Clients of Japan’s Monex Group targeted by impostors

Maria Nikolova

Monex Group warns its clients that it has nothing to do with an entity named “Monex Coin Management”.

Clients of Japanese online trading services provider Monex Group, Inc. (TYO:8698) have been receiving phone calls by an entity presenting itself as “Monex Coin Management” (マネックスコインマネージメント). The representatives of this entity have been soliciting clients of the broker to make use of an automated trading system.

These approaches have come to the attention of Monex Group and have resulted in a warning by the broker.

Monex Group notes that the Group itself and each of its group company do not have any relation with Monex Coin Management. The broker advises its clients not to respond to such solicitations.

Monex is indeed engaged in the virtual currency business, and it is perhaps this that has made it a lucrative target for scammers.

Let’s recall that, in April 2018, Monex Group announced the completion of the acquisition of 100% of the shares of virtual currency exchange Coincheck, Inc. On April 6, 2018, the broker confirmed earlier media reports that it would buy the Exchange, which was hit by a virtual currency theft in January 2018. The deal, which covers 1,775,267 shares in Coincheck, is valued at JPY 3.6 billion.

Monex noted back then that Coincheck had received a business improvement order from the Japanese regulator concerning the theft of cryptocurrency, NEM, as a result of unauthorized access to its system on January 26, 2018. But the broker said it would aim to build a secure business environment for customers by fully backing up Coincheck’s enhancement process. In particular, Monex stated its intentions to maximize the use of its expertise and human resources of business administration, system risk management, and customer asset protection system.

Earlier in January 2019, Coincheck, Inc. announced that it had registered with the Kanto Financial Bureau as a cryptocurrency exchange agency in accordance with the Payment Service Act, effective January 11, 2019.

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<