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Binance warns investors of fake billboards and hoardings ads in Turkey.


The Turkish branch of crypto exchange Binance has warned investors of a scam through fake Binance-branded billboards and hoardings. Crypto investors in Turkey account for over 7% of the total traffic to Binance’s primary platform through a desktop browser. As such, scammers in Turkey are renting numerous billboards to advertise fake Binance-themed opportunities.

Binance Turkey, in its latest warning, highlighted that the scam billboard advertises “Binance Tourist exchange” which has no affiliation with the original Binance that is founded by Changpeng Zhao (CZ). The shady ad highlights telephone numbers that can potentially connect victims to “scammers”. The crypto exchange warned that billboards similar to the image, shared, have been coming up in different regions of Turkey, but have nothing to do with Binance.

The crypto exchange intents to take the necessary legal action against the people who are clearly involved in fraudulent activities. Ignorant investors who contact the fake contact numbers are usually greeted by the scammer posing as Binance. The scammers, who want to steal easy money in the form of crypto assets, direct investors to create new accounts or share existing seed phrases.

CZ-owned Binance launched its first 24/7 customer service center in Turkey on April 15. The crypto exchange wants to proactively mitigate fraud cases before it happens. The platform has advised investors to contact Binance’s official customer support through official channels – the online portal and mobile application. Furthermore, given the growing interest in the region, Binance is keen to acquire a local crypto exchange BtcTurk for $3.2 billion.

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