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Dubai-Based JPEX Winds Down Operations, Blames Partners

Dubai-Based JPEX Winds Down Operations, Blames Partners
JPEX, a Dubai-based crypto exchange and lending platform, shuttered operations overnight due to a sudden liquidity crisis on the 17th of September.
According to a statement by the platform, the fault lies with institutions and JPEX’s partners in Hong Kong, who acted unfairly and maliciously, respectively.
Earn Program Ended Definitively
According to a spokesperson for JPEX, the platform’s Earn program – which offered APYs as high as 30% for certain cryptocurrencies – will be shut down. All new Earn orders have been disabled, and existing ones will be carried out to term.
The Earn program was singled out, among other alleged infractions, by a notice from Hong Kong regulators published last week.
“Some of the products offered by JPEX appear to be arrangements involving virtual assets such as virtual asset “deposits,” “savings” or “earnings,” which are not allowed under the SFC’s regulatory regime for VATPs (Notes 4 and 5).”
According to members of the community, the exchange’s booth at a Singaporean crypto event was abandoned shortly after the notice. The X user also noticed a striking similarity between the exchange’s logo and that of another famously defunct platform.

The Platinum sponsor, JPEX, abandoned their booth at #Token2049 on the second day. 
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