JPEX, the crypto exchange, reportedly increased its fee for withdrawal to up to 999 Tether after the company received a warning from the Securities and Futures Commission in Hong Kong. The staff of the exchange have also reportedly been missing their Token 2049 booth in Singapore.
On the 13th of September, the SFC- which is the crypto watchdog for the Asian country, went on to issue a warning against the crypto exchange for actively promoting its services to the public in the country even though it wasn’t licensed or hadn’t applied for any licenses in order to operate in the jurisdiction. According to the SFC, the company has already marketed itself on the website as a recognized and licensed platform despite being pretty unregulated.
JPEX Has Increased Its Transaction Fees To An Exorbitant Amount
According to the SFC, they have already gone ahead and notified the relevant leaders, and over-the-counter stores of their doubts and suspicions regarding the exchange, and have also asked them to cease the promotion of the services of this exchange. On the basis of the warnings put out by SFC, the reports of JPEX having increased its withdrawal fees to around 999 USDT have started being circulated online.
This move is considered to discourage the users from withdrawing funds from this particular exchange. Along with this, community members who did attend the Token 2049 event which was held in Singapore have also reported that the booth of the company had been abandoned after the Hong Kong regulator put up the warning. Some members of the community also went on to criticize the event for allowing JPEX to market itself as a sponsor of this event- which is considered to be one of the biggest crypto events in this country.