6 arrested in Hong Kong probe of JPEX crypto exchange

It is the largest case since the Chinese finance hub in June rolled out new rules that will eventually require all crypto exchanges in the city to acquire licenses and be subject to investor protections.

Last week, the city's Securities and Futures Commission (SFC) warned that JPEX was advertising itself as a "licensed and recognized platform" while it was unlicensed, boasting of very high returns on its products, and offering crypto deposit and earning services which were not allowed under the new rules.