roubled Hong Kong cryptocurrency exchange, JPEX, has initiated the process for deregistration in Australia, as revealed in a recent filing.
Jieyi Chen, serving as the director of JP-EX Crypto Asset Platform PTY LTD (commonly known as JPEX), formally submitted an application for deregistration to the Australian Securities and Investment Commission. This development, dated September 20th, has significant implications for the exchange’s operations and status.
According to the submitted filing, JPEX has advanced several justifications for their decision to deregister. Firstly, the exchange asserts that all of its members are in unanimous agreement regarding this course of action. Furthermore, JPEX maintains that it has ceased all business operations in the Australian market, indicating a suspension of trading activities.
In addition to this, JPEX states that its current assets fall below the threshold of $1,000 Australian dollars, underlining the financial distress it faces. Simultaneously, the exchange declares that it holds no outstanding liabilities, suggesting an attempt to streamline the deregistration process.
JPEX’s application for deregistration signifies yet another setback in the turbulent world of cryptocurrency exchanges. As regulatory pressures and operational challenges continue to mount, the fate of JPEX in both Hong Kong and other global jurisdictions remains uncertain. This development underscores the need for a robust regulatory framework to govern the cryptocurrency industry, as exchanges grapple with an evolving landscape.
