Many crypto projects grab popularity on behalf of fake partnerships with Binance

Reportedly many crypto projects are trying to misuse the “Binance” name to grab popularity.

Binance is a very big crypto platform, known for highly secured & transparent crypto services. The services of this crypto exchange are available in almost every country directly or via subsidiaries. BinanceUS is an independent American subsidiary of this exchange, which provides services in the US only. This year, BinanceUS was sued by the top two US financial regulators, namely CFTC & SEC.

On 21 Aug 2023, the Binance crypto exchange issued a public statement to bring awareness among the crypto investors that some bad actors are using the name of the Binance crypto exchange to gain popularity.

According to Binance, Ponzi or useless crypto projects lie publicly that they are in partnership with Binance exchange but in reality, they are not and in this way, they are misleading crypto investors badly. 

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Furthermore, the Binance team stated that if the exchange will establish any partnership with any real good project then in that situation it will be officially announced publicly. 

We've been made aware of a scam project that has caught a lot of attention by lying about having a partnership with Binance.

Scammers often lie about partnerships to seem credible. Be careful, do your own research. Real partnerships are announced on official Binance channels.

— Binance (@binance) August 20, 2023

A few months back, Binance CEO Changpeng Zhao (CZ) also dragged attention toward similar kinds of illegal & unethical activities.

According to CZ few crypto projects purchased those Twitter accounts, which were followed by him. However buying and selling of any particuTwitter account is totally against X’s policy but alongside such activities, bad actors use such accounts to mislead crypto Investors & easily attract Crypto investors for their new crypto projects.

I often follow people "randomly", sometimes just based on one tweet I see. Don't use that as endorsement.

— CZ Binance (@cz_binance) April 29, 2023

Last month, CZ noted that some big media houses use Binance’s name in their headlines & titles to get huge numbers of clicks on their reports.

Read also: Experts claim Friend.Tech crypto project hype will exist for short term

Many crypto projects grab popularity on behalf of fake partnerships with Binance

 

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