Binance CEO Richard Teng issued a public warning on November 2, 2026, as the exchange resumed withdrawals and scammers began targeting users. Teng said impersonators were offering fake services such as 'priority processing' and 'compensation claims,' and he stressed that Binance will never contact users first or ask for funds to process withdrawals.
The warning came alongside Binance's confirmation that it had completed its latest Proof of Reserves verification. Teng thanked users for their patience and support during the recovery process, adding that the verification allows users to independently confirm that their assets are securely backed.
The developments arrive as the broader crypto market shows mixed signals and exchanges face increased regulatory scrutiny following recent market turbulence. Binance's focus on transparency and user protection is expected to reinforce trust and may set a precedent for other exchanges.
