Binance Report Demonstrating Fraudulent Crypto Investment Schemes
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Binance Report Demonstrating Fraudulent Crypto Investment Schemes

July 2, 2020      Vandana Malik

Binance, the largest crypto exchange has recently published a security report. In this report, they mainly focused on the scams which are related to fraudulent crypto investment schemes. Binance report clearly demonstrates how the crypto scams have been targeting those investors who were trying to gain credibility. This report has been prepared by Binance Sentry risk investigation service and was published by the firm on June 30. It has included all those fraudulent schemes which have been promising high returns on the investment.

Binance Report states scams were not only related to Crypto

In this Binance report, it has been specified that these scams were not only related to cryptocurrency. Such crimes are also related to Forex, Contracts For Difference (CFDs) and Binary Options as well. This report is coming after a recent Bitcoin scam in which the residents of Canada and Winnipeg were targeted. It has been mentioned that this type of scam organisations keep getting a regulatory warning. Despite these warnings, they keep doing such practices with different names and targets. In such scams, these organisations keep targeting different things like crypto, Forex and many others.

False consumer organisations created for scams

Binance report also states how some scammers create a kind of consumer organisations in order to attract more people to it. In such organisations, victims end up paying more funds before knowing about the scam. It has been mentioned that such organisations generally try to portray the government and regulators involved in order to gain the trust of the people.

Over the past sometimes it has been seen that many scams with global nature make it highly complicated. Due to such complications, making legal actions against them becomes extremely difficult. The reason is that victims of such global scams are situated in different parts of the world. This is the main reason because of which it is not possible to take legal action under one jurisdiction.

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#Binance Report #Binance Sentry risk investigation #Binary Options #False consumer organisations #Forex #Fraudulent Crypto Investment Schemes
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.