Binance takes legal action against 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 targeting cryptocurrency investors via fake Binance-branded billboards and billboards.

Turkey is home to a large number of cryptocurrency investors who account for more than 7% of all traffic to the Binance platform through a desktop browser, as evidenced by data from a similar site. In an effort to capitalize on Binance’s popularity in the country, scammers were found in Turkey to hire several billboards to advertise fake Binance-themed opportunities.

In the latest warning issued by Binance Turkey, the sports bulletin board shows an advertisement for a “Binance Tourist exchange” that has no affiliation with the original Binance, founded by Changpeng “CZ” Zhao. The ad also includes phone numbers that, when called, can connect potential victims to scammers. A rough translation of the warning reads:

“A while ago, billboards similar to the image below were amazing in different regions of Turkey […and] It has nothing to do with #Binance! “

With the ease of tracking down people responsible for renting billboards and posting fraudulent ads targeting cryptocurrency investors, Binance has revealed its intent to go ahead with the attack and take necessary legal action against people “who are clearly involved in fraudulent activities.”

Unwary investors who end up calling fake contact numbers are usually greeted with scammers pretending to be Binance. With the ultimate goal of stealing funds in the form of crypto assets, scammers have been found to guide 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. As previously reported by Cointelegraph, Binance has set up customer support in Turkey with the primary goal of proactively mitigating fraud cases before they occur.

Investors who suspect they may be connected to such scams are advised to contact official Binance customer support through official channels, including the website or mobile app.

Related: Coinbase Plans to Buy BtcTurk Exchange in $3.2 Billion Deal: Report

Given the huge interest in cryptocurrency among Turkish investors, popular crypto exchange Coinbase is reportedly planning to increase its presence in the region by looking to buy local crypto exchange BtcTurk for $3.2 billion.

A Cointelegraph report on the matter reveals that both cryptocurrency exchanges have already signed terms of paper. However, there is still official confirmation regarding the deal.

To support its ongoing global expansion drive, Coinbase has also posted a vacancy in Turkey for a Country Director who can “play a key role in supporting key regulatory/political efforts, thereby ensuring that Coinbase operates in full compliance with applicable local regulatory requirements.”