Richard Teng, the CEO of Binance succeeding Changpeng Zhao (CZ), issued an important warning to the cryptocurrency community, urging people to steer clear of scam projects.

Binance CEO Warns the Community

Richard Teng addressed the concerns of Binance's investor and trader community by issuing an important warning. Teng strongly advised Binance customers and cryptocurrency users worldwide to "stay away from Ponzi and pyramid schemes."

Regarding this issue, the CEO of Binance provided several recommendations for investors on how to avoid falling into scam traps. He stated that a good and wise investor should research every project before investing in it. Another important piece of advice is to ignore unsolicited offers. It is also crucial to “ask everything” and “verify before trusting.”

An obvious fact is that during price surges, cryptocurrency scams increase significantly; therefore, it is especially important to remain vigilant and cautious right now, as the cryptocurrency market is on an upward trajectory.

In response to a comment, Richard Teng stated: “Scammers exploit emotions - be cautious.”

Binance CEO Talks About Bitcoin's Scarcity

In a previous post on X, the head of Binance engaged the community in a discussion by highlighting one of Bitcoin's key advantages – its scarcity.

Teng reminded the audience that the number of BTC produced through mining is rapidly decreasing, and the global population is significantly larger than the total supply of BTC: "Only 21 million Bitcoins for all 8 billion of us."

So far, over 19 million Bitcoins have been mined, meaning there are less than two million BTC remaining in the "digital space" where miners mine them.

France Begins Investigation of Binance

Earlier, we reported that the French authorities had initiated an investigation into Binance. Reuters reported that this cryptocurrency trading giant is under investigation for money laundering, tax evasion, and other illegal activities suspected by French law enforcement agencies.

The French authorities declared that Binance was not only conducting these illegal activities in France but also in other EU countries. In fact, the criminal investigation has now been broadened, but the preliminary investigation related to money laundering has been ongoing since 2023 in France.

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