Binance CEO Warns Users About Sophisticated Scam Risks

Binance CEO Richard Teng has issued a warning about a new scam targeting users through fraudulent customer service calls, manipulating API settings to gain unauthorized account access.

This scam underscores the ongoing risk of social engineering attacks in cryptocurrency, emphasizing the need for enhanced user vigilance and strong security practices on digital platforms.

Binance Cautions Against New Scam Altering API Settings

Binance CEO Richard Teng cautions users about a new scam involving fake customer service impersonations meant to alter API settings. The warning addresses the issue’s rise since August 26, emphasizing vigilance and security measures. “We’ve seen a rise in increasingly sophisticated scams. That’s why we’ve strengthened both our technical defenses and user awareness efforts…Security in crypto is not just the platform’s job—it’s a shared effort,” said Richard Teng.

The scam’s potential impact on user funds underscores the importance of robust security practices, prompting Binance to advise enabling two-factor authentication and verifying contacts through official channels.

Bitcoin Price Dips as Industry Faces Evolving Scam Tactics

Did you know? The rise of scams in the crypto space has led to increased collaboration between platforms and users to enhance security measures.

Bitcoin (BTC), as of August 26, 2025, trades at $110,284.94 with a market cap of $2.20 trillion, marking a 1.06% drop in 24 hours. Current data from CoinMarketCap indicates BTC’s market dominance stands at 57.81%, with a 24-hour trading volume of $86.18 billion, reflecting a 9.70% change.

The Coincu research team highlights the persistent threat landscape in digital currency security, with scams adapting to technological advancements. Emphasis on collaboration between platforms and users for enhanced security is recommended, underscoring the shared responsibility in safeguarding digital assets from continually evolving threats.