JPEX, a cryptocurrency exchange in the middle of an ongoing investigation by the Hong Kong police and financial regulators, announced on Sept. 17 that it suspended some of its trading services.

Users won’t be able to place new orders on the platform’s Earn Trading service on Sept. 18. According to the company’s statement, existing Earn orders will only continue until the end date.

The move was a result of what the firm claims to be an “unfair treatment by relevant institutions in Hong Kong,” along with negative news that caused its third-party market makers to “maliciously” freeze funds.

They demanded more information from the platform for negotiation, restricting our liquidity and significantly increasing our daily operating costs, leading to operational difficulties.

Hong Kong police commissioner Raymond Siu said they received at least 83 complaints involving JPEX and virtual assets worth about HK$34 million (US$4.3 million), the South China Morning Post reported on Sept. 16. The Hong Kong Securities and Futures Commission (SFC) has also claimed that the cryptocurrency exchange has been operating in the territory without a license.

Local media in Taiwan reported on Sept. 15 that JPEX’s Taipei office was recently vacated, and the authorities have reportedly questioned Taiwanese influencers hired by the exchange.

According to multiple reports, the Hong Kong police have already arrested Hong Kong internet celebrity Lam Zuo and attorney-turned-influencer Joseph Lam Chok in connection with the JPEX probe.

One attendee who visited JPEX’s booth during the recent Token2049 conference in Singapore said on X (Twitter) that they found it abandoned on the second day.

JPEX is headquartered in Dubai, according to its website.