Crypto Scam Alert: Binance CEO's Crucial Message to Investors
Richard Teng, the new CEO of Binance, has issued an urgent warning to the global crypto community, advising investors and traders to be extra cautious and avoid falling victim to crypto scams. This warning comes amid a surge in fraudulent activities, especially as the cryptocurrency market experiences an upward trend.
Avoid Crypto Ponzi and Pyramid Schemes
In a recent message to Binance users, Teng stressed the importance of vigilance when navigating the crypto space. He specifically warned against Ponzi and pyramid schemes, urging users to remain cautious. Teng emphasized that proper research is key before committing to any crypto investment, advising investors to thoroughly vet each project they consider. “Question everything and verify before you trust,” Teng stated, reinforcing the importance of skepticism when faced with unsolicited offers.
Stay Safe During Market Bull Runs
Teng also highlighted the heightened risk of scams during crypto bull runs, noting that scammers tend to exploit market optimism to target unsuspecting investors. "Scammers prey on emotions—stay vigilant," he remarked, encouraging crypto users to be extra cautious, especially as the market sees increasing activity.
Binance CEO Discusses Bitcoin’s Scarcity
In addition to the scam warning, Richard Teng took to X (formerly Twitter) to discuss another critical aspect of the crypto market—Bitcoin’s scarcity. He reminded the community that only 21 million Bitcoins will ever be mined, a finite supply for a rapidly growing global population. “Just 21 million Bitcoin for all 8 billion of us,” Teng pointed out, noting that more than 19 million Bitcoins have already been mined. With less than 2 million remaining, Bitcoin's scarcity continues to drive demand.
Binance Faces Investigation in France
In related news, Binance is under investigation by French authorities for suspected money laundering, tax evasion, and other illicit activities. According to reports from Reuters, the investigation has expanded beyond France to other EU countries. This probe began in 2023, initially focusing on money laundering concerns, and continues to unfold as law enforcement agencies scrutinize Binance’s operations.
