Hong Kong influencer Joseph Lam arrested in JPEX probe

18-09-2023 13:15 HKT

Barrister-turn-insurance manager Joseph Lam Chok, who is also an active social media influencer, was arrested by police on Monday in connection with cryptocurrency trading platform JPEX, after the exchange was alleged to be operating without a license.

Lam was taken to his Central office by police this morning. Officers seized evidence including a laptop and cash after a 2-hour search.

It was learned that Lam was arrested for conspiracy to defraud.

He has previously promoted JPEX and even indicated that he had applied to become a "JPEX partner."

The Securities and Futures Commission said last Wednesday (Sep 13) that JPEX is an unlicensed virtual asset trading platform and has asked influencers to stop related promotions.

Lam went to the police station last Friday (Sep 15) and said he took the initiative to submit information.

He further stated that anyone can become a partner of the “so-called platform”, despite the fact that he is not a member of JPEX.

Separately, JPEX announced yesterday (Sep 17) that "due to the unfair treatment by relevant institutions in Hong Kong towards JPEX ... and a series of negative news, our partnered third-party market makers have maliciously frozen funds."

The platform added that all transactions on its trading interface have been delisted at midnight on Monday, and users will be unable to place new orders.

It said the existing orders will be kept until the original end date of the products.

As of Friday, the police had received reports from 83 persons regarding JPEX, with the money involved amounting to HK$34 million.

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