Binance Users Grapple with Security Fears and Flawed Verification Processes

Binance, the world’s largest cryptocurrency exchange by volume, continues to face scrutiny from users regarding account security and support responsiveness, according to multiple forum reports. In one case, a user received an SMS from Binance notifying them of a login attempt from a device in Romania. After verifying the call and confirming it originated from a local number, the user was instructed to transfer assets into an external wallet named Trust Wallet. The process appeared legitimate, with Binance staff emphasizing not to share passwords or verification codes. However, after transferring the assets and verifying their presence in the external wallet, the user found the wallet empty within 40 minutes. The user later concluded that the wallet had been compromised and that Binance had failed to provide adequate security safeguards for such interactions. Attempts to seek support were met with automated responses, leading the user to question Binance’s accountability for the incident.

Similar account verification issues were reported by users on Binance’s Spanish forum. In one case, a user encountered an error stating that their account already had a verified identity despite only registering once. The user was unable to proceed with level-2 verification and sought help from the community. Another user suggested that the issue often occurs when users log in with their email but have their phone number linked to another account. By authenticating with their phone instead, the user was able to merge the accounts and proceed with verification. Multiple users confirmed this as a viable solution, indicating that the problem is relatively common among new and existing Binance users. However, some users reported ongoing issues even after following these steps, suggesting that the system may not be consistently flagging or merging duplicate accounts.

Binance’s interface also includes technical indicators like moving averages (MA) that are frequently referenced by traders for decision-making. On Binance’s trading charts, these MAs are color-coded: yellow for 7-day, purple for 25-day, and red for 99-day averages. These indicators represent the average price of an asset over specific timeframes, helping traders identify potential support and resistance levels. While some traders rely heavily on these MAs, others customize their indicators using third-party tools like TradingView. The inclusion of MAs on Binance’s platform suggests a growing emphasis on providing users with analytical tools to make informed trading decisions. However, the forum post highlights that traders are often encouraged to experiment with different timeframes and tools to suit their individual strategies.

The recurring user concerns—ranging from account security breaches to confusing verification processes—underscore the need for Binance to enhance its customer support infrastructure and security protocols. While the platform remains a dominant player in the crypto space, such incidents can erode user trust if not addressed proactively. Binance has yet to publicly comment on the specific cases mentioned, but it is widely understood that the exchange continues to refine its systems in response to user feedback .