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Hong Kong’s Police and SFC Form Crypto Exchange Monitoring Task Force

In the wake of the JPEX incident, the Hong Kong police and the city’s primary securities regulator are coordinating their efforts to keep tabs on suspicious trading.

A new crypto task force has been established, and its members come from the Hong Kong Police Force (HKPF) and the Securities and Futures Commission (SFC). The creation of the task team follows immediately on the heels of the theft of $200 million from the Mixin Network as well as the continuing issue involving JPEX. The goal of the task force is to combat illegal cryptocurrency exchanges that are taking place inside the area. In addition to this, it intends to improve the supervision of Virtual Asset Trading Platforms, often known as VATPs.

According to a statement that was released by the SFC the day before yesterday, the task force was constituted as a result of a high-level meeting that took place on September 28 between the two agencies. The primary objective of this initiative is to improve their coordination in order to better monitor potentially fraudulent and illegal activities taking place on Virtual Asset Trading Platforms (VATPs).

, “The implementation of the new platform between the Police and the SFC is instrumental to fast-tracking of vital intelligence exchange and joint collaboration in responses to the challenges arising from VATPs, so as to better protect the general public of Hong Kong.

Assistant Commissioner of Police (Crime), Eve Chung stated

Investors have been left unsettled as a result of the collapse of JPEX, particularly when authorities froze assets worth up to $300 million. The SFC asserts that the platform was advertising its services without having the appropriate authorization. Recently, 11 persons who were connected to the transaction were held for questioning. Joseph Lam Chok, a person of influence, was one among the persons that was detained.

Members of the Commercial Crime, Cyber Security Financial Intelligence, and Investigations departments of the police force are included on the task force, along with officials from the Enforcement and Intermediaries divisions of the Securities and Futures Commission. The purpose of the working group is, according to its mission statement, to coordinate and integrate the actions of their respective authorities in connected investigations; to share information on suspicious and unlawful exchange activities; to establish a methodology to evaluate the risk of suspicious exchanges.

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