Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Richard Teng, the Binance chief executive officer who took over from Changpeng Zhao (CZ), has issued an important warning to the crypto community, urging everyone to stay away from scam projects.

Richard Teng has addressed the Binance community of investors and traders by publishing a crucial warning. Teng strongly recommended Binance customers and crypto users worldwide to “stay safe from Ponzi and pyramid schemes.”

In this regard, the Binance CEO offered several recommendations to investors on how to avoid falling for scam traps. He stated that a good and sensible investor should research every project before investing in it. Another important piece of advice is to ignore unsolicited offers. It is also crucial to “question everything” and “verify before you trust.”

It is a known fact that during bull runs, crypto scammers’ activity increases greatly; therefore, it is particularly important to stay vigil and alert now, while the cryptocurrency market is on the rise.

While responding to a comment, Richard Teng stated: “Scammers prey on emotions—stay vigilant.”

In an earlier X post, the Binance boss engaged the community in a discussion by highlighting one of the key virtues of Bitcoin – its scarcity. Teng reminded the audience that the amount of BTC to be produced by mining is quickly shrinking and that the world’s population is generally much bigger than the total BTC supply: “Just 21 million Bitcoin for all 8 billion of us.”

By now, more than 19 million Bitcoins have been mined already, which leaves less than two million BTC in the “digital space,” where miners extract them from.

As reported by U.Today, French authorities have initiated an investigation against Binance. Reuters spread the word that the cryptocurrency trading giant is being probed for money laundering activities, tax evasion and other illicit activities suspected by French law-enforcement agencies.

French authorities claim that these illegal activities were committed by Binance not only in France but in other EU countries as well.

Actually, the criminal probe has been expanded now, but a preliminary one regarding money laundering was initiated in 2023 in France.