Inducing Investment Deposits via Reading Rooms and Chat Rooms
"Trading Only Possible Through Approved Securities Firms... Must Report to Exchange Immediately"
[Asia Economy Reporter Minwoo Lee] Cases of impersonating the 'KRX Gold Market,' a gold spot market established by the Korea Exchange, are increasing, requiring investors to exercise caution.
The Korea Exchange announced on the 22nd that there has been a rise in cases using trademarks similar to the KRX Gold Market and unauthorized use of advertising model photos, urging investors to be especially careful. The KRX Gold Market is a gold spot market operated by the Korea Exchange since March 24, 2014, with approval from the Financial Services Commission, in line with the government's policy to legalize gold trading.
Recently, it has been found that mass text messages using trademarks similar to the KRX Gold Market are being sent, guiding investors to chat rooms or websites to deposit investment funds, then refusing withdrawals or gold redemptions. Typical methods include impersonating prepaid website trading, leading room trading, bank account trading, over-the-counter physical trading, and transactions with specific gold exchanges.
The KRX Gold Market can only be traded through 10 securities firms approved by the exchange. All transactions not conducted through these securities firms are unrelated to the KRX Gold Market. The approved securities firms are Daishin Securities, Mirae Asset Daewoo, Samsung Securities, Shinhan Financial Investment, Yuanta Securities, Kiwoom Securities, Hana Financial Investment, Korea Investment & Securities, KB Securities, and NH Investment & Securities.
The Korea Exchange stated, "We will hold companies impersonating the KRX Gold Market legally responsible for obstructing business and will respond strictly to any future incidents." They also requested, "If you suspect a company of impersonating the KRX Gold Market, please report it to the Korea Exchange."
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