Binance Pursues Legal Action Against Fraudulent Billboard Advertisements in Turkey

Fraudulent individuals are making use of the attention digital currencies are receiving in Turkey. These individuals have devised a way to make use of the largest crypto company to its advantage. 

How The Scam Works 

The scammers have placed multiple billboards displaying Binance-related ads, hoping to gain from the recent popularity the business has achieved in Turkey and other areas. Binance TR has brought attention to the public, warning the current and future investors about the going attempts that are aimed at the customers of the digital market, through fake and unauthentic billboards filled with the business’s name and brand logo.

The attack consists of a text message containing a phone number and an image link to the fraudsters’ website. When reaching out to the fraudulent contact numbers, unsuspecting investors may lose their money. 

How Was the Scam Uncovered?

“Binance Tourist Exchange” was written on the ad first discovered with no connection whatsoever with the crypto company. Binance TR in a tweet hinted that it had seen different billboards like the one above in different areas of the country, and all the billboards are in no way connected with the crypto exchange business.

Binance TR claimed that further legal actions will be taken against the perpetrators of the scam billboards.  

Turkey Is the Base for Binance’s First Customer Service Faculty

In an attempt to battle fraud and secure the funds for investors, Binance has set up its new client service faculty in Turkey. The business had made public its plan to open a faculty for a week now. The company has been operating in Turkey for two years now.

Though the decision might seem sudden, it is in no way a surprise due to the flow of exchange that the country generates for the business. The country’s internet user numbers are higher than most countries and it is a good spot to set up for Binance.

Turkey customers now have access to the business every hour of a day through its customer care help in its app. The base in Turkey is like a pilot test for the company, if it is successful, the crypto exchange business would move towards spreading the service to other places of the world. The CEO of Binance stated that they are seeking to create more client assistance options. 

Leave a Reply

Your email address will not be published.

Related

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, GlobalTrades.io – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is globaltrades.io scam or legit” and much more! https://globaltrades.io/ GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Belgium Regulator Sets To Impose New Crypto Ads Rules

The Belgium government has mandated that every firm offering crypto advertisements should register with it before launching any campaign. Henceforth, any crypto advertisement without the government’s backing would be treated as an offense with heavy consequences. According to the report, the Financial Services and Markets Authority (FSMA) of Belgium recently announced that every potential crypto […]

Profit-taking on BTC Surge, As Price Breaks The $27,000 Threshold

It has just been confirmed that BTC has experienced the most extensive profit-taking activity since the last quarter of 2020. This information was obtained from data released by Santiment, an on-chain data analytics company. The released data also states that the profit-to-loss volume of the day-to-day ratio on on-chain transactions was one of the major […]

Governments Who ban Drugs Should Ban Crypto Too, Said Belgium’s Ex-Finance Minister

The former finance minister of Belgium, Johan Van Overtveldt, reportedly suggested that any country that bans drugs should also ban crypto assets. According to reports, he made the statement during the recently concluded European Parliament meeting. During the meeting, the parliament was reportedly deliberating on the effect the recent collapse of three crypto-friendly banks, Silvergate […]