Binance CEO Warns Against New Crypto Scams Targeting Users

Binance CEO Richard Teng issued a critical warning about a new crypto scam targeting the exchange's users. According to Teng, scammers are impersonating the exchange support and contacting users via phone calls, attempting to trick them into altering their API settings. Cautioning against such scams, the CEO emphasized that Binance will never ask for users' passwords or credentials.

Stay Alert: Richard Teng Cautions Against Crypto Scam

Earlier today, Binance CEO Richard Teng shared an X post , drawing the crypto community’s attention to a new wave of crypto scams that target the platform's customers. Fraudsters, posing as the exchange support team, contact users in an attempt to deceive them into modifying their API settings. The X post read,

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.

Significantly, this comes on the heels of a recent incident that involved the loss of $91 million in Bitcoin in a social engineering scam. As Coin Gabbar reported earlier, scammers duped the BTC trader into handing over wallet credentials. Although ZachXBT didn't specify the exchange targeted by the hackers in his initial report, a subsequent warning from Binance strongly suggests that it was the platform in question. The exchange stated,

Scammers are sending fake SMS messages pretending to be from Binance. They want to trick you by saying your account is “at risk” and make you call fake support telephone numbers or click dangerous links.

New Trend of Cryptocurrency Threats

Notably, this development highlights the growing trend of social engineering cryptocurrency scams in 2025. Illegal players use a sophisticated method of stealing sensitive credentials from individuals after gaining trust. By disguising themselves as trusted figures, scammers disarm users' caution and manipulate them into unwittingly opening the door to their own accounts.

In a recent incident, software engineer Rahul Agarwal was arrested for the massive $44 million CoinDCX hack. While Indian police alleged the individual of orchestrating the theft, he claimed that the actors tricked him into installing malware on his official laptop.