Binance Turkey warns citizens against billboard scams

Istanbul, Turkey is awash with billboards advertising new crypto offerings from virtual asset exchanges, but Binance – the world’s largest crypto exchange by trading volume – recently discovered that some of its billboards in the city are, in fact, illegitimate and fraudulent.

On Monday, Binance’s Turkish subsidiary announced that scammers had posted fake Binance billboards across the country, many of which featured a fake number answered by crypto thieves.

Some of the scammers mislead Turkish investors with fake phone numbers promising opportunities that will never materialize, in exchange for users sharing private information like their seed phrases, which would allow access to their crypto wallet, or even asking users to register an entirely new account.

Binance Turkey took to Twitter to warn customers in the country about the billboard rental program, saying, “For some time billboards similar to the image below have been hitting different parts of Turkey. [This] has nothing to do with #Binance!” The company added that it will take legal action against those who are “clearly involved in fraudulent activity”.

Binance has expanded its presence in the country, launching its first 24-hour customer service center last April. Part of his motivation has been to stop fraud and help customers asking for help with their crypto transactions.

Binance is not the only crypto exchange to dive deeper into the Turkish market. Coinbase is considering a nearly $3.2 billion acquisition of Turkish crypto exchange BtcTurk.

The cryptocurrency has exploded in popularity in the country, thanks to the depreciation of the Turkish lira, high inflation and interest rate cuts.

According to Reuters, the daily volume of cryptocurrency transactions now exceeds 1 million transactions per day.

Last year, Turkey’s central bank imposed a ban on cryptocurrencies for goods and services: “Their use in payments may result in non-recoverable losses for parties to transactions…and include elements that could undermine the confidence in the methods and instruments currently used in payments. “, said the central bank.

In particular, Istanbul has expressed concern about the high transaction risks associated with virtual assets and the “irreparable” damage they could cause to the economy.

About Louis Miller

Check Also

Global central banks expected to hike rates this week

Yahoo Finance’s Jared Blikre breaks down Wall Street’s expectations for upcoming central bank policy changes. …