A New Scam Posing as Support Steals Crypto Through API Manipulation

Binance has issued a warning to users about a novel form of scam involving fraudulent phone calls from individuals impersonating customer support agents. These scammers attempt to manipulate users into altering their API (application programming interface) settings, which can lead to the compromise of their accounts and potential theft of cryptocurrency assets [1]. The scam typically involves a caller presenting as a legitimate Binance representative and urging the recipient to perform urgent security updates. By following the scammer’s guidance, users inadvertently grant access to their wallets, risking significant financial loss [1]. According to internal data from Binance, victims of this scam have lost amounts ranging from hundreds to several thousand USDT, with many expressing shock at the unexpected source of the attack [1].

Binance emphasizes that its employees will never request users to share their passwords or credentials over the phone and encourages users to remain vigilant. The company is actively working to protect users by tracking call patterns and API misuse to identify and block attacker networks. However, users are advised to take responsibility for their account security by enabling 2FA (two-factor authentication), securing their IP settings, and monitoring account activity. Any suspicious calls should be reported to Binance to aid in tracking and mitigating these scams [1].

The issue of fraudulent activities in the cryptocurrency space is not unique to Binance, as the broader industry continues to grapple with evolving threats targeting user assets. In the context of global crypto exchanges, Binance is considered one of the most prominent platforms, with a vast user base and high trading volume. However, other platforms also face similar security challenges, and user education remains a critical aspect of maintaining the integrity of crypto transactions.

In a related context, the landscape of crypto exchanges in Australia has evolved significantly, with several platforms offering varying levels of security, user-friendliness, and educational tools. Exchanges such as Coinbase, eToro, Kraken, and Swyftx have emerged as top choices due to their robust security systems, ease of use, and additional features like copy trading and educational hubs [2]. These platforms are often praised for their customer satisfaction and reliability, with some offering incentives such as welcome bonuses or reduced trading fees to attract new users.

Binance itself has received recognition in the advanced trading category for its feature-rich trading platform, low spot market fees, and extensive selection of cryptocurrencies and trading pairs. Despite its global dominance, Binance removed AUD deposits and withdrawals in 2023, which may have impacted its accessibility for certain regional users [2]. Nevertheless, the platform remains a key player in the crypto exchange market, with over 258 million registered users and a trading volume that outpaces its competitors.

The growing prevalence of scams in the crypto space underscores the importance of user education and proactive security measures. As the industry continues to expand, platforms must balance innovation with user safety, ensuring that best practices are communicated effectively. In response to these challenges, exchanges are increasingly focusing on enhancing user protection through multi-layered security systems and real-time monitoring of suspicious activities. Such efforts are vital to building trust and fostering long-term growth in the crypto ecosystem [1].

Source: [1] Brand New Type of Scam Spotted by Binance CEO (https://u.today/scam-alert-brand-new-type-of-scam-spotted-by-binance-ceo) [2] 12 Best Crypto Exchanges in Australia 2025 (https://www.finder.com.au/cryptocurrency/exchanges)