HONG KONG: China Evergrande Group shares slid for a second consecutive session on Tuesday (Sep 26), dropping as much as 8 per cent after a unit of the embattled property developer missed an onshore bond repayment. Evergrande’s main domestic unit, Hengda Real Estate Group, said in a Shenzhen stock exchangeContinue Reading
According to JPEX, new customers who sign up for the program may receive twice the payout.
If the funds used on the software could be linked to them, investors who joined JPEX’s fresh income program may be subject to cash laundering charges, according to technology lawyer Joshua Chu Kiu-wah.
He claimed that if these resources can be linked to people who work for JPEX or one of their agents, they may not be able to defend themselves from charges of accepting or participating in, among other things, money laundering activities.
In June, the SFC introduced a new registration process for virtual asset trading platforms, mandating that exchanges that serve retail customers submit applications for and receive authorization within an annual grace period.
It reiterated that the system had not contacted the regulator about potential authorisation on Wednesday and accused JPEX of disobeying regime rules.
A Post investigation revealed that on Tuesday, a day after Hong Kong police detained eight people in connection with the JPEX case, an Australian company registered under the name” JP – EX Crypto Asset Platform Pty Ltd” applied to regulator the Australian Securities and Investments Commission ( ASIC ) for voluntary deregistration.
The company that was registered in 2020 had assets worth less than A$ 1, 000 ( US$ 647 ), and Chen Jieyi, 32, who was born in the province of Guangdong, was the company’s current director.
The past director, a 28-year-old Hong Kong-born man by the name of Cheung Sze-ki, registered the business before handing it over to Chen in 2021.
The timing of the deregistration application, according to finance business senator Edmund Wong Chun-sek, was” not a simple accident ,” and the business may be trying to avoid accountability in part.
According to Wong,” JPEX appears to be trying to get time to transfer their funds while assuring Hong Kong investors that the program is secure so they will relax and refrain from withdrawing their money or filing charges abroad.”
He advised patients in Hong Kong who wanted to sue the business to work quickly and get in touch with attorneys or accountants in Australia.
Because businesses must declare they are not involved in litigation or in arrears when they apply, he said,” this may make it difficult for the business to deregister.”
This also informs the American government that a number of patients are filing complaints in an effort to delay the process.
According to Wong, the process of deregistering a corporation typically took six to nine months.
The government may have established regulatory systems for the crypto industry two to three years back when it started expanding in the city, according to Emil Chan Ka – ho, co-chairman of the Hong Kong Digital Finance Association.
Chan urged regulators to take action to stop the 100 unregulated crypto systems in the area from making false claims because there are still nine months left for trading platforms to apply for a license during the one-year grace period.
As this is a hole, he said,” Government should make it known to the public which companies are in the method of submitting an application for license during the grace time.”
The first version of this article appeared on & nbsp, SCMP.
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