View source for Binance Tourist Billboards in Turkey

{{Imported Case Study|source=https://www.quadrigainitiative.com/casestudy/binancetouristbillboardsinturkey.php}}[[File:Binancetourist.jpg|thumb|Binance Tourist Fake Billboards]]Binance reported billboards that were impersonating the company to Turkish residents. This incident targeted people primarily in Turkey.

== About Binance ==
"Back in May, cryptocurrency exchange Binance warned of a rash of bogus billboards popping up in Turkey. Scam artists "plastered fake Binance billboards throughout the country", many of which included a phone number answered by criminals behind the scheme."

"The tactic used here was to convince unwary investors to hand over their seed/recovery phrases. Others were asked to register new accounts. Cryptocurrency scams involving new accounts tend to have funds deposited over time. Eventually the scammers have the victim transfer the funds to sites run exclusively by them. No matter which tactic is used, someone pulled in by the billboard has a strong chance of losing out."

"This is clearly a technique which is working for phishers no matter the location. If you're at an event or simply out and about and spot a cryptocurrency billboard, play it safe. Does the billboard mention a digital finance organisation? Check with the organisation if the URL is genuine. If you're asked for seed/recovery phrases, don't hand them over. Does the billboard make claims of doubling whatever you deposit? This is almost certainly a scam, especially if tied to a promotion from Elon Musk or TESLA."

This exchange or platform is based in Turkey, or the incident targeted people primarily in Turkey.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

* Known history of when and how the service was started.
* What problems does the company or service claim to solve?
* What marketing materials were used by the firm or business?
* Audits performed, and excerpts that may have been included.
* Business registration documents shown (fake or legitimate).
* How were people recruited to participate?
* Public warnings and announcements prior to the event.

Don't Include:
* Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
* Anything that wasn't reasonably knowable at the time of the event.
There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

== The Reality ==
This sections is included if a case involved deception or information that was unknown at the time. Examples include:

* When the service was actually started (if different than the "official story").
* Who actually ran a service and their own personal history.
* How the service was structured behind the scenes. (For example, there was no "trading bot".)
* Details of what audits reported and how vulnerabilities were missed during auditing.

== What Happened ==
Individuals in Turkey operated an exchange service which took a commission and allowed buying or selling cryptocurrencies for local currency. They used the Binance name without authorization for this service<ref name="unnamed-10614" />.
{| class="wikitable"
|+Key Event Timeline - Binance Tourist Billboards in Turkey
!Date
!Event
!Description
|-
|April 7th, 2022 5:56:00 AM MDT
|Twitter Post Showing Billboards
|Twitter user Doruk Ardahan shares a screenshot of the billboards on Twitter. The caption can be translated to "What's this?"<ref>[https://twitter.com/DorukArdahan/status/1512036470290321412 DorukArdahan - "What's this?" - Twitter] (Apr 5, 2023)</ref> Many users provided details that it was an exchange service operating by phone or out of a local apartment, and the service operated using some features of the Binance platform and used the name Binance name to build trust<ref name=":0">[https://twitter.com/0xSuhan/status/1512093335590211588 0xSuhan - "most likely for KYC-free purchases. I think the reason why it is called Binance is that even the street grocer knows Binance." - Twitter] (Apr 5, 2023)</ref><ref name=":1">[https://twitter.com/Celik_brs/status/1512062669947166731 Baris Celik - "A cryptocurrency exchange poster made for the Iranians who came to Antalya during the Nevruz period." - Twitter] (Apr 5, 2023)</ref><ref name=":2">[https://twitter.com/Celik_brs/status/1512086770799710213 Baris Celik - "There is no shop, they actually communicate by phone. I haven't seen the shop yet." - Twitter] (Apr 5, 2023)</ref><ref name=":3">[https://twitter.com/Celik_brs/status/1512090962616410113 Baris Celik - "It's the work of a vigilant investor using Binance's name.." - Twitter] (Apr 5, 2023)</ref><ref name=":4">[https://twitter.com/avaxbtc/status/1512326826567380993 AvaxBTC - "binance opened the free transfer feature ... with this feature, they started doing crypto exchange business" - Twitter] (Apr 5, 2023)</ref><ref name=":5">[https://twitter.com/hj2got123/status/1512139181119713288 Demir - "the tether or coin is exchanged in his own account, then he withdraws it and gives it back for a certain commission." - Twitter] (Apr 5, 2023)</ref>.
|-
|May 8th, 2022 2:04:00 PM MDT
|Issue Mentioned On Twitter
|Binance posts screenshots of the billboards to their Twitter, making clear that they are not affiliated and mentioning that they will pursue legal actions against the billboard operators<ref name="unnamed-10614" />. The community response is highly negative against the billboard operators and accuses them of being scammers and frauds<ref name=":6">[https://twitter.com/BilgiKripto1/status/1523402358180311040 Bilgi Kripto - "Fraud using unauthorized logo , name , brand trust , officially give up . I have no doubt that they will get a record penalty" - Twitter] (Apr 5, 2023)</ref><ref name=":7">[https://twitter.com/EnesZubeyrAKGUL/status/1523397496889745416 Enes Zubeyr - "What does your legal department do, file a lawsuit if you don't mind" - Twitter] (Apr 5, 2023)</ref><ref name=":8">[https://twitter.com/selimhogr1/status/1523408291938074625 Selim Hosgor - It's as if they were going to sue both legally and legally. I don't understand how it happened. - Twitter] (Apr 5, 2023)</ref><ref name=":9">[https://twitter.com/Volkan_Te/status/1523393832896802816 Carimero37 - "Even the scammer is cheating more by advertising on the boards, no matter how he got rich" - Twitter] (Apr 5, 2023)</ref><ref name=":10">[https://twitter.com/CagatayKurt61/status/1523406292857286656 Cagatay Kurt - "Didn't anyone ask for tax plate, signature circular, stamp, commercial registry etc.???" - Twitter] (Apr 5, 2023)</ref><ref name=":11">[https://twitter.com/milaninyeri/status/1523406474554507265 Milan Inyeri - "OC.lar is playing big scam. Since they continue to such large expensive boards, they are holding up well. It will be on TV soon." - Twitter] (Apr 5, 2023)</ref>.
|-
|May 11th, 2022 5:24:00 AM MDT
|TheStreet Article Published
|An article about the billboards is posted to TheStreet Crypto<ref name="unnamed-10613" />.
|-
|June 23rd, 2022
|MalwareBytes Labs Article
|The MalwareBytes Labs referenced the attack billboard in an article about [[NFT NYC Malicious QR Code Phishing|a billboard attack as part of NFT NYC]]<ref name="unnamed-10602" />.
|}

== Total Amount Lost ==
The total amount lost is unknown.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

== Immediate Reactions ==
When a post about the billboards was initially shared on Twitter. Many users provided details that it was an exchange service operating by phone or out of a local apartment, and the service operated using some features of the Binance platform and used the name Binance name to build trust<ref name=":0" /><ref name=":1" /><ref name=":2" /><ref name=":3" /><ref name=":4" /><ref name=":5" />.<blockquote>most likely for KYC-free purchases. I think the reason why it is called Binance is that even the street grocer knows Binance.</blockquote><blockquote>A cryptocurrency exchange poster made for the Iranians who came to Antalya during the Nevruz period. For crypto exchanges such as currency exchange.

There is no shop, they actually communicate by phone. I haven't seen the shop yet.

It's the work of a vigilant investor using Binance's name..</blockquote><blockquote>If I'm not mistaken, binance opened the free transfer feature between users a while ago, and with this feature, they started doing crypto exchange business faster without waiting for wallet approval.</blockquote><blockquote>It's very simple, my brother sends arab tourist, the tether or coin is exchanged in his own account, then he withdraws it and gives it back for a certain commission.</blockquote>Binance Turkey posted on Twitter to announce the billboards were not associated with their company, in a tweet which can be translated as follows<ref name="unnamed-10614" />:<blockquote>For a while, billboards similar to the image below have been striking in different regions of Turkey.

The image below has nothing to do with Binance.

Necessary legal processes have been initiated against persons who are clearly involved in fraudulent activities.</blockquote>Turkish users had various reactions (all translated from Turkish)<ref name=":6" /><ref name=":7" /><ref name=":8" /><ref name=":9" /><ref name=":10" /><ref name=":11" />:<blockquote>Fraud using unauthorized logo , name , brand trust , officially give up . I have no doubt that they will get a record penalty</blockquote><blockquote>What does your legal department do, file a lawsuit if you don't mind</blockquote><blockquote>It's as if they were going to sue both legally and legally. I don't understand how it happened. (TBD - needs better translation.)</blockquote><blockquote>Even the scammer is cheating more by advertising on the boards, no matter how he got rich</blockquote><blockquote>Are they renting these billboards from the grocery store? Didn't anyone ask for tax plate, signature circular, stamp, commercial registry etc.??? My God, the country is like a joke or a joke. All kinds of scams are open!!</blockquote><blockquote>OC.lar is playing big scam. Since they continue to such large expensive boards, they are holding up well. It will be on TV soon.</blockquote>According to Twitter users, the culprits were operating out of an apartment and had ads in Konyaaltı, MarkAntalya, and Antalya regions of Turkey<ref>[https://twitter.com/Redkit_Trader/status/1523395204845162497 Redkit Trader - "this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment" - Twitter] (Apr 5, 2023)</ref><ref>[https://twitter.com/HA5AN_TR/status/1523565309286035462 Hasan - "This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region." - Twitter] (Apr 5, 2023)</ref>.<blockquote>this image caught my attention, not just a billboard in Antalya, they actually have a place in an apartment.</blockquote><blockquote>This is Antalya. They advertise like this from everywhere. Especially in Konyaaltı and MarkAntalya region.</blockquote>

== Ultimate Outcome ==
Binance's tweet mentions that legal processed were started against the individuals behind the malicious billboards.<ref name="unnamed-10614" />

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

== Total Amount Recovered ==
There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

== Ongoing Developments ==
What parts of this case are still remaining to be concluded?
== Individual Prevention Policies ==
{{Prevention:Individuals:Placeholder}}

{{Prevention:Individuals:End}}

== Platform Prevention Policies ==
{{Prevention:Platforms:Placeholder}}

{{Prevention:Platforms:End}}

== Regulatory Prevention Policies ==
{{Prevention:Regulators:Placeholder}}

{{Prevention:Regulators:End}}

== References ==
<references>
<ref name="unnamed-10602">[https://www.malwarebytes.com/blog/news/2022/06/rogue-cryptocurrency-billboards-go-phishing-for-wallets Rogue cryptocurrency billboards go phishing for wallets - MalwareBytes Labs] (Aug 30, 2022)</ref>
<ref name="unnamed-10613">[https://www.thestreet.com/crypto/news/binance-turkey-warns-citizens-of-billboard-scams Binance Turkey Warns Citizens of Billboard Scams - TheStreet Crypto] (May 24, 2022)</ref>
<ref name="unnamed-10614">[https://twitter.com/Binance_Turkish/status/1523393524393459712 Binance_Turkish - "For a while, billboards similar to the image below have been striking in different regions of Turkey." - Twitter] (May 24, 2022)</ref>
</references>