Binance chief executive Richard Teng addressed a growing security concern on social media platform X on Aug. 26, warning users about fraudulent calls designed to compromise accounts. Teng stated:

Ring, ring! Could be a scam. We’ve seen a new scam: fake support calls trying to get you to change your API. Remember, we’ll never ask for your passwords or credentials over the phone. Stay vigilant.

His remarks came just days after Binance published a blog post on Aug. 22 titled Ring-Ring, It’s a Scam – Beware of Fake Support Calls Targeting Your API, which detailed the mechanics of the scheme and outlined steps traders can take to protect themselves.

The blog explained how attackers impersonate customer service agents, using spoofed numbers and urgent language to push users into altering application programming interface (API) settings. By granting broader permissions, particularly for withdrawals, victims inadvertently allow criminals to gain direct access to their accounts. Binance highlighted that these modifications appear legitimate because they originate from the victim’s own device, making them difficult to detect through automated checks. Reports on social media suggest that dozens of users lost amounts ranging from hundreds to thousands of USDT, with the incidents coinciding with late July’s active trading period when attention was more on market opportunities than on security.

In response, Binance’s risk teams are tracking suspicious call activity and blocking malicious networks, while reiterating that no legitimate security instructions are ever delivered via unsolicited phone calls. The company is urging customers to strengthen defenses with two-factor authentication, passkeys, API permission restrictions, and daily monitoring of transaction history. While critics highlight the vulnerabilities exposed by these scams, advocates of digital assets argue that with proper education and user vigilance, the crypto ecosystem can remain resilient. They contend that awareness, combined with Binance’s ongoing security enhancements, is key to reducing the effectiveness of such impersonation attacks.

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