JPEX, the Hong Kong crypto exchange that's become the target of a police investigation, has come up with a new idea for getting itself out of trouble - it's now a DAO.
JPEXDAO Stakeholder dividends can be claimed for two years on a blog post published yesterday.
JPEX is a popular brand outside Hong Kong, known for its advertising campaign, which was followed by a campaign that paraded advertisements across public transport.
Hong Kong authorities have accused JPEX of falsely operating without a licence. More than 2,400 complaints have been received about the platform, which is expected to result in losses of around HK$1.43 billion, or about $182 million.
In addition, police are searching for the names of the company's leaders.
The exchange's post made no mention of the investigation, or the 20 arrests that authorities have made of employees and influencers connected with the platform.
But the post did allude to current challenges and its solution.
The ECB said decision-making in the form of referendums was not a decision made by the government.
However, it defines itself means little to the authorities. Chris Tang, Hong Kong's secretary of security, has said he will hunt down the people running it even if they're overseas.
However, little is known about the platform's popularity, the extent of its popularity, or even who owns it. Four arrests, two of which happened in Hong Kong and two in Macau, were of people'relatively close to the core' of operations.
One was discovered trying to dispose of documents using a shredder and a bathtub full of bleach.
Crypto exchanges in Hong Kong are being scrutinised more closely by authorities, while Bitcoin exchanges are being regulated more closely by the government.
The Hong Kong Police Force and the Securities and Future Commission have formed a task force to share information and investigate suspicious virtual asset platforms operating in the city, the SFC said in a statement.
Hong Kong will be faced with a significant set of challenges as it faces a new regulatory regime for crypto exchanges as it is transitioned to a new regulatory regime. The case has made front-page news in the city, and CEO John Lee has called for greater education for the public using these platforms.
The SEC walked back its stance on listing lists of those who had applied for licences on September 25 after pressure to be more transparent.
It also said it will create a list of platforms that have been closed down and a public awareness campaign on the risks of cryptocurrency investing.