Binance CEO Richard Teng has issued a strong warning to the crypto community, urging investors to remain cautious of scams and Ponzi schemes amid the ongoing market rally. With the resurgence of bullish momentum in the crypto space, Teng emphasized the increased activity of bad actors attempting to exploit investors through fraudulent schemes.
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
In a public statement, the Binance chief advised traders and investors to conduct thorough research before committing funds to any project. He outlined key precautions, including ignoring unsolicited investment offers, questioning the legitimacy of projects, and verifying information before placing trust in any opportunity. Teng reiterated that scammers often manipulate emotions to lure victims, making vigilance essential in the current market climate.
His warning comes as regulators worldwide continue to scrutinize the cryptocurrency sector. Binance itself remains under investigation by French authorities for alleged money laundering and tax evasion, with suspicions extending beyond France to other EU nations. The exchange has denied wrongdoing and pledged full cooperation with regulators.
Meanwhile, Teng also highlighted Bitcoin’s scarcity in a recent discussion, reminding users that only 21 million BTC will ever exist, with fewer than two million left to be mined. As institutional demand for Bitcoin surges, its limited supply is expected to drive further market interest.
With fraud attempts on the rise, Binance’s CEO urges the community to stay alert, prioritize security, and avoid falling for deceptive investment schemes that could lead to significant financial losses.
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