Crypto Platforms Posing as the JPX Stock Exchange, Company Issues Warning

Crypto Platforms Posing as the JPX Stock Exchange, Company Issues Warning

The Japanese Exchange Group warned customers of several fraudulent companies acting in the name of the financial service corporation.

With cryptocurrency platforms imposing a lot more advanced security protocols, scammers are resorting to some of the older tricks in the book by impersonating large corporations.

Based on the report by the Japanese Exchange Group, which is the fifth-largest stock exchange operator in the world, the financial service corporation alerted customers to beware of fraudulent companies that offer cryptocurrencies like Bitcoin in the name of JPX.

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The impersonators use the company’s name abbreviation "JPX", and transform it into "jpex" or "Japan Exchange" which are not trademarked by the JPX Group, and have no associations with the stock exchange. 

In fact, the Japanese Exchange Group does not offer any crypto financial services on its platform. However, a week earlier, JPX announced that it has started research on "digitally tracked green bonds that utilize digital technologies such as blockchain to improve the transparency of data and efficiency of data collection…"

"By utilizing digital technologies in this way, we will aim for greater transparency than just annual reporting by creating a mechanism that enables investors to monitor progression from outside at any time," - JPX.

Either way, such crypto scams have been on the rise in regions such as India, China, and Russia. The main theme in these scams is usually impersonating large players in the crypto industry such as Tesla or MicroStrategy, and posting fake giveaways with phishing links, mostly on Twitter and Telegram.

Earlier last week, the General Office of China warned customers of fraudulent companies using the word "metaverse" in their name, and offering play-to-earn incentives with minimal investments, that would turn out to be flat-out scams.

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree


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