Crypto Exchange JPEX will no Longer do Business in Australia

That is correct. JPEX, a Hong Kong-based crypto exchange, has applied for deregistration in Australia. 

The company has not disclosed the reasons for its exit from the Australian market, but it has been facing regulatory scrutiny in recent months.

JPEX was never licensed to operate in Australia, but it was able to offer its services to Australian customers through a loophole in the country's financial regulations. 

In March 2023, the Australian Securities and Investments Commission (ASIC) issued a warning to JPEX, telling the company to stop operating in Australia or risk legal action.

JPEX's decision to exit the Australian market comes at a time when the country is considering stricter regulations for the crypto industry. 

In August 2023, the Australian government released a consultation paper proposing a new licensing regime for crypto exchanges. 

The new regime would require exchanges to meet certain standards of financial stability and governance.

It is unclear what impact JPEX's exit from the Australian market will have on its customers. 

The company has said that it will continue to provide support to its Australian customers until they have been able to withdraw their funds.

JPEX's exit from Australia is a reminder of the risks involved in investing in cryptocurrencies. 

Crypto exchanges are often unregulated and can be vulnerable to fraud and hacking. 

Investors should carefully research any crypto exchange before they deposit any funds.


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