The Hong Kong government has formed a task force to monitor and investigate illegal activities related to virtual asset trading platforms. This move follows the JPEX crypto exchange scandal last month, which resulted in multiple arrests and the platform shutting down services. It is alleged that JPEX defrauded investors out of $204 million.The task force is comprised of the city’s Securities and Futures Commission (SFC) and law enforcement officials, including representatives from the commercial crime, cybersecurity and technology crime, and financial intelligence and investigations police bureaus. It is intended to protect the public of Hong Kong and to shore up confidence in the new regulatory framework for crypto assets that was rolled out earlier this year.JPEX has continued with a controversial plan to convert users’ assets into shareholder dividends that can only be claimed in two years. The firm claims the move will raise cash flow and retain investors. Police have now arrested a 19th suspect linked to the case and impounded his Porsche.

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Information	Details
Geography	Asia
Countries	🇭🇰 🇨🇳
Sentiment	neutral
Relevance Score	8
People	Eve Chung, Vince Turcotte,
Companies	Securities and Futures Commission (SFC), JPEX, Virtual Asset Trading Platforms (VATPs), Cognitive GRC, Binance Futures
Currencies	Bitcoin, Hong Kong Dollar, jpex, Ethereum
Securities	None