Common Types of Crypto Scams on Binance and Other Platforms
1.1. Phishing Scams
In this type of scam, fraudsters send fake emails, messages, or links that appear identical to official Binance platforms in an attempt to steal your login credentials. Many people fall for this trick by clicking on fake links.
How to protect yourself: Always access Binance through the official app or website with “https://” in the address. Avoid clicking suspicious links sent by unknown individuals.
1.2. Pump and Dump Schemes
A group of individuals artificially inflates the price of a worthless token through false hype, then quickly sells off their holdings after others buy in. This results in profits for the scammers and big losses for the victims.
How to protect yourself: Avoid investing in new coins without thorough research (DYOR – Do Your Own Research). Don’t follow social media hype without confirmation.
1.3. Giveaway Scams
Scammers impersonate celebrities or companies like Binance, claiming to be giving away free crypto often asking you to send a small amount first to receive a larger one.
How to protect yourself: Binance never asks users to send funds to receive giveaways. Never send crypto to anyone who promises to double it.
1.4. Fake Investment Platforms
These are websites that claim to offer high returns for small investments. They might show you some profits at first to gain your trust, but eventually disappear with your money.
How to protect yourself: Make sure any investment platform is properly licensed and verified by financial authorities. Use only trusted platforms like Binance.
1.5. Romance Scams
A scammer builds an online romantic relationship with you, then starts asking for money due to “emergencies” or encourages you to invest in a crypto project.
How to protect yourself: Don’t trust people you meet online too quickly, especially if they start involving money or investments.
2. Best Ways to Protect Yourself from Crypto Scams
Use 2FA (Two-Factor Authentication): Adds an extra layer of security to your account.
Never share your Private Keys: These are like the keys to your bank. Do not give them to anyone.
Check reviews and user feedback: Before investing, research the history of the company or token.
Educate yourself about blockchain and crypto basics: Don’t make decisions based on hype or limited knowledge.
3. Binance Features That Help You Fight Scams
Binance Verify: A service that helps you confirm official account information, especially on platforms like Telegram and Twitter.
Binance SAFU (Secure Asset Fund for Users): A security fund designed to protect users’ assets against unexpected losses.
Report Function: You can report suspicious transactions or users directly on the platform.
Educate yourself about blockchain and crypto basics: Don’t make decisions based on hype or limited knowledge.
