ChainCatcher news, according to Sing Tao Daily, the virtual asset trading platform JPEX has recently been named by the Securities and Futures Commission as operating without a license. The police have so far arrested at least 11 people. Zhang Zhilin arrived at the Hong Kong Police Headquarters this morning to assist in the investigation and left in the afternoon.JPEX had invited celebrities or influencers such as Zhang Zhilin, Lin Zuo, and Zhuang Simin to promote their platform, describing Zhang Zhilin as the "Brand Ambassador for the Hong Kong region."Earlier, Zhang Zhilin stated through a public relations company that he only recently noticed his likeness being used by JPEX. He mentioned that he had received an invitation to shoot an advertisement, during which JPEX claimed to be registered overseas and provided relevant proof. Therefore, they arranged for the shoot in March 2022. However, in May of the same year, after learning that JPEX was under the regulation of the Securities and Futures Commission, he had formally notified JPEX in writing that if they could not obtain a license, they could not use his likeness for promotion, and thus he would reserve the right to pursue legal action.

ChainCatcher message, regarding the report that Zhang Zhilin once endorsed JPEX, Zhang Zhilin's agent responded that they only recently noticed Zhang Zhilin's likeness being used by JPEX and felt quite helpless. Zhang Zhilin had previously received an invitation to shoot an advertisement, at which time JPEX claimed to be registered overseas and provided proof. Therefore, they arranged for the shoot in March last year. However, in May last year, they learned that JPEX "had been regulated by the Securities and Futures Commission" and had formally notified JPEX that they could not use Zhang's likeness for any advertising promotion before obtaining a license in Hong Kong. They stated that they would reserve the right to pursue JPEX.

ChainCatcher news, according to Hong Kong media am730 reports, the Hong Kong police have confirmed to the media that they have received a notification from the Securities and Futures Commission (SFC), and the Commercial Crime Bureau is following up and investigating whether the case of the cryptocurrency exchange JPEX involves criminal elements. The media also stated that some users have reported online that JPEX has restricted the withdrawal limit to a maximum of 1000 USDT stablecoins, and the withdrawal fee has been changed to 999 USDT, meaning retail investors can only withdraw a maximum of 1 US dollar. There are KOL influencers publicly displaying photos of successfully withdrawn amounts, and according to the photos, the influencer successfully withdrew 1 US dollar. However, JPEX issued an announcement last night adjusting the USDT withdrawal fee. Additionally, according to online writer "Qian Song C," at a cryptocurrency summit in Singapore, JPEX, as one of the platinum sponsors, did not have any staff working today.Furthermore, JPEX had previously advertised extensively in Hong Kong through television, outdoor advertising spaces, and bus stop light boxes, and announced that Zhang Zhilin would serve as the brand ambassador. JPEX is not only promoting in Hong Kong; earlier, Taiwanese singer Chen Lingjiu, who collaborated with MIRROR members, served as a spokesperson; and Lin Zuo, who transitioned from the insurance industry to the cryptocurrency industry, promoted "applying to become a JPEX partner" on social media in July, and later promoted JPEX in a seminar. After the Hong Kong SFC requested influencers to stop promoting the platform, Lin Zuo also stated on social media, "I have not violated any regulatory requirements and respect the SFC's request." Another artist, Zhuang Simin, was also reported to have filmed a YouTube video introducing JPEX in July, claiming to receive returns of up to 16 cents. The video has since been taken down, but Zhuang Simin stated that the video was a promotion for a cryptocurrency exchange that has a partnership with JPEX.ChainCatcher previously reported that the Hong Kong SFC clarified that no entities under the JPEX group have been licensed by the SFC, and they have not applied to the SFC for a license to operate a virtual asset trading platform in Hong Kong.