Hong Kong authorities are taking a hard stance against suspected fraud at cryptocurrency exchange JPEX, with 16 individuals facing charges and losses exceeding HK$1.6 billion [source: HK Police]. This landmark case marks a significant step in Hong Kong’s regulatory crackdown on digital assets following the implementation of new AML regulations. The investigation has led to public bail for some defendants and strict measures as the legal process unfolds. 16 individuals have been accused of fraud and money laundering, setting a precedent for future enforcement actions. The case’s impact is significant, with market confidence significantly shaken among retail investors in Hong Kong. As investigations continue, officials have indicated that more arrests may follow.