the exchange.
Public engagement remains crucial, with the police having instituted a hotline for reporting cases and inquiries related to this case.
