Dear JPEX Users,
Since the inception of our platform, we have always adhered to the idea of building a Web 3.0 world and committed to promoting the development of the blockchain industry and the cryptocurrency market globally. In the course of past developments, we have always been willing and pleased to comply with the policy regulations and license supervision systems of different regional governments, hoping to strike a balance that best serves the interests of various stakeholders, between safeguarding user rights, the original intention of blockchain development, and policy regulations.
When the Hong Kong government announced its focus on Web 3.0 projects for future development, the JPEX team was delighted by the long-term development potential of the blockchain industry and decided to shift our development focus to Asia, hoping to contribute to the expansion of Web 3.0 together. To operate stably in Hong Kong, the platform has been preparing to comply with the cryptocurrency regulatory system before the end of the grace period for the license system (https://blog.jp-ex.io/zh/jpex-to-apply-for-the-latest-crypto-trading-license-in-hong-kong/) and maintain communication with the Securities and Futures Commission (SFC) of Hong Kong.
However, the SFC did not fulfil its promises. When other cryptocurrency exchanges announced their entry into the Hong Kong market and began extensive promotion, JPEX was subjected to continuous unfair treatment. The SFC sent letters to all our partners, requesting the cessation of cooperation with the platform. On September 13, 2023, the SFC issued a statement against the JPEX cryptocurrency trading platform, causing third-party market makers partnered with the platform to maliciously freeze funds, leading to operational difficulties. For the protection of user rights, JPEX sought guidance from the SFC on September 15, 2023, but only received the following response (see below).
As an operator in the cryptocurrency industry and a promoter of the Web 3.0 concept, JPEX expresses extreme disappointment at the SFC’s unfair practices that disrupt market order. Not only does their attitude contradict the government’s policy development direction of making Hong Kong a Web 3.0 city, but their biased stance also does not fulfil their role as a fair and impartial regulator, let alone protect the multitude of investors in Hong Kong. The platform will serve as the best example to prove whether the SFC is indeed helping Hong Kong firmly step onto the path of building Web 3.0.
Despite facing a series of challenges, JPEX will continue to operate steadfastly and will not falter due to the severe challenges caused by irreversible policy risks. The dedicated team responsible for handling emergency withdrawal requests will continue to prioritize providing withdrawal assistance to users.
Once again, thank you for your ongoing support and patience!
September 18, 2023