Binance’s ever-growing popularity comes with its downside. The world’s biggest crypto exchange is now facing another battle. No, it is not the regulators, but scammers and fraudsters that are giving the firm a hard time.
Taking advantage of the platform’s expanding fan base, unknown criminals attempted to exploit investors using fake Binance-branded billboards and hoardings in Turkey.
This prompted the Turkish wing of the trading platform to take to Twitter stating that it has no affiliation with the ad and issued a word of caution for users from falling for such scams.
It also added that “Necessary legal processes have been initiated against persons who are clearly involved in fraudulent activities”
The image contains a billboard purportedly sporting an advertisement titled “Binance Tourist exchange” which includes telephone numbers that, when dialed, might link potential victims to scammers.
Binance launched a 24/7 helpline service in Turkey
A few weeks ago, Binance launched its first 24/7 customer service center in Turkey with the primary goal to proactively end fraud cases before it happens. One likely reason for its selection of Turkey is the massive amount volume of traffic the exchange receives from the nation.
As per an announcement, if the pilot test in Turkey is successful, the exchange plans to expand the service globally. As for now, the trading firm will offer customer support in Turkish, only through the app.
Binance, which is regarded as one of the most dominant digital currency exchanges in terms of daily trading volume had discussions with UAE authorities on setting a base camp in the nation.
After Turkey and Lebanon, UAE is the third most rapidly emerging crypto market in the Middle East.
In late December 2021, Binance had inked a deal with the Dubai World Trade Center Authority [DWTCA] intending to carve out a global virtual resource ecosystem. The exchange is one of the first digital currency exchanges to join the DWTCA’s new crypto initiatives.
Binance said in a statement that the agreement allows it to work with DWTCA to “define the idea of hastening the establishment of another industry center point for Global Virtual Assets.”