"Is Binance a scam?" This seems quite scary. People will be scammed from time to time. It can be seen that the currency circle is indeed a very dangerous place; and Binance is the world's largest cryptocurrency exchange. Therefore, people often suffer scams on Binance, and many people are even confused: "Is Binance a scam website?"
This article will answer your questions for those new to virtual currency, so be sure to read it carefully! Thoroughly understand whether Binance Exchange is a scam and the common scams on Binance in 2023.
Finally, we will also sort out the fraud techniques commonly seen by netizens on PTT and Dcard. Before using Binance Exchange, you must also understand the fraud techniques you may encounter on it, as well as the methods of dating fraud!
Is Binance exchange a scam?
Binance is the world’s largest cryptocurrency exchange and is not a scam website!
Some people may think that there are doubts about the operation of Binance exchange, that it may be attacked by the government, that it may be difficult to withdraw money after being regulated, etc. This site respects these opinions, but at least as of the time of writing, Binance is not a scam website, and netizens can make normal transactions and deposit and withdraw funds on it.
What is worth noting is that many fraudulent websites use the name of Binance to defraud, so many people are deceived and think they have been fooled by Binance. However, in fact, this has nothing to do with the formal Binance, they are just being faked.
There are quite a few such techniques! Websites such as Trend Micro have also cooperated with Binance to publicize common scams on Binance on their official blogs.
Binance fraud method 1, fake Binance website and App
This is one of the most common methods! Many websites will directly impersonate the name of Binance or even purchase Google ads, so when you search for "Binance", its search results will be ranked first.
You may also see fake Binance Apps on Google Play. If you enter the fake website, the money will never be transferred out again, so be careful!
(Image source: Binance Chinese Community)
Fake Binance exchange scams are very common. They may use email to send you a letter, TG, IG to send you a private message, etc. There are various methods.
Some scams are so elaborately designed that you can't tell them apart in appearance, so checking the URL is the most reliable way.
How to Spot the Fake Binance Website Scam
Please remember to identify: "https://www.binance.com/" URL, and develop the habit of checking the URL at any time.
If you are downloading the App, please link from the official website.
No matter where you connect to Binance, remember to check the URL to avoid scams from fake apps and fake websites.
Binance fraud method 2: Impersonating Binance staff fraud (LINE, Telegram, Discord)
As long as you join LINE groups, TG groups, FB messages, and IG messages, a fraud group will add you from the member list.
After adding you, they will pretend to be official Binance personnel to commit fraud. The displayed picture will be the Binance Logo, and the name will also have the words Binance, Binance, etc.
But please remember, ignore private messages no matter what! In the currency circle, 99% of people who will send you private messages are scams! It is even impossible for Binance customer service to contact you via private message.
If you have any questions, please ask directly in the official group (but make sure it is the real official group), or directly through Binance’s official customer service channel.
In addition, there will also be fake professional fans (with names and pictures set exactly the same as the official ones) under messages on Facebook, trying to trick you into transferring money to their wallet or registering. You should also be careful about this.
How to spot fake Binance customer service scams
Remember one principle: Binance official customer service will not contact you privately!
The official customer service will not send you a private message, and most of them will not ask you to send a private message to them. In addition, you should pay attention to whether the Binance group you join is real, as you may encounter fake groups.
In addition, when contacting any "official personnel", please use official channels, such as the customer service button on the Binance website, etc.
Some groups may have Binance Angels and other personnel, but they are just enthusiasts. For real operational questions, please contact Binance customer service through the official website.
Binance fraud method 3: Buy coins from Binance and fake mining
There is a method that asks you to buy coins on Binance and then transfer them to a certain address to trick you into earning high interest.
This type of scam is easy to detect. Basically, as long as you follow other people's instructions to operate a cryptocurrency exchange, there is a high chance that it is a scam.
It’s just that many novices may not understand. They want to say that I have been on Binance from beginning to end, but my money is missing.
In fact, they may have listened to the fraud group and transferred the money out of Binance!
How to spot fake Binance mining scams
This type of fraud may be in the name of "mining", "loan", "liquidity mining", "staking", etc.
These terms are all true, except that after your money is transferred, it does not go into mining, but directly into the pockets of the fraud group.
So just remember, you need to be extremely cautious before pressing "Withdraw" on Binance!
Be careful not to listen to other people's operations. If you transfer to another platform on your own, remember to verify the authenticity of the platform.
Many scam platforms will write blog posts to claim that they are decent, or brag about themselves in groups, but once the cryptocurrency is transferred out of Binance, it cannot be returned.
Binance fraud method 4: Binance C2C OTC currency fraud
The so-called C2C over-the-counter transaction refers to "trading with individual sellers" rather than trading with exchanges.
Binance only plays the role of an intermediary in C2C, so you have to deal with different sellers, not exchanges.
For C2C tutorials, see: Binance C2C Tutorial: You can also buy coins with LINE Pay and cash! Risk and PTT evaluation compilation
The so-called C2C fraud may be that when you buy coins, he transfers black USDT (that is, USDT of unknown origin) to you.
Or when you sell coins, you make an appointment to meet in person, get the coins, grab the phone, and run away!
How to Spot a Fake Binance C2C Scam
When using C2C transactions on the Binance official website, there are some basic guarantees from Binance (see the link above).
But remember, if the other party robs you during a face-to-face meeting... then it really won’t be useful for anyone to act as an intermediary.
The principle is that when choosing a C2C merchant, it is best to choose a store with a large transaction volume, a physical store, and a long operating time. This can at least reduce the risk. For novices, you can directly consider different deposit and withdrawal methods, please refer to:
Binance fraud method 5: Counterfeiting Binance airdrops to give coins
This type of scam is especially common on Twitter, and from time to time you will be tagged in some "fake airdrop" scam posts.
Most of these posts are posted by fake accounts with names and pictures that are exactly the same (note that these fake accounts have a lot of followers!)
Then you may be guided to a fake airdrop website, be added to a fraudulent airdrop group, be bought counterfeit coins with different contract addresses, etc...
Once you see airdrop information on the Internet, be sure to go to the official website to verify it. (Again, please check whether it is the real official website).
Many fake airdrop scams will create a series of fake twitter, fake official website, and fake TG discussion groups, so it is really difficult to check.
How to Spot a Fake Binance Airdrop Scam
The safest way is to find the real official website of the project through the Binance website, and then join the community and participate in the airdrop from there.
Or, when participating in airdrops, be extremely cautious when connecting wallets and transferring funds, because you must remember that the cryptocurrency on such scam websites is often only accessible and cannot be exported...
Binance fraud method 6: Binance fake withdrawal fraud
The so-called "withdrawal" is to exchange cryptocurrency for legal currency, and fraud groups may also intervene in fraud at this stage.
Especially now that Binance has suspended wire transfer withdrawals, and many people are afraid of C2C, so fraud groups will use fake withdrawal channels to defraud.
The method is similar to what was mentioned before. You will be asked to transfer the money to an unknown exchange, and then it will be converted into legal currency for you.
Some fraud groups will directly refuse to give you money (that is, they will not act), while others will use "handling fees, taxes" and other names to require you to make up the difference before you can withdraw money.
But in fact, the so-called difference is just another layer of skin to be added...
What's more, some fraud groups will let you withdraw money in small amounts, making you mistakenly think that you can receive the money smoothly, and then the money will be stuck when you want to withdraw money in large amounts.
How to spot fake Binance withdrawal scams
If you want to use Taiwan dollars to withdraw money, in addition to the channels on Binance and trusted C2C merchants, there is nothing more than Taiwan’s cryptocurrency exchanges.
The two largest legal currency withdrawal exchanges in Taiwan are MAX and ACE. After binding a bank account, you can exchange it for TWD at the exchange and withdraw money directly to the bank account.
Binance fraud method 7, online dating fraud, fake teachers
As mentioned before, as long as you join a cryptocurrency group and leave a message in the community, an army of fake beauties and fake investment teachers will immediately send you private messages. This is a common dating scam technique.
There are too many scams of this kind, and the point is that there are also many people who are good at it...
Remember, all cryptocurrency private messages will be treated as fraud! Some of these people will defraud you in the name of dating, while others will have a serious discussion with you and then guide you to the exchange they recommend. (often also a fraudulent exchange)
How to Spot a Fake Binance Dating Scam
Remember, cryptocurrency scams are rampant, so the only way to tell is to:
"Don't trust anyone's private messages!"
Do not trust any exchanges recommended by private messages, do not trust any wallets recommended by private messages, and do not participate in any mining recommended by private messages; almost all of these unsolicited friend invitations through private messages are scams.
Binance fraud method 8: Fake Binance partner fraud
The scams here are more advanced. Most of the previous tricks are used to deceive novices, but even many veterans here will be fooled.
Basically, there will be many projects pretending to cooperate with Binance or receiving investment from Binance.
Buy their coins now, and you will have the opportunity to get dozens or hundreds of times when you wait for the Binance IEO.
Binance IEO does have a record of dozens or hundreds of times increase, but these money-making opportunities often belong to the early investors or institutions of the project, and many times there is a time limit that prohibits selling.
So this kind of opportunity does exist, but please think about it, why is it your turn to have such a good opportunity to get rich?
If you really want to try it anyway, just treat the money you purchased as a gift to the scammer. If you make a profit, it means you are one of the lucky ones chosen out of ten thousand. If you don't, it means you were cheated. (99% probability is the latter)
Binance fraud method 9: Act as a head account to assist with withdrawals, purchase KYC accounts, etc.
This type of fraud is also very advanced. If a netizen wants you to sell a Binance account that has passed identity verification (KYC), it is likely to be used to launder money or blackmail.
This kind of risk is just like lending your bank account to others. If something goes wrong, you may be regarded as an accomplice of fraud or money laundering. Never lend your account to others! (This is the same whether it is a cryptocurrency account or a bank account)
Binance Fraud Tactics 10: Fake Insider and Real Fraud
This type of scam is also mentioned on Binance’s official page because it is so rampant.
The method is nothing more than being in the communication group and seeing some netizens saying that they have inside information, or profit charts with orders, etc.; therefore, you are invited to participate in "acting on behalf of others."
This type of operation is to transfer the coins to a certain "teacher", who will operate them uniformly and share the profits.
The method of fraud is usually to create signs of profit, and even return part of the principal to you (indicating that it is a profit). After you believe the teacher, he will invite you to deposit more and earn more.
Then, the fraud group runs away with your large deposit. Or they may delay payment to you using the same reasons as "handling fees, taxes, system maintenance", etc.
You know, in order to attract you to deposit money, these fraud groups sometimes even give you a small profit, so be careful!
Scams in the currency circle are very difficult to catch
The currency circle has characteristics such as decentralization and irreversibility.
Even Binance can’t help you after you transfer money out of Binance. The chance of being rescued by calling the police is also very slim, because social software such as Telegram is often used, and the leading fraud group behind it cannot be found.
Therefore, you must be careful about the methods of defrauding groups, and don’t rely on institutions such as Binance for help, because to be honest, exchanges are powerless.
PTT Related Discussions on Binance Scam
There are also a lot of discussions about fraud on PTT, but many scams on PTT are not just on Binance. You may encounter various fake platforms, social fraud, etc., which are basically the same as the methods introduced in this article.
You can also see in the screenshot that in addition to various fake platforms and dating scams, there is also a "fraudulent text message disguised as Binance". This type also needs special attention. After all, Binance (Binance) is the world's largest exchange. Impersonation fraud is very common.
Ways to avoid encountering Binance scams
This article describes many fraud methods, but basically the logic behind them is the same. You only need to remember a few key points:
Pay attention to any "people": they may pretend to be enthusiastic netizens, powerful trading teachers, fake KOLs, fake official customer service, fake official personnel, etc. Dating scams are very common.
Pay attention to any "exchange": As long as you transfer coins to a platform other than Binance, it may be transferred to a fake exchange, fake mining pool, fake protocol, fake withdrawal channel, etc.
Pay attention to all "Binance" channels: there are fake Binance official websites, fake Binance communities, and fake Binance Apps. Many fake communities also have tens of thousands of followers (after all, it is cheap to buy followers), so even if you already know how to use Binance, Also be aware of fake Binance platforms.
Pay attention to any action of transferring money out: transferring money to C2C sellers, transferring money to unfamiliar wallets, giving private keys, etc., are all very dangerous operations.
Many scams will use "legitimate channels + fraudulent channels" to defraud, so novices can easily be fooled; such as "buy coins with real Binance + transfer money to fake mining pools", "deposit coins in real wallets + earn coins with fake protocols", "Real investment methods + fake training teachers" and so on.
The above are the common fraud methods in Binance and other cryptocurrency worlds. Everyone must pay attention to them ~ I wish everyone good luck with your investment.
In addition, we remind you that cryptocurrency investment is a high-risk investment, and the principal may return to zero; this article is for teaching purposes, please pay attention to the risks and be responsible for your investment.
