Binance’s CEO, Richard Teng, has issued a critical warning to cryptocurrency users about a new scam tactic targeting investors.
The Scam Tactic
Scammers are posing as legitimate Binance support team members and contacting users by phone, urging them to change API settings under the pretext of a “security update.” This gives attackers potential access to accounts, enabling them to steal funds directly.
Binance stresses that it will never call users requesting passwords or security details, and recommends that any suspicious communication be verified through official support channels.
Recommended Security Practices
- Revoke API keys immediately if contacted with suspicious requests.
- Temporarily freeze your account until the situation is clarified.
- Enable two-factor authentication (2FA), ideally using Passkey or other strong security methods, to help prevent unauthorized access.
Why This Matters
As the crypto market grows, cybercriminals are becoming increasingly sophisticated. Binance’s advice highlights the importance of staying vigilant: always verify identities through official channels, and be skeptical of unsolicited calls—even if they appear professional.
