Novice

22 November 2024Macro/TradFiSenator Cynthia Lummis advocates for the U.S. Treasury to convert some gold holdings into Bitcoin to create a strategic reserve.BlackRock backs creating a US Strategic Bitcoin Reserve as states and the Trump administration push to institutionalize the digital asset.Russia approves 15% tax on crypto mining and transactions, equating digital currencies to property and imposing new financial obligations on miners and traders.SEC Chair Gary Gensler will step down on January 20; Teresa Goody Guillén, BakerHostetler partner and blockchain co-lead, is eyed as successor.MicroStrategy completed a $3 billion offering of 0% convertible senior notes due December 2029, aiming to use the proceeds to buy more Bitcoin.Bitwise filed for a Solana (SOL) ETF as the asset nears a new all-time high.WisdomTree launched its latest cryptocurrency ETP, the WisdomTree Physical XRP (XRPW), now listed on exchanges in Paris and Amsterdam.CryptoL1/L2:StarkWare CEO predicts Starknet's transaction speed to quadruple and fees to drop 5x within three months, positioning it to compete with Solana.On Nov. 21, Sui, a decentralized layer-1 blockchain, faced a major outage, stopping block production for over an hour.DeFi:As announced on Wintermute's governance forum, the Ethena Foundation approved Wintermute’s proposal to share DeFi protocol revenues with token-holders.California court rules Lido DAO as a general partnership, making members legally liable for its actions.Securitize and Elixir to launch a liquid staking token (LST) for tokenized securities, including BlackRock’s on-chain money fund, BUIDL.Others:Monkey Tilt, blending casino fun with social and lifestyle perks, announced $30M in Series A funding led by Pantera Capital.FTX and its affiliates aim to implement their Chapter 11 Reorganization Plan by Jan. 2025, setting distributions for creditors and customers.Latest Binance Research Publications Check out our latest publications:Exploring the Future of AI Agents in Crypto Monthly Market Insights - November 2024Understanding the Rise of MemecoinsThat’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’ forward-looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.

Binance CEO, Richard Teng expressed gratitude to Binance users, the community, and the dedicated staff that drive the platform's success. “Let’s keep building for Binance. Thank you to our users, community, and staff—we are in this together to support the freedom of money,” he stated, underscoring Binance's mission and long-term vision.The Core Principles Driving BinanceTeng highlighted three core principles that guide Binance’s growth and operations:Support Users: At the heart of Binance’s mission is a commitment to its users. Teng reiterated the platform’s focus on empowering individuals by offering accessible and innovative financial solutions.Advance Global Regulation and Compliance: Binance aims to work closely with regulators worldwide to foster trust and sustainability in the crypto space. “We support innovation, invest in compliance, and prioritize global regulation to ensure the growth of the industry,” Teng said.Accelerate Crypto Adoption: Despite crypto being in its infancy, Teng sees rapid growth on the horizon. “We’re still at a very early stage, comparable to the internet revolution. The next 10% growth will come very quickly,” he predicted, emphasizing the transformative potential of the crypto ecosystem.Looking Ahead to a Bright FutureTeng closed his remarks by reaffirming Binance’s commitment to building a better future for the crypto industry. “We are here to build and support, and I look forward to a better future,” he concluded. With a focus on innovation, regulation, and user empowerment, Binance continues to lead the charge in driving the global adoption of cryptocurrency.

As the cryptocurrency market experiences rapid growth and innovation, many newcomers are eager to dive into the space. During an AMA session celebrating his first year as CEO of Binance, Richard Teng offered practical advice to those just beginning their crypto journey.1. Understand the BasicsTeng emphasized the importance of foundational knowledge. “We are still at a very early stage—only about 6-7% of adoption,” he noted. Before starting, he advised newcomers to take time to understand the core principles of cryptocurrency. “There are excellent free resources, such as Binance Academy, that can help you learn about blockchain, cryptocurrencies, and the broader ecosystem,” Teng said.2. Conduct Thorough ResearchResearch is a critical step for anyone entering the crypto market. Teng encouraged exploring various blockchain networks, protocols, platforms, and projects to gain a comprehensive understanding. “Do your own research (DYOR),” he advised, emphasizing that informed decisions are key to navigating the ever-evolving crypto landscape.3. Start Small and StrategizeFor those looking to invest, Teng recommended a cautious approach. “If you want to invest, start small and use a reputable platform, such as Binance,” he suggested. He also highlighted the importance of regularly assessing and refining your investment strategy. “Start with a manageable amount, learn as you go, and adjust your approach based on your experiences,” he said.A Growing OpportunityAs the crypto market continues to expand, Teng's advice provides a roadmap for new entrants to navigate this exciting yet complex space. By focusing on education, research, and measured investment strategies, individuals can position themselves to make the most of the opportunities in this dynamic industry.

Binance announced the launch of Binance's official WhatsApp channel. This initiative aims to provide real-time updates on industry news, product launches, and events, complementing existing Binance channels like Telegram and Discord. The channel is designed to offer educational content, making it easier for newcomers to understand blockchain, DeFi, smart contracts, and more, all accessible directly on users’ phones.The launch of this verified channel on WhatsApp, a platform with over 2 billion active users globally, marks a significant milestone for Binance. It establishes Binance as one of the first global crypto exchanges with an official, verified presence on one of the world's largest messaging platforms. This move is part of Binance's mission to make crypto more accessible, trustworthy, and user-friendly for everyone. By expanding its reach to a more diverse audience, Binance aims to provide a secure and reliable source of updates on all things Binance, crypto, and Web3.The new WhatsApp channel is not only about providing updates but also about supporting those new to crypto. Subscribers will have access to educational resources that simplify learning about blockchain, decentralization, tokenomics, DeFi, and smart contracts. Binance's extensive library of Academy and blog articles will help users explore everything from crypto basics to advanced topics. Whether you're diving into blockchain for the first time or staying updated with the latest in the crypto world, Binance’s official WhatsApp channel makes it easier than ever to learn and grow.Security remains a top priority for Binance, and the WhatsApp channel reflects this commitment. The platform has long been a target for scammers, with fake accounts impersonating Binance employees to deceive users. The verified channel by Meta provides a secure way for the community to access accurate information. Users are urged to exercise caution and follow safety tips, such as only following verified channels, being wary of scams, and double-checking links before clicking. Binance emphasizes that it will never ask for sensitive information like passwords, private keys, or 2FA codes.This focus on security makes the WhatsApp channel a reliable and safe space for receiving updates, reducing the risks associated with interacting on third-party messaging platforms. Binance encourages users to stay informed by following their official channels and to remain vigilant against potential scammers who may attempt to impersonate Binance. Always verify that you are engaging with official Binance channels to ensure you receive legitimate updates directly from Binance.

The cryptocurrency market has entered a bullish phase, fueled by key events like Bitcoin’s new all-time high of $94,000, the U.S. presidential election, and the growing integration of crypto assets into mainstream financial systems. Binance has emerged as a dominant force, outperforming traditional stock exchanges and cementing its position as a leader in crypto trading.Crypto Assets Go MainstreamData from October 7 to November 15, 2024, reveals significant trends in trading volumes:Binance: Total trading volume (spot + derivatives) was 10% higher than Nasdaq and twice the New York Stock Exchange (NYSE).Global Market Share: Binance accounts for approximately 50% of all centralized exchange (CEX) trading volume, demonstrating its unparalleled influence.This data underscores how cryptocurrencies are moving from niche markets into the financial mainstream, challenging traditional equity markets in liquidity and trading activity.Spot Trading Leads the WayDespite the rise of Bitcoin ETFs, spot trading continues to dominate:Binance’s Bitcoin spot trading volume is 4.5 times the combined volume of all Bitcoin ETFs.Market Concentration: Binance’s trading volume is seven times larger than Coinbase’s and equal to the next 14 competitors combined, showcasing its market dominance.The preference for spot trading highlights its superior liquidity and accessibility, attracting both retail investors and institutional traders. Binance remains pivotal for Bitcoin price discovery and liquidity.USDT Inflows Signal Market ConfidenceDuring the U.S. presidential election week, inflows of Tether (USDT) into centralized exchanges exceeded $20 billion, marking strong market liquidity:Binance: Led the inflows with $7.7 billion (39% market share).Tether’s Market Cap: Hit a record high of $128 billion, reflecting robust demand for crypto assets.With unmatched trading volumes, significant USDT inflows, and dominance in the spot trading market, Binance continues to lead the cryptocurrency industry. As institutional interest grows and Bitcoin ETFs evolve, Binance’s role in shaping market dynamics remains critical.

November 20, 2024 — Binance has announced the addition of new trading pairs and enhanced Trading Bots services to its Spot platform, aiming to broaden user options and enhance trading efficiency.New Trading Pairs UnveiledStarting November 20, 2024, at 08:00 UTC, Binance users will gain access to the following new trading pairs:ACT/BRLACT/EURCATI/USDCETH/EURILUMIA/TRYPNUT/BRLPNUT/EURThe new additions cater to traders looking to diversify their strategies with region-specific and stablecoin pairs.

Binance co-founder Yi He has issued a warning about a Telegram impersonation scam targeting users. In a post on X, Yi stated, "My Telegram account @heyibinance was maliciously reported and blocked. If someone says it's Yi on TG, that’s a scam."

Binance has achieved a major milestone, surpassing 240 million registered users. CEO Richard Teng shared the news on X (formerly Twitter), expressing gratitude to the platform's global user base.

November 14, 2024 — Binance has officially announced the launch of Usual (USUAL), a decentralized fiat stablecoin issuer, as its latest project on Binance Launchpool. Users will soon have the opportunity to earn USUAL tokens through airdrops by locking their BNB and FDUSD assets.Key Dates and DetailsFarming Period: Users can begin staking BNB and FDUSD for USUAL airdrops starting November 15, 2024, at 00:00 (UTC).Pre-Market Trading: Binance will initiate Pre-Market trading for the USUAL/USDT pair on November 19, 2024, at 10:00 (UTC).Spot Trading: The official spot listing for USUAL will follow, with details to be announced.What is Usual (USUAL)?Usual is designed as a decentralized fiat stablecoin issuer, offering a new approach to stablecoin issuance on the blockchain. Binance will be the first platform to list USUAL, and interested users should be wary of any offers claiming pre-listing sales, as they could be scams.How to ParticipateLock BNB and FDUSD in Binance Launchpool starting November 15, 2024, to earn USUAL tokens through airdrops.Pre-Market Access to USUAL will be available on November 19, 2024, exclusively on Binance, providing early trading access for eligible users. 

According to an official announcement: The Royal Malaysia Police (RMP), in partnership with Binance, has recovered approximately $1.6 million in ransom funds from a recent high-profile kidnapping case. The successful operation, involving the tracing of digital assets on blockchain networks, underscores the critical role of public-private partnerships in tackling cross-border crime and digital asset exploitation.RMP and Binance Collaboration Uncovers Ransom TrailThe case began on October 13, when a businessman was abducted in Johor and held for a ransom of 20 million ringgit ($4.5 million). The ransom was partly paid in cash and cryptocurrency, and with Binance’s support, investigators were able to trace the movement of digital assets, ultimately identifying key players involved in the crime.Leveraging advanced blockchain analysis, Binance’s Financial Intelligence Unit (FIU) worked with the RMP to map out connections within the criminal network, revealing a detailed money trail and helping authorities apprehend multiple suspects.ASP Nurul Aqila, Senior Officer at the Commercial Crime Investigation Department, praised the collaboration: “Binance’s expertise in blockchain tracing enabled us to follow the cryptocurrency flows precisely, leading us to significant suspects and recovering a substantial portion of the ransom.”Recovered Funds and EvidenceDuring the operation, authorities recovered both cash and cryptocurrency assets linked to the ransom. This included nearly $443,000 in Malaysian ringgit, $760,000 in Singapore dollars, and $398,000 worth of cryptocurrency. Police also seized a pistol, live ammunition, and handcuffs in connection with the case. So far, 14 suspects have been detained, including individuals connected to kidnapping logistics and ransom management.Binance’s Role in Strengthening Digital SecurityErin Fracolli, Binance’s Global Head of Investigations, emphasized the significance of the case: “Cryptocurrency can be misused in various forms of crime, and we are committed to assisting law enforcement in these complex cases. This success showcases the importance of vigilance and proactive measures in the digital asset ecosystem.”The RMP-Binance operation highlights a growing need for collaboration between the public and private sectors to address digital crime effectively, showcasing blockchain analysis as a powerful tool in modern investigations.As cryptocurrency continues to play a role in criminal activities, collaborations like this one offer hope for combating organized digital crime and ensuring security in an increasingly digital financial landscape.

Binance has cemented its position as a leader in the cryptocurrency market, capturing 27.7% of the total spot trading volume over the past six months, according to the latest CCData report. Among the top 10 spot exchanges, Binance outshines all competitors, with its volume share exceeding that of other major exchanges. Collectively, other exchanges contribute to over 50% of the spot market volume, with Binance taking the lion’s share.Binance Leads in BTC and ETH Order Book DepthThe report further highlights Binance’s unparalleled depth in BTC and ETH order books, with $350 million in liquidity across USDC and USDT pairs. This 5% depth level for Bitcoin and Ethereum pairs positions Binance ahead of competitors like Kraken and Bitfinex, which have concentrated liquidity primarily in USD pairs, with approximately $154 million in depth each. Binance’s extensive depth across USD-stable pairs demonstrates its market-leading liquidity and capacity to support high-volume trades.Top Rating in CCData’s Exchange BenchmarkIn addition to its market share and liquidity dominance, Binance has achieved an AA rating in CCData’s latest Exchange Benchmark, a significant improvement from previous rankings. Binance earned the highest possible grade as the leading centralized spot exchange and also secured an AA rating as the top derivatives exchange. This recognition further solidifies Binance’s status as a trusted platform for both spot and derivatives trading, reflecting its commitment to market depth, security, and high standards in exchange services. 

Binance has introduced a USDT Simple Earn Flexible Product, offering users an annual percentage rate (APR) of up to 24%, including a 7% Bonus Tiered APR. This initiative allows investors to earn rewards that accrue every minute, with the principal protected by Binance. 

Binance has reported two consecutive billion-dollar inflow weeks, totalling more than $5 billion in net inflows for November, according to DeFiLlama data. This impressive figure surpasses the inflows of other major platforms by fivefold, highlighting Binance’s role as a leading hub amid a surge in digital asset interest and adoption.Increased Engagement Following U.S. Election Drives GrowthFollowing the U.S. presidential election results on November 5, Binance saw heightened user engagement, with over 13 million app visits in a single day on November 6. This increased activity underscores the impact of major political events on the cryptocurrency market, reinforcing digital assets as a focal point of financial and policy discussions.Binance’s user asset holdings have now reached $130 billion — the highest since the platform began its Proof of Reserves disclosures two years ago. According to CryptoQuant, Binance’s reserve percentage climbed to 25% in November, up from 21% a year prior, reflecting rising user confidence in Binance as a secure platform for managing digital assets.Crypto Market Surge Underpins Binance’s GrowthBitcoin (BTC) and Ether (ETH) prices have also surged post-election, with BTC up nearly 20% and ETH soaring by 30%, emphasizing the growing integration of digital assets into mainstream finance. Richard Teng, Binance CEO, noted that these milestones underscore the "strength and resilience" of Binance and reflect the broader acceptance of crypto within global finance.Teng added, “The increased discussions around crypto during major political events, such as the U.S. Presidential Elections, highlight the pivotal role cryptocurrencies play in shaping the future of finance and policy. Truly, we are witnessing the golden era of crypto.”As the cryptocurrency sector continues to expand, Binance remains committed to providing a secure, transparent ecosystem for its global user base of nearly 240 million.

According to CoinMarketCap data, the global crypto market cap is $2.8T, a 2.06% increase over the last day.Bitcoin (BTC) has traded between $78,473 and $81,847 over the past 24 hours. As of 09:30 AM (UTC) today, it is trading at $81,395, up by 2.59%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include SNT, VTHO, and TLM, up by 42%, 21%, and 20%, respectively.Top stories of the day:Binance’s Memecoin Launches See Strong Market Growth in 2024, Led by NEIRO’s 7,594% SurgeBitcoin News: Bitcoin’s Climb to $80K Driven by Institutional Demand, Not Retail FOMO, Says Cameron WinklevossBitcoin ETF Inflows Surge Amid U.S. Election ResultsNew Spot Cryptocurrency ETF Applications Expected This WeekDollar Index Reaches Highest Level Since July Digital Asset Investments Surge Post-US Election Bitcoin Long-Term Holders Realize Profits At Highest Level Since July 2024 Matrixport Report Highlights Potential Shift in U.S. Crypto Regulation Cathie Wood Predicts Economic Boost with Regulatory Changes Bank Of Japan Considers Future Rate Hikes After U.S. Economic AssessmentMarket movers:ETH: $3160.96 (-0.99%)SOL: $210.48 (+2.09%)BNB: $620.81 (-2.37%)DOGE: $0.27627 (+17.19%)XRP: $0.5799 (-1.13%)ADA: $0.5783 (-1.62%)SHIB: $0.0000248 (+9.06%)TRX: $0.1648 (-0.36%)TON: $5.299 (-4.26%)AVAX: $31.32 (-1.23%)Top gainers on Binance:SNT/USDT (+42%)VTHO/USDT (+21%)TLM/USDT (+20%)

According to CoinMarketCap data, the global crypto market cap is $2.73T, a 4.57% increase over the last day.Bitcoin (BTC) traded between $75,715 and $79,789 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $79,337, up by 3.65%.Most major cryptocurrencies by market cap are trading higher. Market outperformers include HMSTR, ALPACA, and TRB, up by 70%, 64%, and 48%, respectively.Top stories of the day:Cryptocurrency Market Enters Extreme Greed Phase ECB Official Suggests Possible December Rate Cut Sovereign Nation Reportedly Among Top Bitcoin Holders Bitcoin Enters Price Discovery Phase, Says CryptoQuant CEO Solana's Market Cap Nears $100 Billion Milestone Ethereum Surpasses Johnson & Johnson in Global Market Capitalization Significant Influx of USDT Into Exchanges Since Early November  NFT Sales Surge Despite Decline in Buyers and Sellers Federal Reserve's Balance Sheet Falls Below $7 Trillion Federal Reserve Officials' Upcoming Speeches and CPI Data Release to Impact Market ExpectationsMarket movers:ETH: $3192.62 (+4.89%)SOL: $206.2 (+2.03%)BNB: $635.9 (+0.54%)DOGE: $0.23584 (+11.68%)XRP: $0.5865 (+5.90%)ADA: $0.5878 (+34.29%)TRX: $0.1653 (+3.05%)TON: $5.535 (+8.85%)SHIB: $0.00002275 (+16.37%)AVAX: $31.7 (+7.09%)Top gainers on Binance:HMSTR/USDT (+70%)ALPACA/USDT (+64%)TRB/USDT (+48%)

In a recent tweet, Binance Co-Founder Yi He clarified misconceptions about Binance Futures’ listing process, emphasizing transparency and addressing common questions."I’m not the final decision maker in listing process," Yi stated, responding to questions about her role in the process. She explained that "there is no application entry for futures listing, and the listing fee for Binance Futures is 0." Yi also noted that a listing on Binance Futures does not guarantee a corresponding spot listing on the main exchange.Yi encouraged users to report any suspicious listing information directly to Binance's Internal Audit team via Audit@binance.com, reaffirming Binance’s commitment to integrity and security across its trading platforms.

Binance Labs has announced its investment in BIO Protocol, a pioneering project that seeks to revolutionize the financing and commercialization of early-stage scientific research through blockchain technology. This marks Binance Labs' first foray into the Decentralized Science (DeSci) sector, highlighting the lab’s commitment to supporting groundbreaking advancements in technology that promise real-world impact.BIO Protocol operates as an innovative platform that enables scientists, patients, and investors worldwide to fund, develop, and co-own medical advancements through a network of Biotech Decentralized Autonomous Organizations (BioDAOs). The platform addresses key funding gaps in scientific research, with a particular focus on rare diseases, longevity research, and other emerging health challenges. With seven existing BioDAOs exploring diverse areas—from cryopreservation to mental health treatments—the platform’s next projects will tackle Long COVID, rare diseases, and quantum biology, expanding the community-driven reach of scientific research."BIO Protocol represents a significant step forward in DeSci by merging biotechnology and DeFi," said Andy Chang, Investment Director at Binance Labs. "Our commitment is to drive real, long-term impact by investing in projects that build meaningful technology. Supporting BIO Protocol aligns with our mission to foster innovation that can truly shape the future and unlock scientific breakthroughs across the globe."

According to CoinMarketCap data, The global crypto market cap is $2.49T, a 0.79% decrease over the last day.Bitcoin (BTC) traded between $74,512 and $76,850 over the past 24 hours. As of 09:30 AM (UTC) today, BTC is trading at $76,000, up by 1.21%.Most major cryptocurrencies by market cap are trading mixed. Market outperformers include PROS, JTO, and ADA, which are up 43%, 22%, and 15%, respectively.Top stories of the day:Binance Publishes 24th Proof of Reserves: BTC Holdings Up by 2.09%, ETH Up by 6.20% BNB Chain's Q3 Highlights: Gas-Free Carnival and Growth in DeFi And NFTsFed Cuts Rates by 25 Basis Points; Bitcoin Hits New Record High as Powell Dismisses Trump’s Win Impact on PolicyFed Chair Powell States He Will Not Resign If AskedFederal Reserve Rate Cut Boosts Bitcoin Amid Trump Election WinDollar Index Rises Following Federal Reserve Rate DecisionEthereum News: Ethereum ETF Inflows Hit Six-Week High as ETH Price Rises 10% Upcoming U.S. Government Spending May Impact Federal Fund Rates, Analysts Say Detroit to Accept Cryptocurrency for Tax Payments by 2025 Cryptocurrency Market Shows Signs of GreedMarket movers:ETH: $2912.86 (+3.10%)SOL: $201.91 (+7.34%)BNB: $596.45 (+0.31%)XRP: $0.5494 (-0.85%)DOGE: $0.19856 (+3.54%)ADA: $0.4266 (+14.77%)TRX: $0.161 (+0.06%)TON: $4.868 (+0.19%)AVAX: $27.74 (+3.08%)SHIB: $0.00001912 (+2.08%)Top gainers on Binance:PROS/USDT (+43%)JTO/USDT (+22%)ADA/USDT (+15%)

Binance Blog published a new article, highlighting the dangers of phishing scams on messaging platforms like WhatsApp. The article aims to inform users about the tactics impersonators use to deceive individuals into sharing personal information and how to safeguard against these threats.The article emphasizes that Binance will never contact users on WhatsApp to offer investment advice, discuss cryptocurrency purchases, or request funds. Users are urged to be cautious of suspicious groups on WhatsApp and to always rely on Binance's official communication channels for any inquiries or concerns. The safety and security of user accounts are of utmost importance to Binance, and the company has become aware of incidents where individuals impersonate Binance leadership and staff on WhatsApp groups to trick users into divulging sensitive information.If you find yourself added to a suspicious WhatsApp group, the article advises not to engage with anyone in the group, including administrators. Instead, take a screenshot that includes the group's name and the phone numbers of the administrators, ensuring not to share personal data of non-admin members. This screenshot should then be reported to Binance Security through a dedicated form, where it will be escalated for prompt action.Phishing scams are a significant threat, with fraudsters attempting to trick victims into sending funds or providing confidential information through emails, messages, or websites that mimic legitimate platforms. Scammers impersonating Binance representatives may create fake profiles, claim urgent issues with your Binance account, request sensitive information like login credentials or two-factor authentication codes, and even ask for fund transfers. They often build trust by using seemingly credible information sourced from public domains.Binance contacts users only through specific channels: Binance Customer Support, the official X account, Telegram, and email. Users are encouraged to verify any communication using the Binance Verify tool, which checks the legitimacy of websites, email addresses, Telegram IDs, and other communication channels.To protect yourself from WhatsApp scams, never share sensitive information with unofficial or non-verified sources. Update your WhatsApp privacy settings to control who can add you to groups, and always verify the legitimacy of anyone claiming to represent Binance. If in doubt, contact Binance Support, available 24/7, for assistance.Staying vigilant and informed is crucial in defending against scams. By understanding how phishing scams operate, users can better recognize warning signs and protect themselves. Remember, Binance will never contact you via WhatsApp with investment advice or requests for funds. Always verify before engaging and stay safe.