JPEX, a crypto exchange, has proposed a plan to transition the platform into a decentralized autonomous organization (DAO) and convert user assets to dividend shares with an incentive to lock them up for two years. The voting for the plan was completed on Sept. 28, with 68% of users voting in favor. The scheme involves allowing users to convert their frozen assets to DAO Stakeholder dividends at a 1:1 ratio, with JPEX offering a repurchase option at 30% of the conversion price after a year and a 100% repurchase after two years.Users who agree to the scheme will receive dividends from JPEX through new token listing and trading fees and would receive a distribution of JPEX Coin (JPC) — the exchange’s native token — in proportion to shareholder dividends. This appears to be an incentive for users to keep their funds on the exchange, which has been experiencing liquidity issues.However, one user claims her assets were converted without her agreement or prior knowledge. She and other users found they could no longer withdraw their assets following JPEX’s announcement to proceed with the plan. The Hong Kong police and the city’s Securities and Futures Commission have formed a joint task force to crack down on illegal crypto exchange activities.It is not known if the people quoted in the report voted in favor of the plan but some JPEX users previously told the South China Morning Post they’d been forced to accept the plan as there was no option to vote against it on its app. JPEX did not immediately respond to Cointelegraph’s request for comment.JPEX’s dividend plan comes amid Hong Kong police arresting multiple people in connection with the exchange as it’s accused of operating an unauthorized crypto platform by the region’s securities watchdog. Hong Kong police say the Dubai-based exchange defrauded at least 2,300 people of $178 million (1.4 billion Hong Kong dollars). Earlier on Oct. 4, the region’s police and securities regulator launched a crypto-focused task force aiming to combat illicit activities by crypto exchanges.JPEX, a crypto exchange, has proposed a plan to transition the platform into a decentralized autonomous organization (DAO) and convert user assets to dividend shares with an incentive to lock them up for two years. The voting for the plan was completed on Sept. 28, with 68% of users voting in favor. However, one user claims her assets were converted without her agreement or prior knowledge. It is not known if the people quoted in the report voted in favor of the plan but some JPEX users previously told the South China Morning Post they’d been forced to accept the plan as there was no option to vote against it on its app.The scheme involves allowing users to convert their frozen assets to DAO Stakeholder dividends at a 1:1 ratio, with JPEX offering a repurchase option at 30% of the conversion price after a year and a 100% repurchase after two years. Users who agree to the scheme will receive dividends from JPEX through new token listing and trading fees and would receive a distribution of JPEX Coin (JPC) — the exchange’s native token — in proportion to shareholder dividends.The Hong Kong police and the city’s Securities and Futures Commission have formed a joint task force to crack down on illegal crypto exchange activities. Hong Kong police say the Dubai-based exchange defrauded at least 2,300 people of $178 million (1.4 billion Hong Kong dollars). Earlier on Oct. 4, the region’s police and securities regulator launched a crypto-focused task force aiming to combat illicit activities by crypto exchanges. JPEX did not immediately respond to Cointelegraph’s request for comment. JPEX, a crypto exchange, has proposed a plan to transition the platform into a decentralized autonomous organization (DAO) and convert user assets to dividend shares with an incentive to lock them up for two years. The voting for the plan was completed on Sept. 28, with 68% of users voting in favor. However, one user claims her assets were converted without her agreement or prior knowledge and other users found they could no longer withdraw their assets following JPEX’s announcement to proceed with the plan.The scheme involves allowing users to convert their frozen assets to DAO Stakeholder dividends at a 1:1 ratio, with JPEX offering a repurchase option at 30% of the conversion price after a year and a 100% repurchase after two years. Users who agree to the scheme will receive dividends from JPEX through new token listing and trading fees and would receive a distribution of JPEX Coin (JPC) — the exchange’s native token — in proportion to shareholder dividends.The Hong Kong police and the city’s Securities and Futures Commission have formed a joint task force to crack down on illegal crypto exchange activities. Hong Kong police say the Dubai-based exchange defrauded at least 2,300 people of $178 million (1.4 billion Hong Kong dollars). Earlier on Oct. 4, the region’s police and securities regulator launched a crypto-focused task force aiming to combat illicit activities by crypto exchanges. It is not known if the people quoted in the report voted in favor of the plan but some JPEX users previously told the South China Morning Post they’d been forced to accept the plan as there was no option to vote against it on its app. JPEX did not immediately respond to Cointelegraph’s request for comment.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | 🇭🇰 |
| Sentiment | negative |
| Relevance Score | 8 |
| People | None |
| Companies | Securities and Futures Commission, JPEX, Hong Kong Police, Binance, South China Morning Post |
| Currencies | Ethereum, COIN, Hong Kong Dollar, Bitcoin, Tether |
| Securities | None |
