Earn Program Ended Definitively
In a sudden turn of events, JPEX, a renowned crypto exchange and lending platform in Dubai, has proclaimed the end of its Earn program, effectively shutting down a significant part of its operations. The firm has pointed fingers at its Hong Kong partners and regulatory bodies for its current predicament, citing “unfair and malicious” actions.
The Earn program, once a lucrative venture offering up to 30% APY for certain cryptocurrencies, will no longer be functional. New orders have ceased while existing contracts will honor their terms till maturity. The Hong Kong regulators had previously singled out JPEX for seemingly unlawful arrangements involving virtual assets.
Withdrawals Technically Still Active – With A Twist
Though JPEX has retained its spot trading feature, withdrawals from the platform now come with a shocking 99% fee. While technically still active, the prohibitive fee has essentially paused all withdrawals, leaving users in a lurch.
The company remains optimistic, promising to revert the withdrawal fees back to standard rates once they steer through the liquidity crisis. They expressed the resolve to “navigate through these challenging times together with our users,” emphasizing a focus on user needs and expressing a commitment to recover liquidity swiftly.
JPEX Promises Comeback Amidst Blame Game
In response to the tumultuous situation, JPEX has staunchly denied any wrongdoing, instead directing blame towards their partners in Hong Kong and local regulatory bodies for their ongoing turmoil. They argue that the partners acted maliciously by freezing liquidity following warnings from the Securities and Futures Commission (SFC) of Hong Kong.
JPEX harbors aspirations for a resurgence, seeking user feedback to facilitate this process. The timeline for such a recovery remains uncertain, fostering a milieu of skepticism and apprehension among its user base.
As JPEX winds down, the cryptosphere watches closely, pondering the next moves of the Dubai-based platform amidst a crisis laden with accusations and regulatory scrutiny. Will JPEX rise again? Only time will tell.
