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Crypto exchange Binance looks to legal and other action against fake company billboards advertising promos in Turkey.
Popular crypto exchange Binance is clamping down on a growing trend of fake billboards touting company offerings in Turkey. The exchange’s Turkish arm, Binance TR, recently warned investors in the region of the hoax purposefully targeted at them. The alleged scammers behind the fake Binance billboards are trying to cash in on the crypto exchange’s surging popularity in Turkey. These illegal players are now renting several billboards advertising fake Binance-themed opportunities.
Example of How the Fake Binance Billboards Work
Binance TR posted a message on its official Twitter roughly translated as:
“For a while, billboards similar to the image below have been striking in different regions of Turkey […and] has nothing to do with #Binance!”
Case in point, the tweet also featured an accompanying image of a ‘supposed’ sign ad for “Binance Tourist exchange” services. According to the original crypto exchange, this promo has nothing to do with Binance, and is a sample of similar bogus offerings. There are also telephone numbers included that claim to offer further insight to such promos. However, these are elaborate schemes where anyone who dials the number connects to waiting scammers. Posing as Binance staff, these scammers thn use trickery to steal money in the form of crypto assets from victims. Some of the methods deployed by the scammers include directing investors to create new accounts or sharing their existing seed phrases.
In addition to warning the unsuspecting public about the billboard scams, Binance is also looking to take legal action. The Changpeng Zhao-led crypto exchange plans to prosecute the people responsible for renting out the bogus billboards. According to Binance, this course of action would be effective given the relative ease in tracking down the backers behind these fraudulent schemes. In addition, the leading crypto exchange sees these people as complicit in the crime and “clearly involved in fraudulent activities.”
Binance Customer Service in Turkey
Binance also made moves to limit fraud cases in Turkey by creating its first 24/7 customer service center in the country last month. The crypto exchange explained that its Turkey customer support would preempt fraud cases before they happen. Furthermore, the platform implores investors who suspect contact with scammers to contact the Binance customer support. Investors can establish contact with Binance support via numerous official channels, including the website or mobile application.
Turkey currently has a large number of crypto investors, which makes up more than 7% of Binance’s primary platform total traffic via desk browser. This statistic is according to data from Similarweb.
As a result of the heightened crypto interest in Turkey, Coinbase, another prominent exchange, looks to increase visibility there. According to reports, the American crypto exchange plans to buy local crypto exchange BtcTurk for $3.2 billion. Reports further state that both exchanges have already signed a term sheet. However, there is no official confirmation.