No new Earn orders amid HK investigation: JPEX

JPEX said third-party vendors are limiting their liquidity.

Virtual asset trading platform, JPEX, said it will delist all transactions on its earn trading interface on 18 September 2023 at midnight.

During this time, JPEX noted, its users cannot place any new Earn orders and Existing ongoing Earn orders will continue until the product’s end date to receive a reward.

The recent development came after Hong Kong ordered an investigation on JPEX as the government warned the public that the platform had no operating licence.  

JPEX, in a statement, explained that its partnered third-party market makers have maliciously frozen funds.

“They demanded more information from the platform for negotiation, restricting our liquidity and significantly increasing our daily operating costs, leading to operational difficulties,” said JPEX.

To protect users’ interests, JPEX said it is negotiating with these third-party market makers to resolve the liquidity shortage as soon as possible. 

“To avoid negatively impacting the negotiation outcomes, the details will be announced after the negotiations are concluded,” it added.

The platform also promises to recover liquidity from third-party market makers as soon as possible and gradually adjust the withdrawal fees back to normal levels.

It also said it would publicly collect users’ suggestions discuss proposals with its dedicated team and select reasonable plans for user referendum.