Days after receiving a warning from Hong Kong regulators, crypto exchange JPEX says its third-party market makers “maliciously” froze funds.
Dubai-based cryptocurrency exchange JPEX has slammed regulators and “third-party market makers” for a liquidity crisis that has seen the platform hike withdrawal fees and suspend certain operations.“unfair treatment” from certain institutions in Hong Kong, along with negative news — caused its third-party market makers to “maliciously” freeze funds.
“They demanded more information from the platform for negotiation, restricting our liquidity and significantly increasing our daily operating costs, leading to operational difficulties.” Blaming the liquidity crisis, JPEX announced that all operations affiliated with its Earn product would be “delisted” by Sept. 18. Users will no longer be able to place any new Earn orders and existing Earn orders will only continue until the product end date, it said.
Regular spot trading activity appears to remain functional at the time of publication, however, JPEX users are
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