JPEX Considers Relaunching as a DAO Amid Investigation

JPEX, a crypto exchange based in Hong Kong, has reportedly postponed its trading operations. In addition to this, the authorities have arrested a person associated with it. This took place after a probe claiming that the firm had been running without registration. The company has recently said that it has a strategy to restructure itself in the form of a Decentralized Autonomous Organization (DAO).

JPEX Crypto Exchange Discloses a Strategy to Restructure in the Form of a DAO After Investigation

It added that the firm is making endeavours to gradually adjust its withdrawal charges to normal spots. The Hong Kong Securities and Futures Commission (SFC) is responsible for starting a probe into the company. The agency also asserted that it has obtained several complaints concerning the platform.

Hence, JPEX revealed the delisting of the firm’s transfers on the Earn Trading interface that belongs to it.  On Monday, the exchange shared a blog post, criticizing the relevant platforms’ unfair treatment in Hong Kong toward JPEX. As per it, its 3rd-party market makers eventually froze funds maliciously. It added that they required additional information from the company.

The Company Persuades the Community Members to Make Suitable Suggestions

Hence, they have restricted its liquidity to a great extent and increased its daily operating charges. This, according to the company, led to several operational difficulties. Keeping all this in view, it has a strategy to restructure at the current stage for a clear operational direction. In this respect, it persuaded the public to provide suggestions and proposals.

Also Read: Central Bank of Hong Kong Alerts New Crypto Firms

The crypto exchange moved on to say that it would announce the referendum’s particular implementation on the next day. The reports have pointed out that, in Taiwan, the Taipei office of JPEX is empty at present. Thus, the authorities have raised questions for the influencers that the platform hired.