HK CEO Lee Says Regulators May Get Powers to Crack Down on Unlicensed Crypto Exchanges After Hounax, JPEX

Government supervision is needed to protect investors and crack down on unlicensed platforms, Lee said according to the report. The Hounax case follows a similar one involving crypto exchange JPEX, which led to the arrest of six people in September after more than a thousand complaints involving a total of $128 million were filed. The Securities and Futures Commission (SFC) said JPEX was also operating without a license, prompting Lee to call for stronger licensing laws at the time.