Authorities supervision is required to guard traders and crack down on unlicensed platforms, Lee mentioned in accordance with the report. The Hounax case follows the same one involving crypto alternate JPEX, which led to the arrest of six folks in September after greater than a thousand complaints involving a complete of $128 million had been filed. The Securities and Futures Fee (SFC) mentioned JPEX was additionally working with out a license, prompting Lee to name for stronger licensing legal guidelines on the time.
