Crucial Crypto Scam Warning Issued by Binance CEO

Richard Teng, the Binance chief executive officer who took over from Changpeng Zhao (CZ), has issued an important warning to the crypto community, urging them to stay away from scam projects.

Binance boss warns community

Richard Teng has addressed the Binance community of investors and traders by publishing a crucial warning. Teng strongly recommended Binance customers and crypto users worldwide to “stay safe from Ponzi and pyramid schemes.”

In this regard, the Binance CEO offered several recommendations to investors on how to avoid falling for scam traps. He stated that a good and sensible investor should research every project before investing in it. Another important advice is to ignore unsolicited offers. It is also crucial to “question everything” and “verify before you trust.”

Stay Safe from Ponzi and Pyramid Schemes

· Research every investment
· Ignore unsolicited offers
· Question everything
· Verify before you trust

— Richard Teng (@_RichardTeng) January 29, 2025

It is a known fact that during bull runs crypto scammers’ activity increases greatly, therefore it is particularly important to stay vigil and alert now, while the cryptocurrency market is on a rise.

While responding to a comment, Richard Teng stated: “Scammers prey on emotions—stay vigilant.”

Binance CEO on Bitcoin scarcity

In an earlier X post, the Binance boss engaged the community in a discussion by highlighting one of the key virtues of Bitcoin – its scarcity. Teng reminded the audience that the amount of BTC to be produced by mining is quickly shrinking and that the world’s population is generally much bigger than the total BTC supply: “Just 21 million Bitcoin for all 8 billion of us.”

By now, more than 19 million Bitcoins have been mined already, which leave less than 2 million BTC left in the “digital space” where miners extract them from.

Just 21 million Bitcoin for all 8 billion of us.

— Richard Teng (@_RichardTeng) January 28, 2025

France begins to investigate Binance

As reported by U.Today, French authorities have initiated an investigation against Binance. Reuters spread the word that the cryptocurrency trading giant is being probed for money laundering activities, tax evasion, and other illicit activities suspected by French law-enforcement agencies.

French authorities claim that these illegal activities were committed by Binance not only in France but in other EU countries as well.

Actually, the criminal probe has been expanded now but a preliminary one regarding money laundering was initiated in 2023 in France.

Source