Piyasa Crypto Exchange: Scam Alert and Legitimate Alternatives
If you've seen "Piyasa Crypto Exchange" mentioned online, you might think it's a new platform to try. But here's the hard truth: Piyasa isn't a real crypto exchange. It's a fake name scammers use to trick people. Let's look at why this fake crypto exchange doesn't exist and how to protect yourself from similar scams.
Why "Piyasa" Isn't Real
The name "Piyasa" is the Turkish word for "market." Legitimate crypto exchanges don't use localized names without proper licensing. According to the Cryptolegal.uk registry, over 147 fraudulent platforms were reported in 2025. Industry experts at CoinDesk's Anti-Scam Task Force found that 63% of non-English named exchanges without regulatory licenses are scams. The 2025 Crypto Scam Observatory report by Chainalysis shows that 72% of such platforms disappear within 18 months. No authoritative source like NFTEvening, Coinspeaker, or FXEmpire lists Piyasa. This absence confirms it's not a legitimate operation.
Red Flags of Fake Crypto Exchanges
Fake exchanges like Piyasa have clear warning signs. They often promise "guaranteed returns" with unrealistically high APYs-like 187%-which is impossible in crypto markets. They require KYC checks only for withdrawals, not deposits. User reviews on Trustpilot or Reddit are either non-existent or suspiciously similar. Legitimate exchanges like Binance have thousands of reviews with varied feedback. Another red flag is no proof-of-reserves. Binance regularly publishes proof-of-reserves reports, while scams never do. Also, they lack regulatory licenses. For example, Kraken holds licenses in 17 jurisdictions, but fake exchanges have zero official registrations.
How to Verify a Crypto Exchange
Follow these steps to check any exchange:
- Check CoinGecko or CoinMarketCap: Legitimate exchanges appear here with verified trading volume. Piyasa doesn't show up in either.
- Look for regulatory licenses: Search for the exchange on government financial authority websites like the FCA (UK), SEC (US), or FINMA (Switzerland). Binance is licensed in 38 jurisdictions.
- Verify proof-of-reserves: Visit the Blockchain Transparency Institute's dashboard. Legitimate exchanges update this hourly. Scams never do.
- Review user feedback: Check Reddit's r/CryptoScams. Legitimate exchanges have consistent reviews; scams have artificial ratings with identical language.
- Check corporate registration: Legitimate exchanges list their legal entity details. Binance is registered as "Binance Markets Limited" in Malta (C 70027).
Legitimate Alternatives to Avoid Scams
Stick with exchanges that meet these standards:
Binance is a leading cryptocurrency exchange founded in 2017. It currently handles 42.3% of global spot trading volume as of Q3 2025 and is licensed in 38 jurisdictions worldwide. Binance's standard trading fee is 0.1%, and they maintain transparent proof-of-reserves. Kraken became the first US exchange to receive a banking charter in Wyoming. They hold 17 licenses globally and maintain transparent fee structures at 0.16% per trade. Kraken's cold storage protects 95% of user funds. Coinbase is regulated by the SEC and serves over 100 million users. Their standard fee is 0.5%, and they provide FDIC insurance on USD balances up to $250,000. Coinbase consistently appears in all major exchange rankings.What to Do If You Spot a Scam
If you encounter a platform like Piyasa:
- Do not deposit any funds. Withdraw immediately if you already have funds there.
- Report it to authorities: File a complaint with the FTC in the US or your local financial regulator.
- Warn others: Share your findings on Reddit's r/CryptoScams or Trustpilot.
- Check your accounts: If you used the scam, monitor for suspicious activity and change passwords.
Is Piyasa Crypto Exchange real?
No, Piyasa Crypto Exchange does not exist. It's a fake name used by scammers. The word "Piyasa" is Turkish for "market," but legitimate exchanges don't operate under localized names without proper licensing. No authoritative sources like CoinMarketCap or NFTEvening list it, and regulatory bodies have no record of it.
How can I check if a crypto exchange is legitimate?
Verify the exchange through these steps: check CoinGecko or CoinMarketCap for trading volume, confirm regulatory licenses with authorities like the FCA or SEC, review proof-of-reserves reports, and check user feedback on trusted platforms like Reddit. Legitimate exchanges like Binance and Kraken provide transparent details for all these checks.
What are the safest crypto exchanges to use?
Binance, Kraken, and Coinbase are among the safest. Binance handles 42.3% of global trading volume and is licensed in 38 jurisdictions. Kraken has a banking charter in Wyoming and maintains strong security protocols. Coinbase is SEC-regulated and offers FDIC insurance on USD balances. All three consistently appear in major exchange rankings and provide verifiable transparency.
Why do scammers use names like 'Piyasa'?
Scammers use localized names like "Piyasa" (Turkish for "market") to appear legitimate to specific regions. The International Organization of Securities Commissions (IOSCO) reports that linguistically localized fake exchanges are the third fastest-growing scam category. These names trick users into thinking the platform is local and trustworthy, but they lack any real regulatory presence or security measures.
What should I do if I used a fake crypto exchange?
If you deposited funds into a fake exchange like Piyasa, act immediately: withdraw any remaining funds, change passwords for all related accounts, and report the scam to your local financial regulator. The Global Crypto Consumer Protection Framework states that funds deposited into unregistered exchanges are often unrecoverable, so prevention is key. Always verify exchanges before using them.