JPEX cryptocurrency scandal: Hong Kong MTR Corp’s advertising agency removes outdated social media post promoting trading platform amid mounting criticism

Investor and Financial Education Council also warns more young people drawn to virtual trading, urges users to ensure platforms are licensed and to do proper research

MTR spokesman and ad agency JCDecaux Transport say advert in question was put up last year, but no further promotions for JPEX have been added since

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Unlicensed cryptocurrency trading platform JPEX previously purchased adverts placed in MTR stations across the city. Photo: Handout

Published: 3:58pm, 20 Sep 2023Updated: 4:16pm, 21 Sep 2023

Corrected [2:11pm, 21 Sep, 2023]

[2:11pm, 21 Sep, 2023]
This article has been updated to indicate that the Facebook page that displayed the advertisement was run by JCDecaux Transport, not the MTR Corporation.

A Hong Kong agency that handles the MTR Corporation’s advertisements has removed an online post promoting unlicensed cryptocurrency trading platform JPEX following a Post inquiry, amid mounting criticism against the marketing policy of the rail giant.

The growing cryptocurrency scandal centred on JPEX, already the city’s largest case of its kind and totalling HK$1.3 billion (US$166 million) in assets, also prompted a government body to warn the public on Wednesday about the risks of trading digital currencies, highlighting a rising trend of young people engaged in such activities.

A Facebook post for JPEX dated February 2022 was still displayed on the social media page of advertising agency JCDecaux Transport on Saturday. The ad was later removed in the wake of a Post inquiry on the same day.

An MTR spokesman on Tuesday night said a JPEX ad that appeared in a Facebook post had referenced an ad placed at Hong Kong station from March to April 2022. Related ads have not been placed in any station since June last year.

JCDecaux Transport, the agency that handles MTR station ads, said the post in question had “passed screening at that time based on the available laws”.

“Thereafter, no further advertising booking from JPEX was accepted,” the agency said.

Comments posted on several social media discussion groups showed users hitting out at the MTR Corp for promoting JPEX.