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‘Like talking to itself’: Hong Kong watchdog under fire over speed in JPEX scandal

Hong KongLaw and Crime

Hong Kong JPEX scandal: securities watchdog under fire, as top government adviser slams earlier warnings as ‘talking to itself’

Lawmaker and Exco member Jeffrey Lam says SFC wording ‘is so esoteric that many people don’t understand them’Before naming trading platform and alerting police in September, regulator issued nine earlier warnings but did not single out JPEXCrime in Hong KongKahon ChanPublished: 2:17pm, 23 Sep, 2023Why you can trust SCMP

A top government adviser on Saturday hit out at Hong Kong’s securities watchdog amid a growing cryptocurrency scandal, saying forewarnings by the regulator had been out of touch with the public and muted by an aggressive publicity drive by the trading platform in question.

Lawmakers also called on the Securities and Futures Commission (SFC) and law enforcement agencies to act swiftly in the JPEX fallout to reassure investors of Hong Kong’s potential to become a virtual asset trading hub.

The SFC is facing mounting questions after it only named JPEX in a warning on September 13 for “suspicious features” and referred the platform to police the next day for “suspected fraud”, following numerous earlier alerts that did not single out the company.

Who are the suspects arrested so far in Hong Kong’s ballooning JPEX scandal?

Legislator Jeffrey Lam Kin-fung, who also sits on the government’s key decision-making body the Executive Council, on Saturday lamented that the SFC had lost touch with the public in its communication.

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