JPX (Japan Exchange Group) – the owner of Osaka Exchange as well as the Tokyo Stock Exchange – cautioned against the open platforms that mislead the investors in Japan by feignedly trading digital assets beneath the JPX brand. An alert has been issued on the behalf of the platform as it received several reports regarding a continuous endeavor to deceive the investors while trading BTC (Bitcoin) as well as the rest of the cryptocurrencies over the venues falsifying themselves to be JPX or else being among the subsidiaries thereof.
It was brought out by the company that such deceitful companies attempt to replicate the URLs, the logos, as well as the names of JPX in several forms with taking account of the iterations like JPEX, jpex, as well as the Japan Exchange to represent themselves and their marketing endeavors.
The alert of JPX noted that the investors should beware of the aforementioned venues as well as trades as they do not possess any connection with the JPX Japan Group Exchange Group, Inc. or the rest of the institutions that count to be the affiliates thereof.
Even though JPX has yet to initiate crypto trading for the consumers within Japan, at present the organization is leading several initiatives to assess the working of DLT (distributed ledger technology) and blockchain within the conventional system of finance. As per JPX, the respective effort targets to bring enhancement to the data transparency and efficiency through blockchain technology.
In addition to this, the enterprise, accompanied by 33 financial institutions across Japan, has started the research and trial to debate over the likelihood of the DLT or blockchain’s application on the present infrastructure of the capital market.
While repeating the latest alert of JPX, a recent report focuses on the emergence of the latest crypto projects appearing as well-known brands to grasp the attention of the investors. By imitating famous brands like Animoca Brands, Meta, Jurassic Park, as well as Tesla, malicious people head toward making their projects credible in the eyes of the community even though they have no link with the original companies at all.
The strategy of Japan to adopt cryptocurrency is responded by the rapid surge in the exertions of scammers to make it convenient for the already registered exchanges of cryptocurrency to list crypto assets in the native retail market of trading. It was formerly reported that the proposal, on being approved on the behalf of the FSA (Financial Services Agency), will be permitted to list particular assets without carrying out an extensive screening process.
