PANews reported on November 9th that, according to Hong Kong media outlet Wen Wei Po, Hong Kong police have prosecuted 16 people in connection with the JPEX cryptocurrency exchange case involving suspected fraud. The first case, involving eight defendants, has been adjourned to the High Court for trial until December 15th. Some defendants have been granted bail. Hong Kong's Secretary for Financial Services and the Treasury, Christopher Hui, stated that the JPEX case will prompt consideration of regulatory updates, with a proposed optimization of regulations in four areas: trading, stablecoins, custody, and digital asset dealers.

Previous reports indicated that Hong Kong police have charged 16 people in connection with the JPEX case, including core members such as Lam Tsz-chu and key opinion leaders (KOLs), while the mastermind remains at large.