Binance Survey: 40.7% of Asian Crypto Users Exposed to Scams, 84% Trust Exchange Protections

Binance, the world's largest cryptocurrency exchange, released the results of its Asia Crypto Security Survey on May 6. The survey collected responses from 29,847 cryptocurrency users across Southeast Asia, South Asia, and East Asia, covering a wide range of security topics. The findings indicate both an increased awareness of security issues and a high level of trust in existing security measures among Asian cryptocurrency users.

According to the survey, 40.7% of participants reported experiencing some form of exposure to crypto-related scams. The most commonly used platforms for disseminating these scams were X, Telegram, and Facebook, with 57%, 51.2%, and 46.5% of users respectively identifying these platforms as sources of scam information in their regions.

Over half of the traders surveyed, 53.4%, stated that they would immediately contact the exchange in the event of a scam. Additionally, 84% of respondents expressed trust in protections such as Binance’s emergency fund, SAFU. Currently, 80.5% of users have enabled the exchange’s 2-factor authentication (2FA) feature, while 34.9% maintain a separate trading password. In contrast, only 10.9% of users do not use any additional security features.

Looking ahead, cryptocurrency investors in Asia prioritize real-time monitoring and access to public databases for enhancing security. Some 62.5% of respondents highlighted the need for real-time interception of high-risk transactions, while 49.4% called for the establishment of public databases containing suspicious addresses.

The survey also revealed a disparity between experienced crypto users and novices. A full third of users still store their private keys on internet-connected devices, a figure that rises to 42% in Southeast Asia. Education remains a critical pillar of security, but there is a clear need for improvement. 55.8% of users find existing materials “too technical and hard to understand,” while 39.7% prefer localized, real-life case studies.