Cryptocurrency exchange JPEX has reportedly implemented a substantial increase in withdrawal fees, with some reports suggesting fees as high as 999 USDT (Tether). Simultaneously, the exchange's staff went missing from their booth at the Token 2049 event held in Singapore. This development follows a warning issued by Hong Kong's Securities and Futures Commission (SFC).
On September 13, the SFC, Hong Kong's cryptocurrency regulator, cautioned JPEX for allegedly promoting its services to the Hong Kong public without the necessary licensing or regulatory approval. Despite not being regulated, JPEX presented itself as a licensed and accredited platform on its website, according to the SFC.
In response to the SFC's warning, reports began circulating online indicating that JPEX had significantly increased its withdrawal fees, possibly as a measure to deter users from withdrawing their funds from the exchange.
Furthermore, reports from attendees of the Token 2049 event in Singapore suggested that JPEX's booth had been deserted after the warning from Hong Kong's regulator. Some members of the crypto community criticized the event organizers for allowing exchanges to present themselves as sponsors of Token 2049, one of the country's prominent cryptocurrency gatherings.
