JPEX blames partners for ‘maliciously’ freezing funds, causing liquidity crisis
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.