22nd September 2023 – (Hong Kong) In a recent development, the law enforcement authorities have raised concerns about the virtual asset trading platform called “JPEX,” suspecting it to be involved in illegal operations. As of now, a total of 11 individuals have been arrested on charges of “conspiracy to commit fraud.” It has come to light that the law enforcement agencies have already contacted telecommunication companies, urging them to block user access to the JPEX website. Reports suggest that some telecommunication companies have already responded to this directive.
In a statement issued today (22nd), the law enforcement authorities explained that the Office of the Communications Authority (“OFCA”) is empowered to issue codes of practice to licensed entities for safeguarding and promoting the interests of consumers in telecommunications products and services. Licensed entities are required to prevent the transmission or delivery of telecommunication messages or temporarily suspend services that are being exploited for fraudulent purposes.
Based on the findings of the investigation, the law enforcement authorities have reasonable grounds to believe that the virtual asset trading platform known as “JPEX” is a fraudulent scheme. In light of this, the law enforcement agencies have notified telecommunication license holders through OFCA to scrutinise the website in question based on the aforementioned legal provisions. The licence holders are obligated to prevent the transmission or delivery of messages being exploited for fraudulent purposes or suspend services being used for fraudulent activities. This measure aims to prevent anyone from falling into the scam and suffering financial losses.