Binance Turkey warns investors of fake billboard ads, prepared to take legal action

Crypto exchange giant Binance’s branch in Turkey, Binance TR has issued a warning to investors in the region about an ongoing scam involving fake Binance-branded billboards and adverts.

Massive adoption in Turkey comes with massive scammers

According to data from Similarweb, Turkey is home to a large number of crypto investors, accounting for more than 7% of overall traffic to Binance’s main platform via a desktop browser. Scammers in Turkey have been seen renting multiple billboards to sell phony Binance-themed opportunities, attempting to profit from Binance’s popularity in the country.

The latest alert from Binance TR shows a billboard advertising “Binance Tourist Exchange,” which is unrelated to the actual Binance, which was founded by Changpeng Zhao. The advertisement also contains phone numbers that, when dialed, can lead potential victims to scammers. The following is a rough translation of the warning:

“Billboards similar to the one below have been striking in various parts of Turkey for a while […and] has nothing to do with #Binance!”

Given the ease with which the people who are responsible for renting out billboards and posting fake advertisements targeted at crypto investors can be tracked down, Binance has announced its intention to go on the counterattack and take legal action against those “clearly involved in fraudulent activities.”

When unwary investors call the scammer’s contact numbers, they are frequently greeted by a scammer posing as Binance. Scammers have been seen directing investors to open new accounts or spread existing seed phrases with the ultimate purpose of stealing money in the form of crypto assets.

Investors who believe they have been scammed can contact Binance’s official customer service using official means, such as the website or mobile application.

As TheCoinRise reported, Binance inaugurated its first 24/7 customer support center in the country last month under its wider plans to expand the service globally. Binance established customer support in Turkey with the primary purpose of proactively mitigating fraud incidents before they occur.

With keeping a positive stance toward the crypto industry, Turkey presented its crypto law to parliament in December last year.