Key takeaways

  • More and more Binance users are falling prey to scammers who promote fraudulent cryptocurrencies on decentralized exchanges (DEXs) and spread false advertisements claiming they are part of official Binance Launchpool offerings. Binance.

  • These scams take the form of fake “pre-sales” organized on Telegram groups and temporary websites, which have absolutely nothing to do with the standard official operations of the Binance Launchpool. Beware of promises that seem too good to be true: true large-scale investors generally don't reveal their secrets spontaneously.

  • Any crypto transaction is final, and you are responsible for verifying the legitimacy of the assets you purchase outside of Binance: therefore, Binance assumes no liability for loss of assets.

Expand your crypto knowledge and protect yourself from the latest scams involving digital assets today.

In the ever-expanding cryptocurrency space, vigilance and research are some of the best defenses against scams. Unfortunately, we have observed an increasing number of scammers selling fake cryptocurrencies on decentralized exchanges (DEXs), pretending that they are part of Binance's Launchpool.

The criminals have created Telegram groups and temporary websites that advertise the “pre-sale” of these tokens, a clear divergence from standard official Binance Launchpool practices. These scams often trap Internet users by promising them impressive and irresistible returns. 

The key rule to remember in these situations is that if the investment opportunity in front of you seems too good to be true, it probably is. People who have become very rich through smart investing generally don't share their secrets with the public spontaneously.

Screenshot of a Telegram group advertising a fake token with its contract address (image provided by victims)

Understanding Binance Launchpool

Binance Launchpool is a program offering new, legitimate cryptocurrencies to the public. Users can stake their BNB or stablecoins to earn returns on these new tokens, which are listed exclusively on the Binance exchange before any other trading platform, including DEXs. Participation in Binance Launchpool initiatives is only through our app or website: if a program supposedly included in Binance Launchpool operates outside of our platform, it is most likely a scam.

To learn about all the latest Launchpool initiatives, we invite you to subscribe to our official social media channels, such as the official Binance X account, and regularly check the official announcements page

Web3 Wallet de Binance

Binance's Web3 Wallet is a standalone custodial wallet, which is a great tool for managing your crypto investments; However, it is your responsibility to verify the legitimacy of the cryptos you wish to purchase outside of the Binance platform. Do not hesitate to contact Binance customer service for additional information, and inform yourself. Binance cannot be held responsible for any asset losses incurred following the purchase of fake tokens or financial losses incurred through the wallet. Crypto transactions made on the blockchain network are final; therefore, recovery of stolen funds is most of the time impossible. 

Binance's protective measures

Binance prioritizes protecting our users and providing information. Here are some of the safeguards we have implemented to protect you from fake Binance Launchpool offers.

1. Pop-up alerts

Binance may send pop-up security alerts before launching new tokens on its Launchpool to remind users of possible scams. These pop-up messages also include a link to our official announcements page for more information about the upcoming launch, and are no longer sent after trading of the crypto in question has begun.

2. Integrated security alert system

We are working with our wallet services and partner decentralized exchanges to integrate a proactive security alert solution beyond the Binance platform. This system is provided by HashDit, a security partner of Binance, and warns users of potentially suspicious blockchain addresses and tokens.

When using PancakeSwap, you can choose the token you want to swap by entering the contract address or name associated with it on the swap page.

Press Import to open the details page, which indicates the risk level of the contract according to HashDit: hover over this information to see the explanation of the risk associated with interactions with this contract. An additional option is sometimes available to display more details about RedAlarm, if applicable.

Screenshot of a risk alert on the PancakeSwap DEX

Stay safe

Never relax your vigilance when using your crypto wallet: The increase in the use of cryptocurrencies has led to an increase in investment opportunities, but you should never relax your vigilance and neglect to conduct in-depth research on each of these “opportunities”. Pay close attention to details, examine their source and ensure their authenticity: all of these practices should not be taken lightly.

Quick reminder: the contract address of a token is the unique identifier of a specific token on the blockchain, in a way its “personal address”. The contract address and blockchain network corresponding to each token are unique, and this information can help you verify the legitimacy of a token before purchasing it.

If you are unsure how to check a token's contract address or what it means, we strongly recommend that you research the subject before purchasing cryptocurrencies outside of Binance: taking the time to do so might save you from potentially huge losses. If in doubt, do not hesitate to ask your questions to our customer service.

Remember: Staying informed and following the latest news is the first step to making safe investments in trusted digital assets.

For more information

Disclaimer: This content is presented to you “as is” for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor as a recommendation to purchase a specific product or service. Prices of digital assets can be volatile. The value of your investment may go down as well as up and you may not get back the amount you invested. You are solely responsible for your investment decisions and Binance is not responsible for any losses you may incur. This does not constitute financial advice. Please see our Terms of Use and Risk Warning for more information.