Odaily reported that Hong Kong financial market supervision and virtual assets lawyer Chen Tingqian said that at this stage, JPEX Hong Kong users will have certain difficulties if they consider civil claims. The current difficulty is that they do not know which legal entity of JPEX holds the customer assets. I don’t know where the legal entity is registered. Once JPEX collapses, refer to the past liquidation procedures of Gatecoin, an unlicensed real estate trading platform registered in Hong Kong. The process must orderly distribute the platform assets to creditors. The type of creditor of the user depends largely on the terms between the platform and the user. Since JPEX is not licensed in Hong Kong, if the terms do not clearly establish a trust relationship between the exchange and its users, user deposits held by the exchange are likely to be regarded as the assets of the exchange during the liquidation process, which means that the user is an unsecured creditor. , the priority of asset distribution in the event of liquidation is fifth after secured creditors, liquidation expenses, priority payments and floating chargees.