In a recent alert to the cryptocurrency community, Binance CEO Richard Teng has highlighted a concerning uptick in phishing scams targeting users through WhatsApp.
Teng, who has been vocal about security threats in the crypto space, emphasized the importance of vigilance to protect personal and financial information from fraudsters.
The Warning from Teng
On November 7, 2025, Teng took to X (formerly Twitter) to share his observations: "Seeing more phishing scams on WhatsApp lately.
Please stay cautious - Binance will never message you in groups about investments or funds.
If in doubt, verify first."
This statement underscores a growing trend where scammers impersonate Binance representatives to deceive users into revealing sensitive details or transferring funds.
Teng's alert comes amid broader reports of sophisticated scams in the digital asset industry.
According to various sources, these phishing attempts often involve fake messages in group chats, promising high returns on investments or urgent account fixes, only to lead victims to malicious links or requests for private keys.
The CEO's message aligns with previous warnings from Binance, which has repeatedly stressed that official communications never occur via unsolicited group messages on platforms like WhatsApp.
Context of Crypto Scams
The cryptocurrency sector has long been a prime target for cybercriminals due to its decentralized nature and the high value of digital assets.
Phishing scams, in particular, have evolved with technology, incorporating AI-driven tactics to make fraudulent messages more convincing.
Recent data from platforms like Meta (WhatsApp's parent company) indicates that millions of scam accounts have been removed, yet the problem persists, especially in regions with high crypto adoption.
Binance, the world's largest cryptocurrency exchange by trading volume, has faced its share of security challenges.
Under Teng's leadership since late 2023—following the departure of former CEO Changpeng Zhao—the company has ramped up efforts in user education and anti-fraud measures.
Earlier in 2025, Teng issued similar cautions about SMS spoofing and fake customer support calls, where scammers pose as Binance staff to gain API access or account credentials.
In one notable instance from January 2025, Teng shared a video warning about scam groups on WhatsApp, advising users to report suspicious activities promptly.
These recurring alerts highlight the persistent threat landscape, with scammers adapting to new communication channels.
How These Scams Operate
Phishing scams on WhatsApp typically follow a pattern:
- Impersonation: Fraudsters create profiles mimicking Binance support or executives, using official-looking logos and language.
- Urgency and Trust-Building: Messages often claim there's an "urgent issue" with the user's account or offer exclusive investment opportunities to build rapport.
- Sensitive Requests: Victims are asked for passwords, two-factor authentication codes, or to click on links that install malware.
- Secrecy Demands: Scammers instruct users not to verify with official channels, claiming it's a "confidential matter."
Binance has clarified that it never requests such information over phone, messaging apps, or email. Instead, all legitimate interactions occur through verified in-app notifications or the official website.
Protecting Yourself: Tips from Experts
To combat these threats, Teng and Binance recommend several best practices:
- Verify Sources: Always cross-check any communication through Binance's official channels, such as the app or verified support email.
- Enable Security Features: Use two-factor authentication (2FA) and avoid sharing recovery codes.
- Report Suspicious Activity: Immediately flag dubious messages to WhatsApp and Binance's support team.
- Educate Yourself: Stay updated via Binance's security blog, which provides detailed guides on spotting scams.
- Avoid Clicking Links: Never open unsolicited links; instead, manually navigate to the official site.
Additionally, industry observers note that tools like AI detection from companies such as OpenAI are being deployed to disrupt scam operations, but user awareness remains the first line of defense.
The Broader Impact
This surge in WhatsApp-based scams not only affects individual users but also erodes trust in the crypto ecosystem.
As adoption grows—with Bitcoin and other assets reaching new highs in 2025—regulators and platforms are under pressure to enhance protections.
Teng's proactive stance reflects Binance's commitment to user safety, a priority he has championed since assuming the role.
In conclusion, while the allure of quick gains in crypto is strong, Teng's warning serves as a timely reminder: caution is key.
By staying informed and skeptical, users can navigate the digital landscape more securely.
For the latest updates, follow official Binance announcements and report any incidents promptly.
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Thanks for reading: Binance CEO Warns of WhatsApp Phishing Scams, Sorry, my English is bad:)