Coiner cryptocurrency exchange, affiliated with JPEX, faces raids and searches in Wan Chai and TST, founder Priscilla Ng, a young social media influencer

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Coiner on Queen's Road East was sealed off by police yesterday. Insert picture: Priscilla Ng

19th September 2023 – (Hong Kong) The Securities and Futures Commission (SFC) issued a warning to the cryptocurrency exchange platform JPEX on Wednesday (13th), stating that it had never applied for a licence as claimed and had provided false statements alongside multiple suspicious activities. Following a referral from the SFC, the Commercial Crime Bureau of the police initiated an investigation and has received thousands of reports since then. Yesterday, a large-scale enforcement operation was carried out, resulting in the arrest of Joseph Lam Chok and KOL Chan Yee, as well as the search of various over-the-counter (OTC) exchanges. The police also conducted searches at multiple cryptocurrency exchange stores that had promoted JPEX, including the “Coingaroo” exchange stores located in Tuen Mun Town Plaza and Lockhart Road, Causeway Bay.

Meanwhile, Coiner, a cryptocurrency OTC trading platform founded by Priscilla Ng, a purported young female social media influencer, is believed to have a connection with JPEX. The branch located on Queen’s Road East in Wan Chai was also searched by the police. At the scene, the police forcefully entered the premises, which were unoccupied at the time. Subsequently, they placed seals on the door and took photos as evidence both inside and outside the store. Additionally, in Tsim Sha Tsui, the branch was cordoned off by the mall management. The police then seized cash and other evidence from the Wan Chai and Tsim Sha Tsui branches.

Coiner, founded by Priscilla Ng, a post-90s female investor, currently operates four branches in Wan Chai (Queen’s Road East), Tsim Sha Tsui (The One), Kwun Tong (Shing Yip Street), and Malaysia. Priscilla Ng has been interviewed by various media outlets, although some reports have been taken down. In interviews, she mentioned that after graduating, she worked at a marketing company and had no knowledge of investment. However, she later ventured into cryptocurrency investment with friends and started studying the market, ultimately entering the investment industry. In a previous interview last year, she mentioned not owning any property and living alone in Imperial Cullinan in West Kowloon, while also owning a Lamborghini and a Porsche. She is active on the social media platform Instagram, where she frequently uploads numerous photos flaunting her body and currently has over 57,500 followers.