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Authorities supervision is required to guard traders and crack down on unlicensed platforms, Lee stated in keeping with the report. The Hounax case follows an identical one involving crypto trade JPEX, which led to the arrest of six individuals in September after greater than a thousand complaints involving a complete of $128 million had been filed. The Securities and Futures Fee (SFC) stated JPEX was additionally working with no license, prompting Lee to name for stronger licensing legal guidelines on the time.
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