A misleading ad is circulating on Facebook urging users to visit a suspicious website, putting them at risk of scams.
What is the meaning: This underlines the growing risk of fraud in the Philippines due to regulatory uncertainties. Users are urged to be careful when downloading applications from unverified sources and to protect their personal data.
Key details:
- The enhanced Facebook post encourages users to download a Binance app and even includes a photo of former Securities and Exchange Commissioner Kelvin Lee.
- The post contains an auto-redirect advertisement that takes users to a questionable website.
Fact Check:
- While access to the Binance website is banned in the Philippines, the app is still up and running.
- The SEC said it is working to shut down the Binance app by asking Google and Apple to remove Binance-related apps 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 then.
- On the other hand, the term of former SEC Commissioner Lee already expired in December 2023. He served as a holdover until March 2024, when then-Commissioner Hubert Dominic Guevara was appointed, who, however, died 28 days later. of the appointment after suffering from heart disease. detention.
The conclusion: The continued presence of fraudulent ads amid the SEC’s regulatory efforts indicates the urgent need for clear laws and greater enforcement to protect Filipino cryptocurrency users from scams.
Remove: Learn how to protect your digital assets:
worth reading: The SEC released a draft proposal “Rules Concerning Crypto Asset Service Providers” (summary and full text) earlier this month detailing proposed regulations for the crypto space. The draft includes rules regarding licensing, compliance, marketing, cybersecurity, anti-market manipulation and sanctions.
This article is published on BitPinas: Fake Binance Ad in PH Asks Users to Visit Suspicious Site
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