Binance fake billboard ads detected in Turkey

The local arm of the crypto exchange intends to sue the alleged scammers

09.05.2022 - 11:00

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What’s new? The Turkish arm of the Binance crypto exchange has reported on Twitter about fake billboard ads placed within the country. The exchange’s representatives warn that the scammers who have placed the billboard ads are deceiving investors and stealing their money. Binance said its intention to track down the people involved in the distribution of the fake billboards and sue them.

🛑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

How do scammers deceive people? The billboards show an advertisement for Binance Tourist Exchange. The advertisement also includes phone numbers, which when called by investors contacted the scammers. The attackers offered potential victims to create a new account on a fake website or tried to find out the seed phrase of the crypto wallet.

What happened before? In early May, Binance received its first European license in France. Binance can now offer its services within the country. The exchange’s CEO Changpeng Zhao said that he planned to make Paris the company’s main European hub.

Also in April, the media reported that Coinbase had started negotiations to buy Turkish crypto exchange BtcTurk. The companies have already signed an agreement on the terms of the deal. According to sources, it would cost $3,2 billion.

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