Hong Kong Tightens Scrutiny of Crypto Exchanges After JPEX Blowup
- City further facilitates efforts to detect illegal activity
- Step follows alleged $204 million fraud at JPEX exchange
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Hong Kong’s securities regulator and police force set up a task force to assist with the detection of suspicious activity at crypto exchanges, intensifying oversight of the industry after the blowup at the JPEX platform.
The working group comprised of the city’s Securities and Futures Commission and law enforcement officials will “enhance collaboration in monitoring and investigating illegal activities related to virtual-asset trading platforms,” the financial watchdog said in a statement late Wednesday.