Three suspects have been released on bail after being questioned in an alleged fraud case involving international cryptocurrency trading platform JPEX, the Taipei District Prosecutors’ Office said on Thursday.
The main suspect, JPEX Taiwan’s chief partner who was only identified by his surname, Chang (張), was released on NT$1.5 million (US$46,365) bail after being questioned.
Two others implicated in the case, surnamed Shih (施) and Liu (劉), were released after posting bail of NT$500,000 and NT$50,000 respectively.
Photo: Chien Li-chung, Taipei Times
Prosecutors said the three are suspected to have fraudulently promoted virtual currencies such as the JTC since June, promising high rates of return.
Shih, who is a JPEX lecturer, and Chang are also being investigated on suspicion of contravening the Banking Act (銀行法) and the Money Laundering Control Act (洗錢防制法), prosecutors said.
An investigation into the case was launched after financial authorities, including the Financial Supervisory Commission (FSC), received reports from cryptocurrency investors accusing the platform of fraud.
After the suspects were questioned on Wednesday, Taipei prosecutors filed a request to detain Chang.
The motion was turned down by the Taipei District Court, which instead barred Chang from leaving the country and directed him not to change his place of residence while the investigation is ongoing.
The FSC on Thursday said that JPEX is not a registered entity in Taiwan, as it is required to be to transact business in the country.
Securities and Futures Bureau Deputy Director Kao Ching-ping (高晶萍) told a news conference that foreign cryptocurrency firms must be registered in Taiwan to operate legally in the country, as stipulated by the Banking Act.
Foreign businesses that have not registered a branch office in Taiwan are banned from operating in the country on the parent company’s behalf, Kao said.
Those who contravene the regulations are subject to up to one year in jail, short-term detention, and/or a fine of up to NT$150,000, and shall also incur civil liabilities.
Prosecutors said that singer Nine Chen (陳零九), a former JPEX brand ambassador, is a possible defendant, due to complaints filed from people affected by the firm’s actions.
On Thursday, Chen released a statement through his agent that said he reported to local police for questioning last week, but could not divulge any other details amid an ongoing investigation.
The JPEX platform has also run into problems in other markets.
Foreign media reported that the platform has been under investigation in Hong Kong since September due to allegations of fraud after investors complained of more than US$150 million in losses.
Taiwan is to have nine extended holidays next year, led by a nine-day Lunar New Year break, the Cabinet announced yesterday. The nine-day Lunar New Year holiday next year matches the length of this year’s holiday, which featured six extended holidays. The increase in extended holidays is due to the Act on the Implementation of Commemorative and Festival Holidays (紀念日及節日實施條例), which was passed early last month with support from the opposition Chinese Nationalist Party (KMT) and Taiwan People’s Party. Under the new act, the day before Lunar New Year’s Eve is also a national holiday, and Labor Day would no longer be limited
COMMITMENTS: The company had a relatively low renewable ratio at 56 percent and did not have any goal to achieve 100 percent renewable energy, the report said Pegatron Corp ranked the lowest among five major final assembly suppliers in progressing toward Apple Inc’s commitment to be 100 percent carbon neutral by 2030, a Greenpeace East Asia report said yesterday. While Apple has set the goal of using 100 percent renewable energy across its entire business, supply chain and product lifecycle by 2030, carbon emissions from electronics manufacturing are rising globally due to increased energy consumption, it said. Given that carbon emissions from its supply chain accounted for more than half of its total emissions last year, Greenpeace East Asia evaluated the green transition performance of Apple’s five largest final
Taiwan is to extend its visa-waiver program for Philippine passport holders for another year, starting on Aug. 1, Minister of Foreign Affairs Lin Chia-lung (林佳龍) said on Friday. Lin made the announcement during a reception in Taipei marking the 127th anniversary of Philippine independence and the 50th anniversary of the establishment of the Manila Economic and Cultural Office (MECO) in Taiwan, the Ministry of Foreign Affairs said. The decision reflected Taiwan’s commitment to deepening exchanges with the Philippines, the statement cited Lin as saying, adding that it was a key partner under the New Southbound Policy launched in 2016. Lin also expressed hope
Temperatures in New Taipei City’s Sindian District (新店) climbed past 37°C yesterday, as the Central Weather Administration (CWA) issued heat alerts for 16 municipalities, warning the public of intense heat expected across Taiwan. The hottest location in Taiwan was in Sindian, where the mercury reached 37.5°C at about 2pm, according to CWA data. Taipei’s Shilin District (士林) recorded a temperature of 37.4°C at noon, Taitung County’s Jinfeng Township (金峰) at 12:50 pm logged a temperature of 37.4°C and Miaoli County’s Toufen Township (頭份) reached 36.7°C at 11:40am, the CWA said. The weather agency yesterday issued a yellow level information notice for Taipei, New
RSS