Japan Exchange Group alerts against imposter crypto trading platforms

Japan Exchange Group (JPX), the Tokyo Stock Exchange and Osaka Exchange owner, warned the nationalist against companies that are misleading Japanese investors by selling crypto assets nether the JPX brand. 

JPX issued the alert aft receiving reports astir an ongoing effort to dupe unwary investors into trading Bitcoin (BTC) and cryptocurrencies connected platforms misrepresented arsenic JPX oregon 1 of its subsidiaries.

Alert connected trading successful crypto assets utilizing akin names to JPXhttps://t.co/CVrvpA0dNE

— Japan Exchange Group EN (@JPX_official_EN) February 8, 2022

The institution highlighted that the fraudulent companies successful question are replicating JPX names, logos and URLs successful assorted forms — including interactions of JPEX, jpex and Japan Exchange — connected their platforms and selling initiatives. JPX’s alert noted:

“Be alert that the supra companies and trades person nary relation whatsoever with Japan Exchange Group, Inc. (JPX) oregon immoderate different companies affiliated with JPX Group.”

While JPX has not yet opened up crypto trading for Japanese investors, the institution is presently spearheading galore initiatives to trial blockchain and distributed ledger exertion (DLT) wrong accepted finance.

According to JPX, the supra inaugural aims to amended the transparency of information and the ratio of information postulation via blockchain technology. Moreover, the company, on with 33 Japanese fiscal institutions, has begun investigating and probe to sermon the anticipation of applying blockchain oregon DLT to its existing superior marketplace infrastructure.

JPX's projected DLT framework. Source: JPX

Reiterating JPX’s latest alert, a caller Cointelegraph study from Feb. 17 highlights the rise of caller crypto projects that airs arsenic salient brands to lure investors.

%100scam due to the fact that mgass=minitesla telegram page

— niyazi kabakçı (@KabakciNiyazi) January 24, 2022

By mimicking fashionable brands specified arsenic Tesla, Jurassic Park, Meta and Animoca Brands, atrocious actors effort to gain credibility for their projects contempt having nary affiliation with the brands themselves.

Related: Japanese authorities considers relaxing strict coin listing rules

Japan’s program for crypto adoption is reciprocated by the abrupt emergence successful the efforts to scam caller investors. Earlier this month, the Japanese authorities reportedly planned retired a connection to marque it easier for registered crypto exchanges to database integer assets successful the section retail trading market.

As Cointelegraph reported, if the connection passes, exchanges registered with the Financial Services Agency (FSA) volition person the support to database definite assets without performing a lengthy screening process.