Binance Academy Releases Guide to Crypto Scam Tactics, Prevention

Binance said May 20 that its educational platform, Binance Academy, has released a guide detailing the types of cryptocurrency-related crimes that have been increasing and how users can respond.

Binance Academy said crypto has become a major target for fraud because of its broad accessibility, fast transfer system and the difficulty of reversing transactions.

One common example is fake giveaway promotions on X, formerly Twitter, Instagram and YouTube. In those scams, fraudsters impersonate well-known companies or public figures and promise to return a larger amount of crypto if users first send a small sum. Legitimate events do not require advance payments, Binance Academy said, urging users to exercise caution.

Binance Academy also cited pig butchering, AI deepfakes and impersonation, pyramid and Ponzi schemes, fake apps and phishing as scams investors should watch for.

Recent crypto scams are evolving away from technical hacking and toward exploiting user trust, a Binance Academy official said. In many cases, victims are led to move funds before they fully understand the situation, the official added.