With the recent popularity of Binance in Turkey, scammers have been finding ways to cash in on this new trend. Fake billboards are spotted all over town advertising bogus opportunities themed after the popular cryptocurrency exchange.
The Binance TR team has sounded the alarm about a scam attempt targeting crypto investors in Turkey. The fake billboards and advertisements appear to have originated from an unknown source.
Crypto investors in Turkey account for over 7% of the traffic to Binance‘s website. This is according to data from Similarweb. To take advantage of Binance’s popularity in Turkey, scammers have been found to rent billboards with fake offers related to the exchange.
In a tweet on May 8th, Binance said:
“For a while, billboards similar to the image below have been striking in different regions of Turkey. The image below has nothing to do with #Binance. Necessary legal processes have been initiated against persons who are clearly involved in fraudulent activities.”
Source: Twitter
Binance Turkey has warned the public about a fake advertisement on billboards. The billboard advertisement for “Binance Tourist exchange” is displayed on one of the most prominent billboards in Turkey.
Furthermore, dialing the contact number they mention in their advertisement connects the victims (investors) directly to the scammer who pretended as Binance. It is a strategy by scammers to direct victims (investors) to open new accounts and share the scheme with others. Their ultimate goal is to steal money in the form of crypto assets.
Bitcoin is trading at $31,691 with a 6.9% decline | Source: BTC/USD chart from Tradingview.com
The exchange has said that it plans to take legal action against the people responsible for renting out billboards and posting fraudulent advertisements targeting crypto investors. Please download WikiBit for more blockchain news.
Binance's First Customer Service Center In Turkey
Binance launched its first “Customer Service Center” in Turkey on 15 April. The Customer Service Center launch aims to mitigate the risks of frauds and scams before they occur.
The exchange offers a 24/7 service and recommends that any investors who suspect being in contact with scammers report it through official channels, including the website or mobile application.
At the Paris Blockchain Week Summit, Changpeng Zhao said:
“We provide customer support only via texting, and in the forthcoming period, we aim to roll this service also via phone in all countries.”
Because of the high-level interest among Turkish investors in cryptocurrency, a globally recognized U.S-based popular crypto exchange, “Coinbase,” plans to acquire the Turkish oldest famous crypto exchange, BtcTurk, for $3.2 billion.