Keep Yourself Safe From Community Group Scams

2023-08-24

Main Takeaways

  • Scammers often impersonate Binance representatives, creating fake community groups on messaging platforms.

  • Signs of fake groups include distorted graphics and poor grammar/spelling.

  • Avoid scams by verifying the legitimacy of channels with Binance Verify and report suspicious activities.

Don’t be a victim of a community group scam! Learn how you can spot them and verify the authenticity of Binance communications.

It has recently come to our awareness that some bad actors have been impersonating Binance representatives to create fake community groups on Telegram, WhatsApp, etc. Although Binance is constantly working with local authorities to protect our users and combat bad actors, users need to be wary of this kind of message to keep their funds safe.

How These Scams Work

In one of the incidents, someone with the random name Michael Hewson claimed to be a Binance analyst, creating a fraudulent Binance group on WhatsApp. The scammer invited users to the group randomly and tried to lure them with so-called Binance anniversary prizes. To make the fraud look legit, the group owner also shared authentic content from Binance Academy.

There are, however, a few telltale signs that this group wasn’t legitimate:

  1. The Binance image is distorted and not of a high enough quality.

  2. The presence of bad grammar, missing punctuation, or spelling mistakes

    Top Advice for Avoiding Community Scams

    Please note that Binance has never appointed any official Binance analysts or representatives to provide investment advice to users. As the world’s leading crypto trading platform that facilitates trading activities amongst users, Binance will never provide financial advice to users in any manner. Don't be lured in by a rising bitcoin price.

    Please use Binance Verify to check the legitimacy of a channel, account, email, or other sources. Should you spot any suspicious behaviour, feel free to flag it to the Binance team via Binance’s official channels. Thank you for your continuous support as Binance strives to build a healthy and sustainable blockchain ecosystem!

    Further Reading

    Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.