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Partners are to fault for’maliciously’ freezing funds, according to JPEX, which is what led to the liquidity problem.

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Dubai-based cryptocurrency exchange JPEX has cast blame on both regulatory bodies and “third-party market makers” for a liquidity crisis that has compelled the platform to increase withdrawal fees and suspend specific operations. In a blog post dated September 17th, JPEX contended that “unfair treatment” from certain Hong Kong-based institutions, coupled with adverse news, prompted their third-party market makers to “maliciously” freeze assets. “They demanded additional information from our platform during negotiations, constraining our liquidity and significantly elevating our daily operational expenses, thereby leading to operational challenges.” Attributing the liquidity crisis as the root cause, JPEX announced the “delisting” of all operations associated with its Earn product by September 18th. As a result, users will no longer be able to initiate new Earn orders, with existing orders only being sustained until the product’s scheduled termination date. As of the time of this publication, standard spot trading activity seems to be unaffected; however, allegations have arisen from JPEX users, claiming that the platform is presently imposing a 999 Tether fee for withdrawals, subject to a maximum amount of 1,000 USDT. While JPEX did not directly address the elevated withdrawal fee, they did pledge to gradually readjust these fees “back to their regular levels” once negotiations with third-party market makers conclude. “We assure you that we will swiftly restore liquidity from third-party market makers and gradually revert the withdrawal fees to their standard rates,” JPEX declared in a statement, with further details to be disclosed upon the conclusion of negotiations. In addition to discontinuing its Earn product, JPEX revealed its intention to employ a decentralized autonomous organization (DAO) to solicit user input regarding its restructuring. Cointelegraph reached out to JPEX for comments; however, as of this publication, no response had been received. On September 13th, the Hong Kong Securities and Futures Commission (FSC) issued a warning against JPEX for purportedly promoting its services to Hong Kong residents without obtaining the requisite licensing. In an official statement, the SFC pointed out the existence of a “number of suspicious features” related to JPEX’s practices, including offering exceedingly high returns and inconsistencies in its marketing approach to the Hong Kong public, despite operating without a license. An attendee of the Token 2049 conference in Singapore reported that the JPEX booth at the event had been abandoned the day following the FSC’s warning.

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