JPEX, the Hong Kong cryptocurrency exchange which collapsed owing more than $300 million and is the focus of a major fraud operation by the city’s financial authorities, marketed itself as an Australian-licensed operation and was registered to an apartment building in Sydney’s north.

Authorities in Hong Kong last week said they had opened an investigation into alleged fraud, arresting staff. The Securities and Futures Commission claims the company misled investors after telling them JPEX had applied for cryptocurrency trading licences when it had not.