Binance CEO Richard Teng Warns of Escalating WhatsApp Phishing Scams Targeting Crypto Users

Binance CEO Richard Teng has issued a critical security alert regarding a surge in phishing scams on WhatsApp, specifically targeting cryptocurrency users. In a post on his official X account on November 7, 2025, Teng emphasized the need for heightened vigilance against social engineering and impersonation schemes. He stated, "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," urging users to cross-check any suspicious communications.

According to an official Binance article shared by Teng, the exchange only contacts users through verified channels, including the 24/7 customer support portal, official X account, and verified Telegram accounts. Users are advised to utilize Binance Verify, an internal tool, to authenticate websites, email addresses, or Telegram IDs. The company stressed that Binance will never use WhatsApp for investment offers, payment requests, or personal information inquiries, and any such contact should be treated as fraudulent.

Phishing scams on WhatsApp involve scammers impersonating Binance employees, often joining public crypto groups or sending private messages. They may offer fake investment opportunities, claim account issues, or request sensitive data like passwords, two-factor authentication codes, or wallet addresses. In one documented incident, fraudsters created a fake Binance WhatsApp group under the name "Michael Hewson," luring users with promises of "Binance anniversary prizes" and sharing legitimate Binance Academy content to appear credible.

Background information reveals that Meta, WhatsApp's parent company, removed over 6.8 million accounts linked to international scam operations in the first half of 2025, many based in Southeast Asia and involving coerced labor. Additionally, OpenAI research from June highlighted the use of AI tools like ChatGPT to generate persuasive, multilingual scam messages, which are often used to redirect victims to WhatsApp and then to encrypted platforms like Telegram for data theft.

To mitigate risks, Binance recommends never clicking on links from unverified WhatsApp contacts, avoiding sharing of sensitive information, and consistently using Binance Verify for confirmation.