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Hong Kong police have cautioned residents about scammers posing as Binance and sending phishing texts.
Over the past two weeks, authorities have recorded 11 cases, amounting to HK$3.5 million in reported losses.
A local news <a href="https://news.mingpao.com/ins/%e7%86%b1%e9%bb%9e/article/20231009/s00024/1696847560224/%e9%a8%99%e5%be%92%e6%b6%89%e5%86%92%e5%85%85%e5%b9%a3%e5%ae%89%e7%99%bc%e9%87%a3%e9%ad%9a%e7%9f%ad%e8%a8%8a-%e8%ad%a6%e6%96%b9-%e6%8e%a511%e5%ae%97%e5%b8%b3%e6%88%b6%e8%99%9b%e6%93%ac%e8%b3%87%e7%94%a2%e8%a2%ab%e8%bd%89%e8%b5%b0%e6%b6%89350%e8%90%ac%e5%85%83" data-type="link" data-id="https://news.mingpao.com/ins/%e7%86%b1%e9%bb%9e/article/20231009/s00024/1696847560224/%e9%a8%99%e5%be%92%e6%b6%89%e5%86%92%e5%85%85%e5%b9%a3%e5%ae%89%e7%99%bc%e9%87%a3%e9%ad%9a%e7%9f%ad%e8%a8%8a-%e8%ad%a6%e6%96%b9-%e6%8e%a511%e5%ae%97%e5%b8%b3%e6%88%b6%e8%99%9b%e6%93%ac%e8%b3%87%e7%94%a2%e8%a2%ab%e8%bd%89%e8%b5%b0%e6%b6%89350%e8%90%ac%e5%85%83" target="_blank" rel="noopener noreferrer nofollow">report</a> dated Oct. 9 calls out a post on the “Net Keeper” social platform, in which law enforcement authorities have raised alarm over a surge in fraudulent activities involving phishing text messages impersonating Binance, the world’s largest cryptocurrency exchange by market capitalization.&nbsp;
You might also like: <a href="https://crypto.news/hong-kong-official-states-retail-stablecoins-trading-not-yet-allowed/" rel="noopener noreferrer nofollow"> Hong Kong official states retail stablecoins trading not yet allowed </a>
Scammers would allegedly entice users to click on these deceptive text messages, thereby gaining unauthorized access to victims’ Binance accounts and stealing their digital assets.&nbsp;
The police reminded citizens to take several precautionary steps, including considering the security risks of different platforms, storing large amounts of virtual assets in offline wallets, and using only a trading platform licensed in&nbsp;<a href="https://www.sfc.hk/TC/Welcome-to-the-Fintech-Contact-Point/Virtual-assets/Virtual-asset-trading-platforms-operators/Lists-of-virtual-asset-trading-platforms?fbclid=IwAR32NWXMLpNepnx5TFYAl3kvPBROGHQ6y-Ulax1HIAZPVGOllLQpUhcquNs" target="_blank" rel="noopener noreferrer nofollow">Hong Kong for investment</a>.
This announcement comes amid a more significant awareness for funds lost to hacks, scams, and rug pulls. An&nbsp;<a href="https://crypto.news/crypto-scammers-and-hackers-stole-889m-in-q3-2023/" target="_blank" rel="noopener noreferrer nofollow">article released at the end of September</a>&nbsp;highlights in Q3 2023 alone, the crypto industry lost $889.3 million.
At the same time, the US Securities and Exchange Commission (SEC) chair, Gary Gensler, has also been open about calling out his concern about the pervasive fraud and regulatory non-compliance in crypto.
Read more: <a href="https://crypto.news/hong-kong-stock-exchange-launches-smart-contract-powered-settlement-platform/" rel="noopener noreferrer nofollow"> Hong Kong Stock Exchange launches smart contract-powered settlement platform </a>

Hong Kong police warn of Binance impersonation scam

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