Binance Issues a Critical Scam Warning: Details Inside

“Binance will never ask you to tap a link in a text message to “verify” or “secure” your account,” the company clarified.

The world’s largest cryptocurrency exchange advised its clients to be extremely cautious amid a rise in phishing attacks targeting crypto investors.

Here are the necessary steps that could lead to better protection against such wrongdoers.

Don’t Act Before You Think

Binance explained that attackers send fake “security alert” text messages to trick users into clicking malicious links, potentially resulting in devastating losses.

The team revealed that such scams are often disguised as a notification that seems official, such as “Your account settings were changed: or “Suspicious login detected.” Additionally, they can contain a shortened link asking users to “verify immediately” and create urgency for victims to act before they think.

“Remember: Binance will never ask you to tap a link in a text message to “verify” or “secure” your account,” the company clarified.

It also outlined three vital steps that can enhance protection. First, people should never click on unfamiliar links; instead, they should check their legitimacy using Binance Verify.

Next, users must turn on Withdrawal Address Whitelist in their security settings. “Once enabled, funds can only go to addresses you’ve pre-approved,” the message reads.

Third, people should enable Anti-Phishing Code and remember that genuine Binance emails will always include users’ unique codes. If the message doesn’t have it, then it’s not from the exchange.

You may also like:

Last but not least, Binance advised those receiving suspicious texts or who have already tapped a link to contact the official customer support immediately through the application.

Recent Binance Updates

The company has been quite active lately, delisting certain cryptocurrencies that no longer meet the required criteria and adding others to align with the latest market trends.

Last month, it announced that it will terminate all services with ICON (ICX), Secret (SCRT), and Storj (STORJ). The delisting took place yesterday (September 3), yet the prices of the affected tokens plunged sharply immediately after the disclosure.

Such reactions are normal, since Binance remains the largest crypto exchange, and withdrawing support results in reduced liquidity, diminished availability, and reputational damage. Declines of that magnitude were also observed in June for Alchemix (ALCX), Ardor (ARDR), NFPrompt Token (NFP), and Marlin (POND) after the company said goodbye.

Earlier this week, the exchange added PONS to its Binance Alpha section (an early-stage discovery hub featuring emerging cryptocurrencies before they potentially receive official support). The trending altcoin headed north after the news and continued its impressive performance. It has skyrocketed by roughly 1,500% over the past two weeks, while its market capitalization has neared $500 million.