Japan Exchange Group warns against trading fake JPX cryptocurrencies

The Japan Exchange Group (JPX), owner of the Tokyo Stock Exchange and the Osaka Exchange, has warned the public about companies deceiving Japanese investors by selling cryptocurrencies under the JPX brand.

JPX has show warned after receiving reports of repeated attempts to scam ruthless investors trading bitcoin and cryptocurrencies on platforms that look like JPX or one of its affiliates.

Japan Exchange Group DE specify:

“Warning about trading cryptocurrencies using JPX-like names”.

The company emphasized that the named scam companies are copying JPX’s name, logo and URL in various forms – including iterations of JPEX, jpex and Japan Exchange – across platforms and initiatives.

“Please note that the above companies and transactions are in no way affiliated with Japan Exchange Group, Inc. (JPX) or any other affiliated company of JPX Group”.

Although JPX has yet to open crypto trading to Japanese investors, the company is currently leading numerous initiatives to test blockchain and distributed ledger (DLT) technology in the financial sector.

Accordingly JPX, the above initiative aims to improve data transparency and data collection efficiency through blockchain technology. In addition, the company, together with 33 Japanese financial institutions, has started testing and exploring the possibility of applying blockchain or DLT to its existing capital markets infrastructure.

DLT framework as suggested by JPX | Source: JPX

Citing JPX’s recent warning, a recent report on Feb. 17 highlighted the proliferation of new crypto projects very similar to many well-known brands to attract investors.

By mimicking famous brands like Tesla, Jurassic Park, Meta, and Animoca Brands, the villains attempt to lend credibility to their projects despite having no connection to the brands themselves.

Japan’s plan to accept crypto has led to a surge in new investor scams. Earlier this month, the Japanese government was reportedly planning a proposal to make it easier for registered exchanges to list digital assets on the local retail exchange market.

If the proposal passes, exchanges registered with the Financial Services Authority (FSA) will have the right to list certain assets without having to go through a lengthy vetting process.

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