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Binance initiates legal actions against fake ads promoters in Turkey

Binance initiates legal actions against fake ads promoters in Turkey
TL;DR Breakdown
  • Binance plans to take legal action against fake billboard ad promoters in Turkey.
  • The crypto exchange recently launched a customer support center in the country to curb fraud.

It’s no news that Turkey sees a notable increase in interest in digital currencies. However, this has also drawn the attention of scammers to the local market. Scammers in Turkey have been found to launch numerous billboards advertising fake Binance-themed offerings in an attempt to profit off the exchange’s reputation in the country and at large.

The Turkish division of the largest crypto exchange – Binance TR – recently warned investors against a continuous rip-off effort that targets crypto investors in the country using fraudulent signboards and hoardings branded with the company name and logo.

The billboard was first discovered with an ad for “Binance Tourist exchange,” which has no affiliation to the company. The scam attack involves a text message that includes an image link to the fraudsters’ website, as well as their phone number. Unsuspecting investors could end up losing their funds when they reach out to the fraudulent contact numbers.

As per the translated tweet from Binance TR, the exchange said that For a while, billboards similar to the one above have been appearing in numerous sections of Turkey […and] has nothing to do with #Binance!”

The Turkish exchange further noted that necessary legal processes have been initiated against the people who perpetrated the fake billboard ads and misleading posts using the company’s name.

Binance establishes its first customer service facility in Turkey

The development comes weeks after the exchange announced the launch of its new customer service in Turkey, where it has operated for roughly two years via the local entity – Binance TR. This is intended to prevent fraud, according to the exchange.

Binance’s choice of Turkey as the location for its new branch is not surprising, given that the country has one of the world’s highest internet users. The high volume of traffic the exchange receives from Turkey might be a factor in their decision.

The crypto exchange now grants its Turkish customers 24/7 customer care assistance through its app. Following the successful pilot test in Turkey, the exchange is preparing to expand the service across the world. The CEO, Changpeng Zhao, stated at the Paris Blockchain Week Summit that the business is looking to add more client support alternatives:

We only provide customer service over text messaging for the moment, but in the near future, we want to offer phone support throughout the world.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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