In the crypto market, you might want to perk up your ears, so Richard Teng, the big dog over at Binance, just dropped some serious wisdom on how to steer clear of those Ponzi and pyramid schemes that seem to be popping up everywhere.
Don’t trust, verify!
Teng didn’t hold back in an X post, and urged everyone to keep their guard up and do their homework before putting their hard-earned cash into any investment.
“Stay safe from Ponzi and pyramid schemes. Research every investment. Ignore unsolicited offers. Question everything. Verify before you trust.”
Teng is no stranger to sharing his insights on social media. Back in December, he reminded us that crypto isn’t just about holding onto coins or flipping them for a quick profit.
It’s all about learning and growing in this fast-changing industry, where the markets and players aren’t always playing nice.
Regulation won’t stop scams
Teng has also been vocal about the need for clearer regulations in the crypto industry, as he believes that having straightforward rules can protect investors and help the market grow sustainably. And who doesn’t want that?
At the ongoing World Economic Forum in Davos, Teng was feeling pretty optimistic about Bitcoin hitting new heights by 2025.
He attributes this hopeful outlook to some shifts in regulations happening in the U.S., especially under President Trump’s administration.
Government and users
With more and more moves from the government for boosting innovation in digital finance, like an executive order from Trump and the SEC setting up a dedicated task force to clarify crypto rules, Teng thinks we might finally get some much-needed certainty and recognition for the industry.
As Ponzi and pyramid schemes become more sophisticated, Teng’s advice couldn’t come at a better time.
It’s a reminder for all of us to stay sharp and do our due diligence when exploring investment opportunities.
After all, being informed and critical can be your best defense against financial fraud.
