Crypto Scammers Now Targeting Users with Fake Binance Support Calls

Binance has issued a warning to its users regarding a growing scam involving fake customer support calls designed to steal cryptocurrency. The exchange’s CEO, Richard Teng, highlighted that scammers are impersonating Binance support staff to trick users into altering their API settings. According to the alert, these modifications grant fraudsters access to user accounts, enabling them to siphon funds directly into their own wallets [1]. Binance emphasized that it will never request passwords or sensitive credentials via phone and urged users to remain cautious when receiving unsolicited calls.

The recent incident is part of a broader pattern of scams targeting cryptocurrency users. Binance stated that its risk teams are actively monitoring such threats, but it stressed that the most effective defense is user awareness. To safeguard their accounts, Binance recommended enabling two-factor authentication (2FA), using passkeys for enhanced security, and verifying all communication through official channels. Users were also advised to report any suspicious activity to the exchange [1].

This warning follows previous incidents where Binance users fell victim to SMS spoofing and malicious QR code scams. In one case, users received fake messages from what appeared to be their usual verification number, instructing them to transfer funds to a fraudulent wallet under the pretense of a North Korean cyber threat [1]. These incidents underscore the evolving tactics employed by fraudsters to exploit the trust and urgency of users, often leveraging social media platforms such as WhatsApp, Telegram, and Facebook.

The issue of scam calls is not exclusive to Binance but is part of a wider trend in the cryptocurrency sector. A separate report by the FBI highlighted a particularly insidious scam where fraudsters impersonate legal representatives of U.S. government agencies to re-target victims of prior scams. These scammers often contact victims who have already lost money to cryptocurrency fraud, exploiting their emotional vulnerability and financial desperation. The FBI warned that these fraudsters frequently operate on social media and use fake legal documentation to appear legitimate [2]. Key red flags include requests for cryptocurrency or prepaid cards, the use of fabricated government agencies, and the absence of verifiable credentials or video verification.

Cryptocurrency scams come in many forms, ranging from phishing attempts to sophisticated man-in-the-middle attacks. Common tactics include fake investment schemes, romance scams, and Ponzi schemes, all of which have caused significant financial losses. One of the most prevalent scams involves scammers posing as investment advisors, promising high returns and using fake testimonials to gain trust. Once victims send funds, the scammers typically disappear or demand more money to unlock supposed profits [3]. Phishing scams, on the other hand, use deceptive emails and fake websites to steal login credentials, giving fraudsters immediate access to user funds.

In addition to online scams, crypto users are also vulnerable to fraud involving Bitcoin ATMs and fake job offers. Scammers often pose as financial institutions or government agencies, pressuring victims to deposit cash into a Bitcoin ATM under false pretenses, such as resolving an account freeze or avoiding penalties [3]. Meanwhile, fake job offers in the crypto sector require upfront cryptocurrency payments for training or equipment, preying on job seekers’ hopes for high-paying roles. As the sector continues to grow, so too does the sophistication of these schemes, with AI-powered bots now being used to create convincing fake relationships and investment opportunities.

To mitigate these risks, experts recommend that users adopt a "zero trust" mindset and verify all communications through official channels. Enabling 2FA, using reputable platforms, and avoiding public Wi-Fi for sensitive transactions are also crucial. Reporting scams to authorities like the Federal Trade Commission (FTC), the Internet Crime Complaint Center (IC3), or the Securities and Exchange Commission (SEC) can help prevent others from falling victim [3].

Source:

[1] Binance CEO Sounds the Alarm About a Dangerous Scam (https://cryptopotato.com/binance-ceo-sounds-the-alarm-about-a-dangerous-scam-details/)

[2] FBI warning: Latest scam is particularly vicious, feds caution (https://www.al.com/news/2025/08/fbi-warning-latest-scam-is-particularly-vicious-feds-caution.html)

[3] Common cryptocurrency scams and how to avoid them (https://www.malwarebytes.com/cybersecurity/basics/cryptocurrency-scams)