Fraudsters steal cryptocurrency under the Binance brand in Turkey

Binance TR, the Turkish division of the cryptocurrency exchange Binance, has warned users about a scam targeting crypto investors with «phishing» billboards and Binance-branded billboards.

In a recent tweet from Binance Turkey, an example of such an advertisement was posted, with a billboard featuring an ad for Binance Tourist exchange, which has no relation to the original Binance founded by Changpeng CZ Zhao. The ad also lists numbers that potential victims will hear fraudsters on the phone when they call.

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 bashlatılmıştır.#SAFU pic.twitter.com/znvJDLRP7v

— Binance Türkiye (@Binance_Turkish) May 8, 2022

Unwary investors who end up continuing a dialog with criminals are usually met by a fraudster posing as a Binance employee. But their ultimate goal is to either direct the victim to their own version of the crypto exchange, switch to fraudster-controlled wallets, or obtain the investor’s wallet’s passphrase.

Given the ease of tracking down the people responsible for renting billboards and running fraudulent ads targeting crypto investors, Binance has announced its intention to go on the offensive and take the necessary action against people «who are clearly involved in fraudulent activity.»