Binance Took Legal Action Against Fake Ads Billboard In Turkey

Binance took legal action against a fake ads billboard in Turkey saying that someone is trying to cash in on the exchange’s popularity with scammers renting plenty of billboards to advertise the fake crypto opportunities so let’s read more about it in today’s latest Binance news.

Binance TR, the Turkish branch of the exchange warned investors in the region of the ongoing scam attempt which targets crypto investors via fake Binance-like billboards and hoardings. Turkey is a home of a large number of crypto investors that account for about 7% of the total traffic to binance’s main paltform via a desktop browser as evidenced by the data from similarWeb. Trying to cash in on the Binance popularity, the scammers in Turkey rented numerous billboards to advertise fake Binance-themed opportunities.
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🛑Bir süredir Türkiye’nin farklı bölgelerinde aşağıdaki görsele benzer reklam panoları göze çarpmaktadır.

Aşağıdaki görselin #Binance ile ilgisi yoktur❗️

Dolandırıcılık faaliyeti içinde oldukları açıkça belli olan kişiler hakkında gerekli hukuki süreçler başlatılmıştır.#SAFU pic.twitter.com/znvJDLRP7v

— Binance Türkiye (@Binance_Turkish) May 8, 2022

In the latest warning issued by the exchange, the billboard is shown sporting an ad for the “tourist exchange” which has no affiliation with the original Binance platform founded by Changpeng Zhao. The ad includes telephone numbers that when dialed, can connect potential victims to scammers:

“For a while, billboards similar to the image below have been striking in different regions of Turkey […and] has nothing to do with #Binance!”

Given the ease in tracking down the people that rented out billboards and posted fraudulent ads targeting crypto investors, Binance revealed the goal to go on the offensive and take necessary legal action against people who are really involved in fraudulent activities. The unwary investors that end up contacting the fake contact number are often greeted by the scammer posing as Binance and with the goal to steal money in the form of crypto assets, scammers were found to direct investors to create new accounts and share their seed phrases.

Binance launched the first 24/7 customer service center in Turkey and prepares to expand the service worldwide. The exchange even set up customer support in turkey with the main goal to mitigate fraud cases before it happens. The investors that suspect being in contract with these scammers are advised to contact Binance’s official customer support via official channels and the website or mobile app. Owing to the huge interest in crypto among Turkish investors, the exchange is planning to increase its footprint in the region by purchasing the BTCTurk exchange for $3.2 billion. To support the global expansion drive, Coinbase posted a job opening in Turkey for a country director that can play a key role in supporting the policy efforts and regulatory efforts as well as ensuring that coinbase also operates in full complaince with the applicable local regulatory requirements.