JPEX blames partners for ‘maliciously’ freezing funds, causing liquidity crisis
Cointelegraph
18 Sep 2023 1:26 AM
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 is facing a liquidity crisis, which has led to increased withdrawal fees and the suspension of certain operations.
- JPEX blames "unfair treatment" from institutions in Hong Kong and negative news for causing its third-party market makers to freeze funds.
- As a result, JPEX has delisted its Earn product and announced the use of a decentralized autonomous organization (DAO) to gather user suggestions for restructuring.
- The platform is allegedly charging a high withdrawal fee of 999 Tether (USDT) for withdrawals up to a maximum of 1,000 USDT.
- JPEX promises to recover liquidity and gradually adjust withdrawal fees back to normal levels after negotiations with third-party market makers.
The article portrays a negative sentiment towards JPEX due to the liquidity crisis, increased withdrawal fees, and suspension of operations. There are also allegations of unfair treatment and negative news impacting the platform.
You May Ask
What has JPEX blamed for the liquidity crisis and the freezing of funds by third-party market makers?What actions has JPEX taken in response to the liquidity crisis?What is the current withdrawal fee being charged by JPEX, and what is the maximum amount for withdrawals?How does JPEX plan to recover liquidity and adjust withdrawal fees back to normal levels?What warning did the Hong Kong Securities and Futures Commission (SFC) issue against JPEX, and what suspicious features did they observe?