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<div class="cryptonews"><p class="is-style-lead">Hong Kong <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/police.html">police</a> have cautioned residents about scammers posing as Binance and sending phishing texts.</p><p>Over the past two weeks, authorities have recorded 11 cases, amounting to HK$3.5 million in reported losses.</p><p>A local news report 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;</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> You might also like: </span> Hong Kong official states retail stablecoins trading not yet allowed </div><p>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;</p><p>The <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/tag/police.html">police</a> 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;Hong Kong for investment.</p><p>This announcement comes amid a more significant awareness for funds lost to hacks, scams, and rug pulls. An&nbsp;article released at the end of September&nbsp;highlights in Q3 2023 alone, the crypto industry lost $889.3 million.</p><p>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.</p><div class="cn-block-related-link"><span class="cn-block-related-link__prefix"> Read more: </span> Hong Kong Stock Exchange launches smart contract-powered settlement platform </div><span class="google-news-banner__label">Follow Us on Google News</span></div><p>Source: <a rel="noopener noreferrer nofollow" href="https://thebittimes.com/hong-kong-police-warn-of-binance-impersonation-scam-tbt65660.html">https://thebittimes.com/hong-kong-police-warn-of-binance-impersonation-scam-tbt65660.html</a></p>

Hong Kong police warn of Binance impersonation scam

TheBitTimes

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