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Binance CEO Richard Teng warned on Thursday that scammers are impersonating company employees on WhatsApp, offering fake investment opportunities and prize giveaways to steal cryptocurrency from unsuspecting users.
The exchange said it never initiates contact through WhatsApp and urged users to verify any messages claiming to be from Binance staff through official channels.
In a post shared on X (formerly Twitter) on November 7, 2025, Teng said he had seen a spike in fraudulent messages spreading across the platform.
The warning follows an internal Binance report confirming that scammers are using WhatsApp phishing scams to impersonate company staff, often offering fake investment opportunities and community prizes. Teng urged users to double-check any contact claiming Binance affiliation through official verification tools.
According to Binance, the WhatsApp phishing scam is part of a broader pattern of social engineering schemes targeting crypto users through multiple communication platforms including Telegram and TikTok.
In a follow-up statement, Binance outlined how users can confirm legitimate communication from the company to avoid falling victim to a WhatsApp phishing scam.
Binance’s verified contact channels include its 24/7 support portal, official X (Twitter) account, and verified Telegram pages. The company operates a Binance Verify tool that enables users to authenticate websites, emails, and Telegram IDs linked to the platform.
“Make sure that you have verified the identity of the contact,” — Binance statement.
Binance clarified that it never initiates contact with users via WhatsApp or requests for personal data, payment, or investment through that channel.
“Binance will never contact you on WhatsApp to offer investment opportunities, request payments, or ask for your personal information. Anyone claiming to represent Binance and reaching out to you this way is attempting to scam or defraud you,” — Binance.
Recent incidents described in Binance’s “Keep Yourself Safe From Community Group Scams” web page show that fraudsters created fake WhatsApp groups under the name “Michael Hewson,” luring users with false claims of “Binance anniversary prizes.”
The perpetrators reportedly shared legitimate Binance Academy content to appear credible before directing victims to fraudulent links—one of the most common tactics in the WhatsApp phishing scam ecosystem.
The warning from Binance coincides with efforts by Meta, WhatsApp’s parent company, to tackle large-scale WhatsApp phishing scams linked to cybercrime operations across Southeast Asia.
In August 2025, Meta announced it had removed more than 6.8 million WhatsApp accounts tied to international scam networks. The company said these accounts were deleted “before scam centers were able to operationalize them.”
Meta revealed that many of these WhatsApp phishing scams originated from organized crime groups using forced labor to run online fraud schemes. Workers were reportedly coerced into managing fake investment or romance scam operations that targeted victims in multiple countries.
The company emphasized that these cybercriminals often moved conversations from dating apps or social platforms to encrypted apps like WhatsApp and Telegram—a tactic designed to evade detection and sustain long-term fraud campaigns.
Adding to the challenge, OpenAI recently reported that artificial intelligence is being used to create more persuasive scam messages, further complicating efforts to stop WhatsApp phishing scams.
OpenAI’s June research revealed that malicious actors in Cambodia were generating short, convincing text messages with AI tools such as ChatGPT.
These messages—translated into languages including English, Swahili, German, and Haitian Creole—advertised false “remote job” or “rent-a-scooter” offers that redirected victims to WhatsApp and then Telegram, where their data was stolen.
The report noted that these AI-enhanced WhatsApp phishing scams appeared highly centralized and were part of a coordinated pyramid scheme targeting users globally.
“The company added that the operation appeared highly centralized and likely originated in Cambodia,” — OpenAI research findings.
This intersection between social media, artificial intelligence, and cryptocurrency scams underscores how digital tools are being weaponized by organized criminal groups to perpetuate the WhatsApp phishing scam model on a global scale.
With both legitimate crypto platforms and tech companies sounding the alarm, experts agree that user vigilance remains the most effective defense against a WhatsApp phishing scam.
Binance’s leadership continues to emphasize the need for verification, education, and awareness. Users are encouraged to rely solely on verified Binance channels and cross-check any messages received through WhatsApp, Telegram, or other platforms.
As digital fraud evolves, the WhatsApp phishing scam serves as a stark reminder of how innovation and deception often coexist in today’s online economy—and why continuous vigilance is crucial for protecting users’ digital assets.
