Here’s something that caught my attention this week—Binance CEO Richard Teng put out a warning about a pretty convincing scam going around. It’s the kind of thing that could easily trip people up if they’re not paying close attention.
Apparently, folks are getting calls from someone claiming to be from Binance customer service. They sound official, maybe even reassuring. They tell users there’s a “security update” needed and that they need to adjust their API settings. Sounds harmless, right? But that’s where it gets risky.
How the Scam Actually Works
Once someone grants those API permissions, the person on the other end isn’t from Binance at all. They’re scammers, and they get access to the account. From there, it doesn’t take long for them to start moving funds out. It’s pretty straightforward, and that’s what makes it dangerous. No complicated tech, just social engineering.
Binance says they never ask for passwords or security details over the phone. Ever. If someone calls you claiming to be from support and asks for that kind of thing, it’s a red flag. Honestly, it’s always better to hang up and reach out through official channels yourself.
What You Can Do About It
If you get one of these calls, don’t engage. Just end it. Then, go into your account and revoke your API keys right away. You might even want to temporarily freeze your account if you’re unsure. It’s a hassle, but less of a hassle than losing your assets.
There are also a few basic things that help a lot. Two-factor authentication, for one. It’s not foolproof, but it adds a solid layer. Passkeys are another good option—simpler than passwords and harder to phish.
Why This Keeps Happening
As crypto gets more popular, these kinds of attacks are just becoming more common. It’s not a Binance-specific issue, either. Scammers go where the money is, and right now, a lot of it is in crypto.
Experts keep saying the same thing: always double-check. Use official websites and support tickets. Don’t trust incoming calls or random emails. It sounds repetitive, but it’s still the best advice out there.
A little awareness really can make a difference. Maybe that sounds overly simple, but most scams rely on people not pausing to think. So if something feels off, it probably is. Trust that instinct.
*This is not investment advice.
