JPEX Hearing Pushed to Next Year as Hong Kong Faces Crypto Regulation Reckoning

Hong Kong Prosecutors have asked for more time to organize the sprawling evidence collected during the two-year investigation.The case will be adjourned until March 16, 2026, where the group of influencers accused of promoting JPEX and acting as the public face of its over-the-counter cryptocurrency trading shops will fight for their case.香港法院将涉案金额达 2.06 亿美元的 JPEX 欺诈案延期至 3 月审理据 Decrypt，在香港 JPEX 诈骗案中，检方获准将案件押后至明年审理，以便在周一于该市东区裁判法院举行的聆讯中整理案件卷宗。下一场聆讯将于 3 月 16 日举行，被指控宣传 JPEX 并充当其场外加密货币交易门店 “门面” 的一众社交媒体网红将出庭受审。… pic.twitter.com/kbCLGMCCMB— PANews (@PANews) December 17, 2025The defendants face serious charges including conspiracy to defraud, fraudulent inducement of investment in virtual assets, and handling proceeds of crime.Seven of the eight defendants were released on bail under existing conditions. Those charged include former lawyer and influencer Joseph Lam, YouTuber Chan Wing-yee, former TVB actor Cheng Chun-hei, and fitness instructor Chiu King-yin. Cheng is the only defendant who have not applied for bail and remains in custody pending the next hearing.JPEX collapsed in September 2023, after the exchange caught the attention of the Securities and Futures Commission (SFC) who accused the exchange of operating without a license and making misleading claims.Users reported frozen withdrawals, and investigators say the fallout affected over 2,700 victims, resulting in combined losses exceeding HK$1.6 billion. In addition to Hong Kong, JPEX has also promoted its services and had victims in the Philippines and Taiwan. Authorities charged 16 suspects on November 5, 2025, including six alleged core members of the JPEX network, as part of a broader crackdown on crypto over-the-counter (OTC) shops linked to the platform. To date, more than 80 people have been arrested in connection with the investigation.The JPEX case had deeper implications on Hong Kong's crypto landscape. Following the exchange collapse, the SFC strengthened its oversight of crypto licensing and boosted education about virtual assets risks. Dampened publci BREAKING:🚨🚨Hong Kong Passes Law to Regulate Stablecoins, Introduces Licensing for Issuers.Country FOMO Begins 🫡🫡 #XRPpic.twitter.com/F5wt7hyoiL— Xaif Crypto🇮🇳|🇺🇸 (@Xaif_Crypto) May 22, 2025The scandal has also dampened public sentiment toward cryptocurrencies at a time when the government was trying to promote the city as a hub for Web3 and digital assets.Authorities are still pursuing three ringleaders: Mok Tsun-ting (27), Cheung Chon-cheng (30), and Kwok Ho-lun (28), all Hong Kong nationals with Interpol red notices. Kwok, reportedly linked to JPEX’s Australian operations, remains unaccounted for.👮♂️🚨 Interpol émet une Red Notice contre le promoteur crypto de Hong Kong “Coin Young Master”.Wong Ching-kit est recherché pour fraude et vol dans le cadre de l'enquête sur la plateforme d'exchange crypto JPEX, avec une estimation de près de 178 millions de dollars en pertes.… pic.twitter.com/RcxH4N9kVV— Génération Crypto ☁️ (@CryptoGeneOff) July 26, 2024The next hearing in March 2026 will test whether prosecutors are ready to formally indict the defendants, marking a critical step for both justice and regulatory clarity in Hong Kong’s crypto market.The JPEX scandal highlights a pivotal moment for Hong Kong’s cryptocurrency sector. While the court proceedings unfold, the case underscores the importance of stringent licensing, investor education, and careful oversight of online promotions. For regulators and investors alike, the message is clear: unchecked platforms and influencer marketing can amplify risks, but proactive regulation can help restore trust and stability in the evolving Web3 ecosystem.