Hong Kong Police Warn of Phishing Scams Targeting Binance Users
Hong Kong police have issued a warning after 11 local Binance users fell victim to phishing scams delivered via text messages. CyberDefender, an arm of the Hong Kong police, alerted users on their Facebook page that individuals posing as Binance have been sending fraudulent texts. The messages falsely claim that users must click a link to verify their identity before a specified deadline, or else their accounts will be deactivated. By clicking the link and confirming their personal information, hackers gain control of the victims’ Binance accounts and steal their assets.
So far, 11 Hong Kong-based Binance customers have reported combined losses exceeding $446,000 in the past two weeks. The police are urging users who suspect they’ve received a fraudulent message to log the details on the official website’s “fraud prevention” section. They have also shared a list of approved virtual asset trading platforms compiled by the Hong Kong Securities and Futures Commission (SFC).
Fraudulent Activities Plague Hong Kong Cryptocurrency Landscape
The cryptocurrency scene in Hong Kong has already been rocked by fraudulent activities at JPEX exchange, resulting in estimated losses of around $180 million. Local authorities have received over 2,300 complaints from victims. This scandal has led to multiple arrests and increased efforts by authorities against illegal cryptocurrency offerings.
Earlier this year, the SFC mandated that all crypto exchanges operating in Hong Kong must be licensed. However, only HashKey and OSL have obtained this license so far. JPEX, despite heavy advertising, did not apply for a license. As a result, the SFC published a list of companies that have applied for licenses and expanded its list of suspicious platforms.
Although Binance is not based in Hong Kong, it has regional headquarters worldwide, with its parent company registered in the Cayman Islands.
Hot Take: Hong Kong Police Issue Warning About Phishing Scams Targeting Binance Users
Hong Kong police have issued a warning to Binance users following a series of phishing scams that have resulted in significant financial losses. Cyber criminals have been sending fraudulent text messages posing as Binance and claiming that users need to verify their identity by clicking on a provided link. Once users click the link and enter their personal information, hackers gain control of their Binance accounts and drain their assets.
The police are urging users who suspect they have received a fraudulent message to report it on the official website’s “fraud prevention” section. They have also shared a list of approved virtual asset trading platforms compiled by the Hong Kong Securities and Futures Commission (SFC) to help users identify legitimate platforms.
This warning comes at a time when the cryptocurrency landscape in Hong Kong is already grappling with the aftermath of fraudulent activities at JPEX exchange, which has caused substantial losses and prompted increased regulatory measures. It serves as a reminder for crypto enthusiasts to remain vigilant and cautious when it comes to protecting their digital assets.
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