Hong Kong Authorities Charge 16 in Massive JPEX Crypto Fraud Case Worth Over $200 Million
Hong Kong authorities have filed fees towards 16 individuals, 12 males and 4 ladies, together with former barrister Joseph Lam Chok, in reference to the HK$1.6 billion (US$205.8 million) JPEX crypto fraud case.
Police first exposed the case in September 2023, making it one of many metropolis’s largest monetary fraud probes, with losses of roughly HK$1.616 billion reported by 2,636 complainants as of February.
A November 7 South China Morning Post report cited Chief Superintendent Ernest Wong Chun-yue of the industrial crime bureau saying Interpol is pursuing two ringleaders and one core member of the operation.
JPEX Crypto Fraud Leaders on Interpol’s Red Notice List
Local authorities have pressed fees towards six principal members, seven promoters, and others who allegedly conspired to lure Hong Kong residents into digital asset investments earlier than stealing and laundering their cash.
As per reviews, police have now made 80 arrests and frozen belongings totaling HK$228 million, together with HK$14.5 million in cryptocurrency, plus actual property, luxurious vehicles, financial institution funds, and money.
Security Bureau figures present 666 victims have declined to take additional motion, 659 stay unreachable, and 1,311 have given formal statements.
Senior Superintendent Fanny Kung Hing-fun famous that a number of suspects escaped earlier than arrests started, prompting police to situation Interpol purple notices for the three fugitives.
This prosecution is the primary JPEX crypto fraud occasion of fees filed underneath the Anti-Money Laundering and Counter-Terrorist Financing Ordinance
The six principal members, seven promoters, and OTC members face accusations of fraudulently or recklessly convincing others to speculate in digital belongings.
Conviction carries as much as HK$1 million in fines and 7 years in jail.
All 16 defendants now face cash laundering fees, together with Lam and promoter Chan Wing-yee, and the group will seem in Eastern Court on Thursday morning.
Moreso, Taiwanese singer Nine Chen (Chen Lingjiu) has been tied to the JPEX scandal.
Taiwan’s Bureau of Investigation claims Chen obtained 320,000 Tether tokens (roughly NT$10 million) from a Hong Kong businessman to advertise JPEX in Taiwan.
SFC Exposes False License Claims by JPEX Promoters
Notably, the Securities and Futures Commission (SFC) disclosed that JPEX-affiliated cash-for-crypto shops and social media promoters falsely claimed the platform was pursuing regulatory approval when no software existed.
Chief Executive John Lee Ka-chiu endorsed the fee’s strategy of publishing “clear and clear” particulars about crypto corporations looking for licenses and people already authorised.
Lee added that “This clear data will help buyers to make choices as to what they need to do after they contemplate investing.”
Security Chief Tang additionally introduced that authorities are actually collaborating with the fee to curb fraud like that of JPEX via enhanced schooling on protected buying and selling practices.
Commission data reveals roughly 11 platforms, together with HashKey, OSL, HKVAX, Bullish, BGE, and HKBitEx, have secured licenses for retail cryptocurrency buying and selling in Hong Kong.
Major exchanges Bybit and Crypto.com submitted applications in June 2025 and February 2024, respectively, each awaiting choices.
Hong Kong Tightens Grip on Crypto Licensing
In August, Cryptonews reported the SFC launched stringent custody necessities for digital asset platforms after world safety breaches triggered over $3 billion in crypto losses in the primary half of 2025.
The directive establishes baseline requirements for pockets programs, transaction verification, and entry protocols as regulators advance the trade towards subtle custody options via the “ASPIRe” framework.
Hong Kong’s SFC is tightening oversight of listed companies utilizing digital asset treasuries and launching an consciousness drive to warning buyers.#DATs #CryptoTreasuries https://t.co/Ug73nmQYbL
— Cryptonews.com (@cryptonews) October 30, 2025
In September, the Hong Kong Monetary Authority (HKMA) rejected social media claims that an offshore yuan-backed stablecoin had launched in the town.
The HKMA clarified that the Stablecoin Ordinance, efficient August 1, requires any entity issuing stablecoins in Hong Kong or advertising and marketing such providers to acquire regulatory authorization.
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