The Japan Exchange Group (JPX), which owns the Tokyo Stock Exchange and the Osaka Stock Exchange, has warned the public about companies that mislead Japanese investors by selling cryptocurrencies under the JPX brand.
JPX issued the warning after receiving reports of persistent attempts to deceive unwary investors into trading bitcoin (BTC) and cryptocurrencies on platforms falsely described as JPX or one of its affiliates.
The company explained that the scam companies copy JPX names, logos, and URLs in various formats, including JPEX, jpex and Japan Exchange iterations, on their platforms and marketing efforts. Note the JPX notice:
Please note that the above companies and transactions are not affiliated with the Japan Exchange Group, Inc. (JPX) or other JPX Group companies.
While JPX has yet to open cryptocurrency trading to Japanese investors, the company is currently leading a number of initiatives to test blockchain and distributed ledger technology (DLT) in traditional finance.
According to JPX, the above initiative aims to improve data transparency and data collection efficiency through blockchain technology. In addition, the company has embarked on testing and research with 33 Japanese financial institutions to discuss the possibility of using blockchain or DLT for existing capital market infrastructure.
The proposed JPX DLT architecture. Source: JPX
A new Cointelegraph report Thursday echoes JPX’s latest warning, highlighting the emergence of new crypto projects that have become established brands to lure investors.
By imitating famous brands like Tesla, Jurassic Park, Meta, and Animoca Brands, bad actors try to gain credibility for their projects, even if they are not affiliated with the brands themselves.
Related: Japanese authorities consider relaxing strict currency listing rules
Japan’s plan to adopt cryptocurrencies is being responded to by a sudden increase in attempts to defraud new investors. Earlier this month, it was reported that the Japanese government planned a proposal to make it easier for registered crypto exchanges to list digital assets in the local retail market.
If the offer is accepted, exchanges registered with the Financial Services Agency (FSA) will be allowed to list certain assets without going through a lengthy verification process, Cointelegraph reports.