Monex Group Warns of Clone Firm Monex Coin Management

Monex Group, Inc., a Tokyo-based financial services company that operates retail brokerages TradeStation, Monex, Boom Hong Kong, and cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Coincheck, warned that Monex Coin Management is targeting clients of the company.

According to a statement released by the Group, representatives of Monex Coin Management are soliciting clients of the broker. The fraudsters are falsely claiming to be affiliated with the company and urging them to use an automated trading system.

However, Monex Group has stated in no uncertain terms that it is in no way affiliated with Monex Coin Management and its customers should avoid dealing with this company and its trading system and not respond to such solicitations.

Financial scams are rife in the FX, crypto and binary options sectors

Financial scams, particularly within the cryptocurrency and financial trading industry, which Monex and its subsidiaries operate in, are rife. Already today, Finance Magnates has reported on a number of suspected scams flagged by Italian regulator CONSOB (Commissione Nazionale per le Società e la Borsa).

The three firms listed by the Italian regulator operate within the foreign exchange (FX), cryptocurrency and binary options industry, which are among fraudsters favorite sectors to operate in. Specifically, the regulator warned against binary options entity TorOption, alleged FX brokerage FXBreeze and cryptocurrency firm Togacoin.

Monex Group US subsidiary to launch crypto service in 2019

In 2018, the Monex Group helped Coincheck, a Cryptocurrency Exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term, remain in business after it was hacked. Not letting scams get in the way of business success, the Monex Group will soon be expanding its presence in the crypto sector. TradeStation Group, the US subsidiary of Monex Group, announced earlier this month that it plans to launch its cryptocurrency services later this year under the brand name TradeStation Crypto.

Whilst there is no specified timeframe for the launch of the new services, Monex has filed a money service business registration with each state regulator.