With Binance holding a leading position in the crypto exchange world, it's no surprise that it also attracts some unscrupulous actors. From P2P trading vulnerabilities to fake investment schemes, scammers constantly look for ways to exploit unsuspecting users. Here, we’ll spotlight some of the most prevalent scams on Binance, including key protective measures that can significantly reduce your risk.
1. P2P Scams: Binance’s Peer-to-Peer (P2P) platform is an ideal solution for users who prefer direct trades, but it also presents specific risks. Common tactics include payment reversals, fake payment proofs, and third-party payment tricks that can leave sellers without payment. For a safer experience, always confirm payments in your account, use Binance’s escrow service, and verify buyer details against Binance-verified information.
2. Phishing Scams and Fake Support: Scammers often mimic Binance's emails, websites, or even customer support on social media to deceive users into revealing credentials. Always be cautious of emails or messages that direct you to log in or provide information. Confirm any official interaction by manually typing Binance’s URL and setting up Binance’s anti-phishing code to ensure every genuine email contains your code. Fake customer support on social platforms may also ask for private information, so remember that legitimate Binance support will never request sensitive details.
3. Market Manipulation and Fake Investments: Pump-and-dump schemes manipulate low-cap coins by creating artificial price hikes before a massive sell-off, leaving late investors with losses. Fake investment and Ponzi schemes also lure users by promising inflated returns but operate without a genuine investment plan. Approach sudden price spikes cautiously, rely on solid research over hype, and avoid any “guaranteed return” promises. Only invest in projects with verified backing.
4. Fake Apps, SIM Swaps, and ICO Scams: Fraudulent apps or SIM-swapping attacks are among the more technical scams targeting Binance users. Download apps only from official sources, use app-based two-factor authentication instead of SMS, and consider ICO investments only after thorough research. Fake ICOs and airdrop scams can lure users into sending funds with promises of returns, so ensure these offers are verified directly through Binance’s official platforms.
To further strengthen your Binance security, activate two-factor authentication, whitelist withdrawal addresses, and set up Binance’s anti-phishing code. Monitor your account regularly, checking for any unfamiliar logins or transactions, and remember that crypto security is an ongoing effort. Awareness, caution, and adherence to Binance’s protective tools can help you confidently trade without falling victim to scams.
