Binance takes legal action against fake billboard ads in Turkey

Published at: May 9, 2022

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.

Turkey is home to a large number of crypto investors that account for over 7% of the total traffic to Binance’s primary platform through a desktop browser, as evidenced by data from Similarweb. 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.

Bir süredir Türkiye’nin farklı bölgelerinde aşağıdaki görsele benzer reklam panoları göze çarpmaktadır.Aşağıdaki görselin #Binance ile ilgisi yoktur❗️Dolandırıcılık faaliyeti içinde oldukları açıkça belli olan kişiler hakkında gerekli hukuki süreçler başlatılmıştır.#SAFU pic.twitter.com/znvJDLRP7v

— Binance Türkiye (@Binance_Turkish) May 8, 2022

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. A rough translation of the warning reads:

“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 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. As Cointelegraph previously reported, Binance set up customer support in Turkey with the primary goal to proactively mitigate fraud cases before it happens.

Investors who suspect being in contact with such scammers are advised to contact Binance’s official customer support through official channels, including the website or mobile application.

Owing to the massive interest in crypto among Turkish investors, the popular crypto exchange Coinbase reportedly planned to increase its footprint in the region by eying a purchase of local crypto exchange BtcTurk for $3.2 billion.

Cointelegraph’s report on the matter reveals that both the crypto exchanges have reportedly already signed a term sheet. However, an official confirmation about the deal is still awaited.

To support the ongoing global expansion drive, 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 subsequently ensuring that Coinbase operates in full compliance with applicable local regulatory requirements.”