Interpol has issued a "red notice" for two Hong Kong citizens involved in promoting cryptocurrency investments and selling crypto mining equipment.

Wong Ching-kit, aged 30, is facing accusations of fraud and theft. Mok Tsun-ting, aged 26, is wanted for allegedly handling property linked to criminal proceeds, as stated on Interpol’s website.

The Hong Kong Police Force made the request for these red notices, as reported by local media on Wednesday.

Wong and Mok’s Role in the JPEX Controversy

Their legal troubles began in March 2019 when Hong Kong police arrested them for conspiracy to commit fraud. They were accused of making false claims on social media and during investment seminars to sell Filecoin mining machines.

According to police reports, since late 2018, 18 individuals have reported losses totaling HK$2.6 million (approximately $333,000) due to the alleged fraud. Wong and Mok were released on bail following their initial arrests.

Wong, often referred to as the “crypto master,” and his assistant Mok have been central figures in Hong Kong’s cryptocurrency controversies.

Last September, Mok was arrested in connection with the JPEX crypto exchange fraud, the largest cryptocurrency fraud case in Hong Kong’s history. Though he was released on bail, the case has resulted in over 70 arrests and involves losses estimated at HK$1.6 billion (around $205 million), with more than 2,600 victims coming forward.

A red notification from Interpol is a worldwide caution to policing, requesting that they find and temporarily capture an individual forthcoming removal or comparable lawful activities. It is based on an arrest warrant or court order issued by the judicial authorities of the requesting country. Member countries decide independently whether to act on a red notice.

Wong and Mok are not the first individuals sought by Hong Kong authorities through Interpol. Previously, red notices were issued for six other individuals wanted by Hong Kong police.

Additionally, last year, Hong Kong’s national security police issued arrest warrants for 13 overseas activists, offering bounties of HK$1 million (around $128,000) for information leading to their arrests. In any case, Interpol affirmed that no solicitations for a red notification had been made for these activists.

Hong Kong’s Efforts to Regulate Cryptocurrency

Hong Kong is effectively fostering a far reaching administrative structure for the cryptographic money industry. Last year, the SFC started meetings on administrative rules for the area.

In Spring, the city-state's Virtual Resource Specialist organizations authorizing system happened, requiring crypto trades to enroll with the controller.

On February 29, the cutoff time for virtual resource exchanging stage (VATP) crypto permit applications in Hong Kong passed, with the quantity of candidates arriving at 24.

While Hong Kong means to situate itself as a crypto-accommodating center point, the district saw a few crypto trade terminations in May.

 On March 28, 2024, HKVAEX, suspected of being affiliated with Binance, withdrew its license application. Following this, on May 14, IBTCEX, QuanXLab, and Huobi HK closed down, followed by Gate.HK on May 22, OKX HK on May 24, and Bybit (Spark Fintech Limited) on May 31.