Four Additional Arrests Made in JPEX Crypto Exchange Investigation, Reports SCMP

In a significant turn of events, authorities in both Hong Kong and Macau have taken decisive action in response to the JPEX crypto exchange scandal, resulting in the detention of 18 individuals.

Recent reports from the South China Morning Post reveal that law enforcement agencies in these regions have apprehended an additional four individuals linked to the ongoing investigation surrounding the JPEX crypto exchange.

These latest arrests target individuals whom law enforcement authorities allege have played a significant role at the center of this scandal. With this recent development, the total number of detentions now stands at 18. The report also indicates that concerted efforts are underway to locate several other fugitives. Notably, one suspect was reportedly caught in the act of attempting to dispose of documents using paper shredders and bleach in a bathtub within an apartment.

In the wake of allegations made by the Securities and Future Commission of Hong Kong just a few weeks ago, funds on the JPEX platform were promptly frozen. The exchange faced accusations of conducting operations without the necessary license. Responding to this ongoing case, the regulator has expressed its intention to publicly disclose details regarding license applicants.

Hong Kong's leader, John Lee, has underscored the critical importance of implementing robust crypto licensing regulations in the aftermath of this incident. However, the exchange has voiced its objections, contending that it has been subjected to what it perceives as "unjust" treatment. There are growing concerns that this situation could potentially jeopardize the territory's ambitions to establish itself as a prominent crypto hub.

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