Beware Fake Binance Calls: Scammers Hijack API Access to Steal Crypto

Binance, the world's largest cryptocurrency exchange, has issued a public warning to its users about an emerging scam involving fake support calls designed to trick traders into altering their API settings and exposing their assets to theft. CEO Richard Teng highlighted the risk on X (formerly Twitter), emphasizing that Binance would never request login credentials or account details via phone. The warning follows a series of similar fraudulent activities, including impersonated support calls, malicious QR codes, and SMS spoofing attempts [2].

The scam, as reported, involves attackers posing as Binance support representatives and contacting users with urgent alerts about account security. These individuals manipulate victims into changing their API configurations, a process that could grant the attackers full access to the user’s funds. Teng stated that the company is closely monitoring the situation and advising users to remain vigilant [2].

Binance has reiterated that customers should never share sensitive account information, including passwords, secret keys, or phone numbers, with any caller claiming to be from the exchange’s support team. The platform has also encouraged users to enable two-factor authentication (2FA) and to report any suspicious activity to the company's official support channels [3].

This is not the first time Binance has encountered such threats. The exchange has previously addressed scams involving impersonation, phishing, and malware. The recent surge in cryptocurrency-related fraud highlights the growing sophistication of cybercriminals, who are increasingly targeting users with social engineering tactics rather than technical exploits. These scams often capitalize on user trust and urgency to bypass traditional security measures [2].

The latest scam comes amid a broader wave of cyber threats in the cryptocurrency space. With over $1.5 billion in stablecoin inflows recorded on the platform this month, Binance has a heightened responsibility to ensure user security and transparency. The company has taken steps to inform the community about the risks, sharing detailed guides on how to verify official communications and secure account settings [2].

Security experts have underscored the importance of user education in combating these types of fraud. Binance’s proactive approach includes issuing public alerts on social media and encouraging users to rely only on verified customer support channels. As the crypto ecosystem continues to evolve, the exchange has emphasized that staying informed and cautious is essential for protecting digital assets [3].

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[1] Can Nvidia Stock (NVDA) Defend Its AI Crown as Q2 Earnings Approach (https://www.tipranks.com/news/can-nvidia-stock-nvda-defend-its-ai-crown-as-q2-earnings-approach)

[2] Binance CEO Sounds the Alarm About a Dangerous Scam: Details (https://cryptorank.io/news/feed/d6cbd-binance-ceo-sounds-the-alarm-about-a-dangerous-scam-details)

[3] “This is Binance Support. Your account is at risk.” Don't fall for it. (https://coinstats.app/news/fa791708dceda91affee4ad72ff6e397ba680173f5873ef0bf4eba9ff6429b32_This-is-Binance-Support-Your-account-is-at-risk-Dont-fall-for-it--A-new-wave-of-phone-scams-is-targeting-users-by-spoofing-official-calls-to-trick-you-into-changing-API-settings--giving-attackers-full-access-to-your-funds-Learn-how-to-protect-yourself-with-2FA)