Binance moves to clamp down fake billboard ads in Turkey

Binance TR, the Turkish arm of crypto exchange Binance, has warned investors in the region of an ongoing scam attempt that targets crypto investors via fake Binance-branded billboards and hoardings.

Trying to cash in on Binance’s popularity in the country, scammers in Turkey have been found to rent numerous billboards to advertise fake Binance-themed opportunities.

In the latest warning issued by Binance Turkey, the billboard is shown sporting an advertisement for “Binance Tourist exchange” that has no affiliation with the original Binance, founded by Changpeng “CZ” Zhao.

The ad also includes telephone numbers that, when dialed, can connect potential victims to scammers.

Given the ease in tracking down the people responsible for renting out billboards and posting fraudulent advertisements targeted at crypto investors, Binance has revealed its intent to go on the offensive and take necessary legal against the people “who are clearly involved in fraudulent activities.”

Unwary investors who end up contacting the fake contact numbers are usually greeted by the scammer posing as Binance.

With the ultimate goal to steal money in the form of crypto assets, scammers have been found to direct investors to create new accounts or share existing seed phrases.

Just last month, on April 15, Binance launched its first 24/7 customer service center in Turkey as it prepares to expand the service worldwide.