JPEX Special Announcement 20230919

Dear JPEX Users,

In response to the press conference held by the Hong Kong Securities and Futures Commission (SFC) on this day, September 19, 2023, our platform has the following responses:

Firstly, we sternly refute the malicious accusation by the spokesperson during the press conference that our company, JPEX, has ceased platform trading operations. This statement constitutes serious defamation and disregards the facts. We want to clarify that our platform is cooperating with regulations, progressively removing game lobby and financial project features to comply with Hong Kong laws and continue serving the public. We reaffirm that all trading pairs on the platform have been operating generally without interruption, continuing to provide free trading services and constantly reducing withdrawal fees. Meanwhile, our newly formed dedicated team works around the clock to assist platform users with priority withdrawals!

Secondly, the SFC repeatedly denies having been in contact with us, which is a clear falsehood. In fact, from April 2022 to August 2023, we have been communicating with the SFC and seeking related guidance, hoping to fulfil their requirements to the best of our abilities and find a legal and compliant direction to serve the public. However, we have not received any positive responses or guidance. (Please refer to the email records below.)

Thirdly, the spokesperson accused our platform of privately holding customers private keys. We firmly believe that the spokesperson has confused the difference between centralized exchanges and wallets. Well-known exchanges such as Binance, COINBASE, Bybit, etc., all centrally controlled exchanges hold all customer private keys, not only for users’ convenience, but also to provide users with more professional security measures to protect their assets.

Furthermore, the SFC has continuously questioned the liquidity and value of our platform coin, JPC, and pointed out that our platform coin is only listed on JPEX. In fact, JPC has been listed for trading on multiple global trading platforms, including MEXC, CoinW, and Lbank. According to the SFC, if we look at the entire market, wouldn’t all platform coins and other cryptocurrencies issued by Binance, OKX, Bitget, Bybit, Huobi, etc., have no value in the eyes of the SFC?

These exchanges continue to be promoted heavily online and offline in Hong Kong, and only our platform is publicly targeted and accused of being non-compliant. We do not seek special privileges but do not wish to be mistreated.

Without clear guidelines, valueless crypto assets are still being listed on many platforms, and all trading platforms not licensed by the SFC are flooding the Hong Kong market.

Even in these difficult times, JPEX remains committed. We have referred to a wealth of data and successful historical cases to develop a viable plan for all platform users to vote, and we are perfecting the related content and details to be announced in the coming week.

As an operator in the cryptocurrency industry and a promoter of the WEB 3.0 concept, JPEX is extremely disappointed with the SFC’s unfair methods of disrupting market order. Their attitude not only contradicts the government’s policy development direction of making Hong Kong the city of WEB 3.0, but their biased attitude also fails to fulfil their supposed role of being a fair and impartial regulator, let alone protecting the thousands of investors in Hong Kong. Our platform will be the best example to prove internationally whether the SFC is truly helping Hong Kong step onto the path of building WEB 3.0.

Despite facing a series of challenges, JPEX will continue to operate steadfastly and will not fall due to the irreversible policy risks leading to severe challenges. The dedicated team for emergency withdrawal applications will continue to assist users with priority withdrawals.

Thank you for your continued support!

September 19, 2023


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