JPEX Executives Detained Amid Fraud Investigations
Taiwan’s judicial authorities have apprehended top figures from the JPEX cryptocurrency exchange entangled in legal turmoil. The Taipei District Prosecutors Office took Chang Tung-Ying, the chief partner, and Shi Yu, an educator linked with JPEX, into custody as they face allegations of breaching banking and stringent anti-money laundering regulations.
JPEX Investigation Intensifies
The probe escalated with authorities raiding nine sites and interrogating four individuals. However, two surnamed Liu and Niu secured their release, the former on bail and the latter post-interrogation. Significantly, Coingape pinpointed the beginning of JPEX’s troubles to June when it initiated investment solicitations for crypto products.
Amid the ongoing investigation, Nine Chen, a popular Taiwanese singer previously associated as the brand ambassador for JPEX, has been brought in to testify. Conversely, Chen might transition from a witness to a defendant, depending on how the case develops.
This shift in Chen’s legal status would hinge on the determination of his involvement. Meanwhile, the repercussions of JPEX’s activities have led to more than ten individuals claiming damages, prompting them to pursue legal action against the exchange.
Moreover, the island nation has mandated that virtual asset service providers align with anti-money laundering laws since mid-2021. Despite this, JPEX appears not to have registered for such compliance with the Financial Supervisory Commission.
Previous Troubles in Hong Kong
JPEX’s woes are not confined to Taiwan since Hong Kong authorities dismantled the exchange’s operations there in September. They apprehended 11 suspects and disabled JPEX’s digital access points. In defense, JPEX contested the Hong Kong Securities and Futures Commission’s charges, deeming them premature and unsubstantiated.
As the investigation unfolds, the crypto community watches with keen interest. The rigorous action by Taiwanese authorities underscores the country’s commitment to enforcing financial and regulatory compliance, setting a precedent in the digital currency landscape.
Read Also: Taiwan to Disclose Crypto Regulations By End of September
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