Binance warns Turkish users about fraudulent advertisements

The Turkish arm of Binance warned investors about widespread fake ads on billboards in the region.

🛑For some time now, advertising billboards similar to the image below have appeared in various regions of Turkey.

The following image is not affiliated with #Binance ❗️

Legal action has been initiated against individuals clearly involved in fraudulent activity.#SAFU pic.twitter.com/znvJDLRP7v

— Binance Türkiye (@Binance_Turkish) May 8, 2022

“Lately, advertising billboards similar to the image below have appeared in different regions of Turkey,” said Binance TR representatives.

The post includes a photograph of one of the billboards: it features the exchange’s logo, contact phone numbers with the Turkey country code, tickers of popular cryptocurrencies, and text in Arabic.

The company stressed that the information on the billboards has nothing to do with Binance. The trading platform intends to take action against those “clearly involved in fraudulent activity.”

The company launched the Binance TR division in 2020. At that time, the CEO of the firm, Changpeng Zhao, called Turkey one of the leading countries in the pace of blockchain solutions adoption and a key market for the world economy.

In April 2022, the local branch announced the launch of a customer service center.

Earlier in the same month, Coinbase announced plans to acquire the Turkey-based cryptocurrency trading platform BtcTurk.

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