20th September 2023 – (Hong Kong) The Securities and Futures Commission (SFC) has indicated that the virtual asset trading platform “JPEX” operates without a license and may be involved in fraudulent activities. Law enforcement agencies have initiated investigations and made arrests in connection with this matter. However, contradictory information has emerged on social media, showing photographs of JPEX advertisements displayed inside Hong Kong’s MTR stations. Responding to these claims, the MTR Corporation clarified late last night (19th) that the photographs in question, which depict advertisements located between Central and Hong Kong stations, were taken between March and April 2022. Another photograph captured in October 2021 at Mong Kok station also circulated. Since June 2022, the MTR network has not featured any JPEX advertisements.
The MTR Corporation emphasised that advertisements within their network have always been managed by advertising agencies commissioned by the MTR Company. According to established practices, advertising clients directly engage with the advertising agencies for matters related to advertising placement on the MTR network. Clients are also responsible for ensuring that their advertisements comply with relevant Hong Kong legislation and advertising industry guidelines in effect at the time.
The MTR Corporation stated that they understand that advertising agencies have their own application guidelines, approval processes, and mechanisms for advertising placement within the MTR network. In light of recent concerns, the MTR has reminded advertising agencies to conduct thorough inspections and strengthen monitoring. They will also engage with the advertising agencies regarding the incident and cooperate with relevant organisaations in accordance with the law. The MTR further noted that the relevant regulatory authority mentioned yesterday that JPEX has been listed as a suspicious entity since July last year. Subsequently, the authorities revised the relevant regulations to include crypto asset trading platforms under regulatory oversight, with the amendments taking effect from June 1st of this year.