Hong Kong's telecommunications service providers have blocked access to JPEX's official website and mobile application.

This action, initiated by the Securities and Futures Commission (SFC), comes amid a series of allegations against JPEX's operational and promotional strategies.

The blockade is seen as a part of a larger crackdown on the cryptocurrency exchange, which is currently embroiled in a HK$1.3 billion ($166 million) scandal.

This development is expected to be a focal point of discussion at Benzinga's Future of Digital Assets conference on Nov. 14.

JPEX, in a Thursday statement, stated that the accusations were made without proper investigation and added that the platform has been proactive in its attempts to communicate with the SFC, seeking guidance and clarification. However, these efforts have been consistently rebuffed, it added.

The exchange recommended users access their services via VPN applications, such as Surfshark.

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On the law enforcement front, the situation has intensified. Local police have detained at least 11 individuals since launching an enforcement action, raiding dozens of locations in the city and seizing certain assets related to the case.

The latest arrests include three men, one of whom is a 31-year-old YouTuber. These individuals are still in police custody.

Sources suggest that the police will soon be targeting social media platforms and requesting the removal of pages associated with JPEX.

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