Changpeng Zhao: Only 50 out of 7,000 Binance employee profiles on LinkedIn are real

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The founder and CEO of Binance said that only about 50 of the 7,000 Linkedin users who claim to be employees of the exchange actually are.

According to Changpeng Zhao, the social network Linkedin “lacks a meaningful authentication system.”

“I would like LinkedIn to havea feature that allows a company to verify people. But, unfortunately, she is not there. So when you hear, “Hey, I'm in charge of the listing,” know that these are scammers, and be careful,” Zhao warned.

As a rule, scammers carefully composefake profiles, trying to show their many years of experience in the industry, as well as numerous connections, in order to create the image of a legitimate employee. After this, they begin to look for a victim among the heads of cryptocurrency firms interested in listing their token. 

After the victim is found, the scammersends a document via email or Telegram containing details of the listing process, as well as the required initial deposit for its services. However, once the victim transfers the requested assets to the deposit address, the scammer breaks off all contact and disappears.

Exchanges generally do not require any moneyor listing fees. Instead, a dedicated team reviews the potential token for security, compliance, legal framework, and overall utility of the project, and then sets up a meeting with the asset issuer to discuss next steps.

Earlier, the Coinbase exchange reported that the US Securities and Exchange Commission (SEC) through the court requested information about the placement of crypto assets and the company’s own income products.