Cryptocurrency Swindlers Are Deceiving Users on Google With Bogus Binance Links

Sneaky con artists are pursuing cryprocurrency amateurs with forged landing papers for renowned exchange desks such as Binance, a leading platform. The landing papers have been purposely devised to look genuine. After a user lands on one of these pages that are fake, all links that can be clicked have been set to direct visitors to the certified website of Binance, but via an affiliate URL.  It may not seem like the phony pages are out to pilfer your credentials, but it is wise to be very careful in the event that you land on one. The illegal Binance impersonators are different from the official page as they utilize a method called Punycode, which lets them ‘act on behalf of Unicode in the restricted ASCII character subset.’ Using this technique, the evil domain ‘xn—inance-hrb.com’ could appear as ‘binance.com.’ You can note how confusing that could be to beginners as well as some crypto-traders who are less technical in general.

One method of detecting bogus pages is by examining the certificates on your browser’s top left corner. It is important to know that some methods that are more sophisticated have been confirmed to make it almost impossible to differentiate genuine from false set-ups; therefore, do not rely on this tip 100%. One other detail that came to our attention is that the false pages do not carry out real-time updates for exchange rates as is done by the authentic Binance site. Also, a button for ‘Sign up first’ is inefficiently fixed in the center of the illegal imitators. It may be useful to know that the individual responsible for this mess is utilizing this affiliate account number: 10115320. According to the certified Binance Referral Program, affiliates will obtain 50% of any signees’ trading fees they have presented to the exchange desk. For the ones that are not conversant, affiliate programs present a fast method for firms to enroll third-party ‘associates’ to recruit new users. ‘Associates’ like these who can literally be anyone, obtain a small percentage of each transaction carried out by users who registered through them.

‘The subscription commission is going to be sent immediately to your Binance account in real-time as your referee finalizes every trade. You are going to receive payment in any cryptocurrency or token the initial payment was carried out in,’ states its terms. We have contacted Binance to let them know about this suspicious act. We shall publish the latest news when we get feedback. Redditors are the ones who detected the fake sites. They allege they came across one of them by accident as they browsed Google.

After members advised associate posters to report the damaging page for phishing, it seems the Big G then excluded the impersonators from Search. This is not the initial time attackers have tried to create false pages to generate income from innocent crypto-fans. In the previous year in September, Bitfinex, an exchange desk, used Twitter to caution its users that attackers have created a website for phishing which looked a lot like the official service.

Take note: there is an online phishing website which looks a lot like https://t.co/VJg06pe7uT The attackers are utilizing bitfienex-com domain

— Bitfinex (@bitfinex) September 19, 2017

Since Binance has quickly proven itself to be a top exchange desk in the globe in the short six months from the time it was started in July 2017, it is not surprising that attackers are targeting the firm’s user base which is developing quickly.

Crypto Trading: Bitfinex Exchange Review – The Bitfinex Cryptocurrency Exchange

To this day this is not a fully regulated broker in the way that other brokers are. This is due to the fact that the crypto market is still just getting started and there is a legal vacuum that is making this process harder to handle than some would expect. The truth is that this is not the kind of thing that should lead tone to thing that these are scams, but being cautious about the moves you decide to make will be extremely important in the coming years.

Is Bitfinex safe?

This is an exchange platform that is doing all it possible can to make sure that the transactions are going to be taking place properly at all times. The idea is to make the market trade experience as safe and efficient as possible, with all the regulation issues, it can be hard for the platforms to maintain a level of smooth sailing that allows them to continue to grow without issues. This particular broker has been involved in many scandals that have sent ripples through the cryptocurrency community in regards to the true value and the real expectations that people can have in regards to exchange sites. The truth is that they have to be commended as they actually refunded a lot of money that people lost when the site was hacked.

Bitcoin exchange Bitfinex discontinuing service for U.S. customers
Bitcoin exchange Bitfinex discontinuing service for U.S. customers

This is not always a friendly market and there are plenty of cyber criminals and hackers who are going to do all they can to steal information and transactions from people in these platforms. Any large hack attempt is going to send the company into a very slippery slope and this is the reasons why this particular exchange platform has been able to survive. They have experienced many of the most horrific scenario that any company can experience in this market and they have managed to survive.

Since November 2017 the platform Bitfinex does not accept clients from the United States and this is entirely due to the fact that there are regulations that clash with their polices and they want to avoid any legal issues.

How to get started

Bitfinex is not requiring any specific set fee for people to begin their exchange process. A minimum deposit seems to be the only requirement and then people can start to trade and exchange based on their available currency.

Advantages of Bitfinex

– This is a recognized broker

– They refunded their clients after being hacked

– Their trading system is very easy to use

– Their liquidity is pretty good

– Their leverage is optimal

Disadvantages of Bitfinex

– Commissions are pretty high for deposits and withdrawals

– They have limited ways for you to deposit and withdraw

– The process can take from 10 to 12 hours usually

– Other platforms, while very few, seem to be a more solid and regulated option

In conclusion, this is an exchange platform that you can use with a good level of security and without feeling like you are walking into a scam situation that will make you lose money.