In Turkey, not all Binance-branded signs and posters are those of the Changpeng Zhao Cryptocurrency Exchange. The scammers have made their own signs, with their own addresses and contacts, using the Binance name and brand.
Also, Binance Turkey, the Turkish branch of the stock exchange, has warned investors in the region against this ongoing scam attempt that targets cryptocurrency investors.
Turkey is home to a large number of cryptocurrency investors. In Turkey, there is a population very focused on cryptocurrencies, whether it is bitcoin, dogecoin or Shiba Inu. It has even come to be believed that bitcoin is keeping the Turkish lira from collapsing.
Such a context quickly becomes a breeding ground for scammers. In the latest warning issued by Binance Turkey, the billboard shows an advertisement for “Binance Tourist exchange” which has no affiliation with Binance, founded by Changpeng “CZ” Zhao. The ad also includes phone numbers that, when dialed, can put potential victims in touch with scammers. Here is the substance of the warning that Binance issued:
“For some time, billboards similar to the image below have been hitting different parts of Turkey […and] have nothing to do with Binance! »
Since it is easy to track down those responsible for renting billboards and by extension the people who put up the fraudulent posters, Binance has revealed its intention to go on the offensive and take legal action. necessary against people “who are clearly involved in fraudulent activities. »
Careless investors who end up contacting the fake contact numbers are usually greeted by the scammer posing as Binance. With the ultimate goal of stealing money in the form of cryptoassets, scammers have been seen to ask investors to create new accounts or share access.
If the scammers have cloned Binance, it is because of its not only notoriety internationally, but already in Turkey where the exchange seems to be winning over a growing number of investors. So much so that on April 15, Binance launched its first 24/7 customer service center in Turkey. Thieves know that by using this well-known name in the investment community, it would be easy for them to gain the trust of investors.
To counter this malicious action by the scammers, Binance has seized the local courts. At the same time, the exchange has implemented customer support with the primary goal of proactively mitigating instances of fraud before they occur. Thus, investors who suspect that they are in contact with such scammers are advised to contact Binance’s official customer support via official channels, including the website or mobile application.
Unfortunately, it is obvious that there will be more and more scammers who will take an interest in the cryptocurrency industry. For example, according to the AMF, 25% of scams in France in 2021 were related to cryptocurrencies.