Binance CEO warns of rising WhatsApp phishing scams

In an X post published on November 7, 2025, Teng mentioned the growing number of phishing attacks. He stressed that Binance will never message users in groups about investments or funds.

Teng shared a more detailed release by Binance, where the exchange recommended users to check someone’s legitimacy with the Binance Verify tool. The exchange noted:

Earlier this year, we identified a wave of WhatsApp scams where fraudsters impersonate official Binance representatives – especially in regions like France and Italy – to deceive users and request funds or offer fake investment advice.

According to the release, impersonation scams are becoming more advanced, using different methods to trick users into revealing private information, like wallet details, login credentials, and verification codes. Binance warned that today, phishing remains one of the most common tactics targeting crypto users. They encouraged users to be aware of risks and report fraudsters after spotting them. 

A report by blockchain analytics company Chainalysis shows that over $2.17B was stolen in crypto crime by midyear. Fraudsters are increasingly using AI tools and impersonation tools, with $10.7 billion going into crypto scams and Ponzi schemes in 2024. One of the recent attacks was related to the DeFi protocol Venus, which lost about $27 million in a phishing attack. 

Among the rising categories of crypto crimes are romance/pig butchering scams, which use sophisticated methods to earn victims’ trust. The proliferation of these cybercrimes is part of a larger, escalating trend where phishing and social engineering remain a primary vector for financial fraud, growing consistently in both volume and sophistication.