Taiwanese Prosecutors Arrest JPEX Taiwan Workplace Head For Fraud

• Taipei District prosecutors workplace has arrested two folks related to JPEX.
• JPEX Taiwan workplace head and a lecturer have been detained based mostly on fraudulent actions. 
• One different suspect, Liu was summoned and launched on a $1,550 bail.

In response to latest studies from Taiwan’s Central Information Company, earlier as we speak, the Taipei District Prosecutors Workplace detained two people linked to the JPEX administration as a result of suspicion of fraudulent actions involving breaches of related banking and anti-money laundering legal guidelines. This consists of the top of JPEX’s Taiwan Workplace, Chang Tung-Ying, and Shi Yu, a lecturer related to JPEX. 

Moreover, the prosecutors have guided the native justice investigation bureau in the direction of 9 totally different places and subsequently summoned 4 suspects. One of many suspects, recognized by the surname Liu, was launched on bail amounting to US$1,550, about NT$50,000. In the meantime, one other particular person with the surname Niu was launched after being questioned. Stories point out that JPEX commenced selling crypto-related merchandise and soliciting investments in June.

Moreover, 9 Chen, a Taiwanese singer who had beforehand served as JPEX’s model ambassador in Taiwan, supplied testimony as a witness. Nevertheless, the native newspaper Liberty Instances reported that if his involvement within the case is confirmed, prosecutors could later summon him as a defendant in a authorized continuing.

In September, Hong Kong authorities made 11 arrests associated to an alleged fraud case involving JPEX and likewise blocked the corporate’s cellular app and web site. On the time JPEX said, 

Since September 13, 2023, the SFC has all of the sudden made a collection of accusations towards our platform’s working mannequin and promotional strategies, which we vehemently resent as they have been made with out investigation or assessment.

Ever since, Hong Kong has been vigilant of suspicious actions from crypto exchanges. In October, Hong Kong introduced a crypto-focused job drive together with the Securities and Futures Fee (SFC) and the police to observe cryptocurrency exchanges. The initiative aimed to detect suspicious actions throughout the crypto sector.