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Crypto Exchange Binance Is Taking Legal Action Against Rising Fake Billboards Ads In Turkey

Published: Friday, 13th May, 2022 - 20:20

The Turkish sub-branch of Binance (a well-known crypto exchange) has cautioned investors regarding a scam attempt that aims at crypto investors through false hoardings and billboards posing to be linked to Binance. Turkey is considered to be home to numerous crypto investors responsible for up to 7% of the cumulative traffic to the primary venue of the exchange, as is shown by Similarweb’s data.

Attempting to be benefitted from the popularity of Binance throughout the country, the Turkish scammers have rented several billboards for the advertisement of fake opportunities themed on Binance. In the new caution released on the behalf of Binance Turkey, it has shared the picture of the billboard containing an ad for “Binance Tourist exchange” that does not have any connection to the original exchange that Changpeng Zhao founded.

The promotion additionally presents telephone numbers on dialing which the potential victims could get connected to scammers. In its tweet, Binance has denied having any relationship with the parties at the back of such promotions. Moreover, the exchange has disclosed that it will get offensive along with taking appropriate legal actions to confront the people involved in such scamming operations. The innocent investors who dial the false contact numbers are normally responded to by the exploiters who pose to be coming from Binance.

The scammers, with the final target to swindle the funds in crypto assets, reportedly direct the victim investors to make their unique accounts or provide the already working seed phrases. In the previous month, on the 15th, Binance released its initial consumer service center to work 24/7 in Turkey to spread the service of the exchange across the globe. As previously reported, the chief goal of Binance for setting up the respective consumer support is to preemptively minimize the scam cases in advance of their happening.

Investors suspected of having contact with these swindlers are directed to get linked to the formal consumer support of Binance via the official channels, taking into account the mobile application or the website thereof. Keeping in view the enormous interest taken by the Turkey-based investors in crypto, Coinbase (a prominent U.S.-based crypto exchange) reportedly made a strategy to elevate its footprint across the area by purchasing BtcTurk (a native crypto exchange) in return for up to $3.2B.

This post first appeared on: CryptoCy News

Author: Jay Howell
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