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Hong Kong JPEX crypto scandal is chance to ‘learn more, boost vigilance’

Hong KongLaw and Crime

Hong Kong JPEX cryptocurrency scandal is a chance for residents to ‘learn more about fintech, improve vigilance over unlicensed platforms’

Dora Li, general manager of the Investor and Financial Education Council, says public should verify licences of virtual asset trading platforms before using themShe warns investors to be weary of schemes promising ‘high return and low risk’, amid fallout from city’s largest alleged financial fraud centred on crypto platform JPEXCrime in Hong KongSammy HeungPublished: 4:11pm, 1 Oct, 2023Why you can trust SCMP

Hong Kong’s growing scandal involving cryptocurrency exchange JPEX serves as an opportunity for residents to learn more about fintech and improve their vigilance over unlicensed platforms, according to a top executive at the city’s investor education body.

Dora Li Yuen-chow, general manager of the Investor and Financial Education Council, on Sunday said it would step up its work promoting better knowledge of investments among the public, who should thoroughly research whether virtual asset trading platforms were licensed before using them.

“Investors should take this opportunity to learn more about fintech and related products as the development of virtual assets has just taken off, and there may be more of these products flooding the market,” she said in a televised interview.

Hong Kong, Macau police arrest 4 ‘relatively close to core’ of JPEX crypto scandal

Li said investors generally had strong knowledge of financial management and investments, but their “behaviour and attitude” could sometimes lead to problems.

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