To take advantage of the growing popularity of Binance in Turkey, scammers have rented a large number of billboards to advertise fake opportunities on the platform.
Binance TR, the Turkish arm of cryptocurrency exchange Binance, has warned investors in the region of an ongoing scam involving fake Binance-branded billboards and hoardings.
According to Similarweb data, Turkey is home to a large number of crypto investors, who account for more than 7% of total traffic to Binance’s primary platform via a desktop browser. Scammers in Turkey have been found renting numerous billboards to advertise fake Binance-themed opportunities in an attempt to capitalize on Binance’s popularity in the country.
The latest warning issued by Binance Turkey shows a billboard advertising “Binance Tourist exchange,” which has no affiliation with the original company, founded by Changpeng Zhao. The advertisement also contains phone numbers that, when dialed, can connect potential victims to scammers. The warning is roughly translated as follows:
“For a while, billboards similar to the image below have been striking in different regions of Turkey […and] has nothing to do with #Binance!”
Given the ease with which the people responsible for renting out billboards and posting fraudulent advertisements aimed at crypto investors can be tracked down, Binance has declared its intention to go on the offensive and take legal action against those “clearly involved in fraudulent activities.”
Scammers posing as Binance usually greet unwary investors who contact the fake contact numbers. Scammers have been observed directing investors to create new accounts or share existing seed phrases with the ultimate goal of stealing money in the form of crypto assets.
Binance launched its first 24/7 customer service center in Turkey last month, on April 15, as it prepares to expand the service globally. Binance established customer support in Turkey with the primary goal of proactively mitigating fraud cases before they occur.
Investors who suspect they have been contacted by such scammers should contact the platform’s official customer support via official channels, such as the website or mobile application.
Because of the widespread interest in cryptocurrency among Turkish investors, the popular crypto exchange Coinbase reportedly planned to expand its presence in the region by acquiring local crypto exchange BtcTurk for $3.2 billion.
According to a report, both crypto exchanges have reportedly already signed a term sheet. However, an official confirmation of the agreement is still pending.
Coinbase has also posted a job opening in Turkey for a country director who can “play a key role in supporting major regulatory/policy efforts, and ensuring that Coinbase operates in full compliance with applicable local regulatory requirements.”
