JPEX Raises Withdrawal Fees After SFC Warning

After receiving a warning from Hong Kong’s Securities and Futures Commission (SFC), cryptocurrency exchange JPEX reportedly raised its withdrawal fee to up to 999 Tether.

The personnel of the exchange’s Token 2049 booth in Singapore have also reportedly vanished. Hong Kong’s crypto overseer, the SFC, issued a warning against JPEX on September 13 for actively promoting its services to the Hong Kong public despite not being licensed or applying for a license to operate in their jurisdiction.

According to the SFC, despite being unregulated, JPEX marketed itself on its website as a licensed and reputable platform. According to the SFC, they have already informed the relevant opinion leaders and over-the-counter retailers of their suspicions regarding the exchange and requested that they cease promoting the services of the exchange.

Following the SFC’s warnings, rumors have begun to propagate online that JPEX will increase its withdrawal fees to up to 999 USDT. The move appears intended to deter users from withdrawing funds from the exchange.

In addition, community members who attended the Token 2049 event in Singapore reported that JPEX’s exhibit had been abandoned following the Hong Kong regulator’s warning.

Some members of the community criticized the event for permitting the exchange to advertise itself as a sponsor of Token 2049, one of the country’s largest crypto events.