A deceptive Facebook ad is circulating, urging users to visit a suspicious website, putting them at risk of scams.
What’s the significance: This stresses the increasing risk of fraud in the Philippines due to regulatory uncertainties. Users are urged to be cautious of downloading apps from unverified sources and protecting their personal data.
Key Details:
- The boosted Facebook post encourages users to download a Binance app and even includes a photo of the former Securities and Exchange Commissioner Kelvin Lee.
- The post contains an auto-redirect advertisement that leads users to a questionable website.
Fact Check:
- While access to the Binance website is banned in the Philippines, the application is still up and running.
- The SEC did say that it is working to have the Binance application shut down by requesting Google and Apple to remove Binance-related applications from their app stores.
- In July, the SEC expressed continued optimism that Google and Apple would comply with its request to remove Binance apps from their marketplaces. However, there have been no updates since.
- On the other hand, former SEC Commissioner Lee’s term already lapsed in December 2023. He was in a holdover capacity until March 2024 when then-Commisioner Hubert Dominic Guevara was appointed, who, however, passed away 28 days after the appointment after suffering a cardiac arrest.
The Bottom Line: The ongoing presence of fraudulent ads amid the SEC’s regulatory efforts signals the urgent need for clear laws and enhanced enforcement to protect Philippine cryptocurrency users from scams.
Zoom Out: Learn how to protect your digital assets:
Worth Reading: The SEC released a draft proposal “Rules on Crypto-Assets Service Providers” (Summary and Full Text) earlier this month detailing proposed regulations for the crypto space. The draft includes rules concerning licensing, compliance, marketing, cybersecurity, anti-market manipulation, and penalties.
This article is published on BitPinas: Fake Binance Ad in PH Asks Users to Visit Suspicious Site
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