Japan Exchange group warns against fraud crypto platforms

Crypto assets have garnered mainstream attention across the globe from investors, regulators, and illicit platters. Digital assets witness notable adoption because of the Peer-to-Peer network and privacy concerns. With more investors diving into the market, more illicit players are finding ways to launder funds. Recently, the Japan Exchange Group (JPX) has issued a notice warning Japanese residents against fraud cryptocurrency trading platforms. Indeed, few firms in Japan are trying to mislead investors.

JPX receives some crypto fraud reports

A Japanese group that consists of the Tokyo Stock Exchange and Osaka Exchange owners has issued a public warning. The earning notes that the investors should stay aware of misleading crypto firms. Such firms are selling digital currencies under the JPX brand. Hence, the investors should look out for fraudulent firms replicating the JPX brand names, logos, and URLs that offer digital assets trading.

Why did JPX issue such warnings?

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JPX received several reports regarding an ongoing attempt to dupe unwary investors into trading Bitcoins and altcoins. Those trading platforms were misrepresented as JPX or one of their subsidiaries.

Following the scenario, the group issued a warning and highlighted that the fraudulent firms in question are replicating their names, logos, and URLs in several forms. Such replication includes iterations of JPEX, jpex, and Japan Exchange.

Moreover, the group’s warning noted it to be aware of fraudulent firms and trade that have no association whatsoever with Japan Exchange Group Inc. or any other firms affiliated with them.

JPX scrutinizes distributed ledger technology

Notably, JPX has not yet opened up crypto trading for Japanese investors. However, reports revealed that the firm is spearheading numerous initiatives aiming to test blockchain and distributed ledger technology within the traditional financial market.

Following the scrutinization of the tech, JPX underscored that they aim to enhance the transparency of data and the efficiency of data collection through blockchain.

Furthermore, the exchange group, along with 33 other financial institutions based in Japan, has begun testing and research to discuss the possibility of applying blockchain or DLT to its existing capital market system.

However, it is noteworthy that the fraudsters are mimicking popular brands like Tesla, Jurassic Park, Meta, and Animoca Brands and are trying to earn credibility for their projects despite having no affiliation with the brands themselves.