Odaily News At the briefing on the JPEX case, Huang Lexin, head of the financial technology group of the Hong Kong Securities and Futures Commission, said that due to the original regulatory framework, the Securities and Futures Commission did not have the authority to regulate virtual asset trading platforms. The agency had listed JPEX as unlicensed in July 2022. Companies and suspicious websites are alerted to the public. Since the new compulsory regulatory system came into effect in June this year, all platforms that have no intention of applying for a virtual asset trading platform license need to wind down their Hong Kong operations in an orderly manner. However, JPEX neither applied for a license nor ended it in an orderly manner. It did not name anyone on August 7. The public was reminded to be aware of the risks of unlicensed virtual asset trading platforms, but JPEX intensified its efforts, issuing a warning by name on September 13 and requiring KOLs and exchange shops to stop promoting JPEX. Huang Lexin said that if the list of virtual asset trading platforms that are applying is made public, this may lead to the mistaken belief that these platforms will be subject to supervision, and the arrangement of only publishing virtual asset trading platforms that have obtained licenses will be maintained. Huang Lexin refused to disclose how many virtual asset trading (VATP) platform license applications it has received so far, and over-the-counter exchange shops are not regulated by the China Securities Regulatory Commission under the current system. According to Senior Superintendent Kong Hing-hsun of the Commercial Crime Investigation Bureau of the Hong Kong Police, among those who have reported the case, the investor with the largest amount of money involved amounted to NT$40 million. She continued to point out that JPEX’s propaganda attracts users with the slogan “make money every day, nothing to lose”, and its luxurious lifestyle and RVs make the public believe that the investment is considerable. (Hong Kong Economic Daily)