Japanese investors should be wary of organizations that provide cryptocurrency trading under the Japan Exchange Group (JPX) brand name, logos, and URLs.
The owner of the Tokyo Stock Exchange and the Osaka Exchange, Japan Exchange Group (JPX), has issued a warning to the public about organizations that are misleading Japanese investors by offering crypto assets under the JPX brand.
JPX issued the warning after learning about an ongoing scheme to deceive unsuspecting investors into trading Bitcoin (BTC) and other cryptocurrencies on platforms posing as Japan Exchange Group (JPX) or one of its subsidiaries.
The bogus organizations in question are using JPX names, logos, and URLs in various forms on their platforms and marketing campaigns, according to the company, including interactions of JPEX, jpex, and Japan Exchange.
The alert from Japan Exchange Group (JPX) was noted.
“Be aware that the above companies and trades have no association whatsoever with Japan Exchange Group, Inc. (JPX) or any other companies affiliated with JPX Group.”
While JPX has not yet allowed Japanese investors to trade cryptocurrency, the company is actively leading a number of initiatives to test blockchain and distributed ledger technology (DLT) with traditional finance.
According to Japan Exchange Group (JPX), the above effort uses blockchain technology to improve data transparency and data collecting efficiency.
Furthermore, the company has initiated testing and research with 33 Japanese financial institutions to discuss the idea of implementing blockchain or distributed ledger technology (DLT) to its existing capital market infrastructure.
A recent Coinscreed piece from February 17 echoes JPX’s current warning, highlighting the rise of new crypto ventures that pose as well-known businesses in order to attract investors.
Bad actors try to gain credibility for their initiatives by imitating well-known brands such as Tesla, Jurassic Park, Meta, and Animoca Firms, despite having no affiliation with the brands themselves.
Japan’s aim for crypto adoption has been met with a surge in attempts to defraud prospective investors.
The Japanese government is said to have planned a proposal earlier this month to make it easier for registered crypto exchanges to list digital assets in the local retail trading market.
If the plan passes, exchanges registered with the Financial Services Agency (FSA) will be able to offer some assets without having to go through a lengthy screening process, according to Coinscreed.
