The world’s leading review platform, Trustpilot, has taken action against Binance, the world’s largest cryptocurrency platform, by blocking its profile. Trustpilot has detected and removed a number of fake reviews related to Binance, raising suspicions that the company may be engaging in deceptive practices to manipulate its public image. Users should be very careful when working with Binance.
Fake Reviews Fraud
Creating fake reviews to systematically and intentionally mislead customers or potential customers about the actual situation with customer satisfaction is fraud. It’s as simple as that, as a legal opinion commissioned by FinTelegram proves. We know that fake reviews can be easily bought through Fiverr, for example.
Scammers are well-known for using fake reviewers and fabricated reviews to create a false sense of trust and credibility. Binance‘s apparent use of such methods is concerning and aligns with other questionable practices associated with the company.
Recent History of Legal Troubles:
In November 2023, Binance and its former CEO, Changpeng Zhao (CZ), pleaded guilty to money laundering charges and agreed to pay a substantial settlement of $4.2 billion. CZ was sentenced to four months in prison and fined further. He is currently serving his sentence in the United States and is expected to be released by the end of September 2024. Meanwhile, Binance continues to be under close scrutiny by U.S. authorities.
In Nigeria, Binance and two of its executives face charges of money laundering and financial manipulation. Although Binance and its new CEO, Richard Teng, deny these allegations, they have countered with claims that Nigerian officials demanded bribes to prevent the charges.
A Pattern of Evasive Behavior:
To this day, Binance does not have an official headquarters, making it challenging for authorities to track and regulate its operations. This lack of transparency, combined with its ongoing legal issues, paints a troubling picture of a company that operates in a suspicious and opaque manner. Given this context, it is not surprising to see Binance involved in dubious activities concerning customer reviews.
What You Can Do:
If you have any information about Binance and its activities, please share it with us through our whistleblower system, Whistle42. Your insights could be crucial in uncovering more about the company’s operations and ensuring a safer, more transparent cryptocurrency ecosystem.
Stay vigilant and informed. Protect yourself from potential scams and questionable practices in the crypto world.
