After authorities learned that some of the country’s inhabitants had been duped by a new huge crypto fraud, Pakistan decided to call out Binance.
The Federal Investigation Agency (FIA) revealed that it sent a notification to Binance informing them of fraudulent behavior on their platform.
In its presentation, the government agency stated, “A related questionnaire has also been addressed to [the] Binance Headquarters [in] the Cayman Islands and Binance US to explain the same.”
The FIA also urged Hamza Khan, the current general manager of Binance Pakistan, to work with them on the cryptocurrency-related harmful campaign.
Pakistan Calls Out Binance Due to New Crypto Scam
According to Bitcoin.Com‘s latest report, the latest Binance crypto scam already stole around $100 million from the cryptocurrency exchange’s consumers.
After investors complained about fraudulent activities in Binance, Imran Riaz, director of the FIA’s cybercrime wing, revealed that they had already initiated an investigation.
The scammers used mobile applications to contact their victims, according to the present investigation. They offered $100 to $80,000 in investment options, with the majority of the victims sending $2,000 each.
The FIA also revealed that they have identified 26 wallet addresses used in the new scam’s bitcoin transactions. Authorities are currently requesting additional information and supporting papers from Binance regarding the apps used in the fraudulent behavior.
If the crypto exchange provider does not comply, the SBP will be forced to impose financial penalties, according to the agency.
Avoiding Crypto Scams
PC Mag has some advice on how to prevent cryptocurrency frauds. The following are some of them:
- When approached by an unknown contact, avoid revealing personal information.
- Don’t give money right away if a government official, prominent personality, or other unknown individual requests direct payment.
- Investing promises that seem too good to be true should be avoided.
- Don’t give out the private key to your crypto wallet.
- Always use two-factor authentication in your cryptocurrency wallet.
- Check the links to see if the page’s name is correct. There’s a good possibility the
- URL is a fraud if the letters have been replaced with numbers (Binance to B1nance).