The JPEX saga continues with the latest development of 18 suspects being arrested in Hong Kong and Macau in connection with the crypto exchange case. A total of $2.8 million has been seized in both cash and gold.Charges have been filed against two individuals in Hong Kong for allegedly using Macau casinos to launder illicit funds, resulting in the seizure of casino assets and $1.7 million in cash. Two more individuals were arrested, with one of them caught attempting to destroy evidence.The Hong Kong Police Force is still searching for additional suspects linked to fraud and money laundering charges. The saga began when Hong Kong’s financial regulator warned JPEX for allegedly promoting its services without proper licenses. JPEX then substantially increased its withdrawal fees to nearly $1,000.JPEX then suddenly wound down operations overnight due to a liquidity crisis and accused its partners in Hong Kong of acting unfairly and maliciously. Several arrests were made by the police in the city-state for alleged money laundering after receiving more than 2,300 complaints from victims and losses of nearly $178 million.The Securities and Futures Commission (SFC) has also warned investors about another unlicensed virtual asset trading platform called FUBT Exchange. The platform was included in the SFC’s roster of suspicious virtual asset trading platforms and reports from mainland Chinese media revealed a platform bearing the same name had collapsed in May 2020.

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Information	Details
Geography	Asia
Countries	🇭🇰 🇸🇬 🇨🇳
Sentiment	negative
Relevance Score	8
People	two popular influencers, two individuals, Token 2049, Securities and Futures Commission, Hong Kong Police Force
Companies	Binance, FUBT Exchange, Securities and Futures Commission (SFC), JPEX, Hong Kong Police Force
Currencies	Bitcoin, Ethereum, macau pataca, Hong Kong Dollar, JPEX Coin
Securities	None