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Fake Binance Billboards Abound in Turkey, Exchange Files Lawsuit

Fake Binance Billboards Abound in Turkey, Exchange Files Lawsuit

Last updated 29th Jun 2022
Disclosure
  • Turkey accounts for almost 10% of the total traffic to Binance
  • One billboard advertises a “Binance tourist exchange,” which is not connected to the world’s biggest exchange in any way
  • Victims participate in seed funding or create new accounts

The Turkish arm of crypto exchange Binance, Binance TR, is taking legal action in an ongoing scam attempt that targets crypto investors via fraudulent Binance-branded billboards, CoinTelegraph reported.

Crypto is wildly popular in Turkey

Turkey is home to a myriad of crypto investors, accounting for almost 10% of the total traffic to Binance. In an attempt to cash in on Binance’s popularity in the country, scammers are renting multiple billboards to market non-existent Binance-associated investment opportunities.

An “affiliated” tourist exchange

One billboard advertises a “Binance tourist exchange,” which is not connected to the world’s biggest exchange in any way. The billboard lists phone numbers at which the scammers answer.

Binance announced it would take necessary legal action against those “who are clearly involved in fraudulent activities” considering how easy it is to find the people who rented out the billboards displaying the fake advertisements.

Victims participate in seed funding or create new accounts

When an unwary investor calls the fake contact number, he speaks with a scammer claiming to represent Binance. He or she is usually directed to share a seed phase or create a new account.

In April, Binance launched its first 24/7 customer service center in Turkey with the main purpose to prevent fraud.

Coinbase buying BtcTurk for $3.2bln?

Interest in crypto in Turkey is growing exponentially. Reportedly, Coinbase plans to buy local crypto exchange BtcTurk for $3.2 billion.

The exchange also published a job post for country director in Turkey. The right candidate can “play a key role in supporting major regulatory/policy efforts, and subsequently ensuring that Coinbase operates in full compliance with applicable local regulatory requirements.”

Daniela Kirova

Daniela Kirova

Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.