The growing popularity of crypto has led to a rise in scams preying on unsuspecting users. To help safeguard investors, Binance employs various anti-scam measures within its withdrawal pages. These measures are designed to ensure a secure and reliable crypto experience for Binance users.
1. Anti-scam questionnaires
Before you can initiate withdrawals, you must complete the Verification Questionnaire. This questionnaire ensures youâre fully aware of the risks involved. The questions cover key facts about your transaction, such as the nature, purpose, and the reasons that prompted you to initiate the transaction. If your answers are insufficient, youâll be required to provide additional details. You can only proceed with your withdrawal after you pass the questionnaire.
If your recipient has been flagged as high-risk for fraud by multiple Binance users, our system will give you time to assess whether youâre at risk of being defrauded.
2. Warning messages
Attempting to withdraw to addresses that are flagged as high-risk for scams or exhibiting abnormal behavior will trigger warning messages. These alerts aim to educate you on the risks associated with certain withdrawal addresses.
Fake platforms often deceive users into believing they own an âaddress.â In reality, the address is directly controlled by the fraudulent platform. Remember: Personal wallet addresses are only under your ownership if you have access to the private keys.
Only proceed with the withdrawal after youâve read the warning message and determined your actions donât pose any risks.
3. Cool-down periods
Binance restricts withdrawals for various reasons, including abnormal user profiles, transaction patterns, operating behavior, devices, or environmental factors.
For example, Binance may temporarily disable your accountâs withdrawals if you repeatedly send funds to a blacklisted address. The cool-down period offers you time to reconsider your actions and consider whether youâre engaging with a scammer.
If you need help identifying the potential risks or youâve confirmed the withdrawal does/does not carry any risk, please contact Binance Support. Our support team will assist you further on your request.
Note: Binance will never permanently freeze or block your funds due to a potential risk of scams. Instead, our policy is to give you sufficient time to make well-informed decisions. You can withdraw your funds at any time once you verify the transaction poses zero risk.
Binanceâs preventative measures are temporary restrictions designed to secure your funds. By staying informed about prevalent crypto scams and scrutinizing the potential risks involved with each transaction, you can safeguard your digital assets and enjoy a safer crypto experience.
Common Types of Scams and How They Work
1. Ponzi scheme
Scammers often organize Ponzi schemes by promoting fraudulent services or products with multiple VIP user levels. These scams typically involve at least three layers of users, though they can have as few as two.
To draw more participants, scammers promise high returns on investments. Funds from new investors are used to repay early investors.
2. Fake shopping website
Fraudsters create counterfeit online stores that allow you to sign up as merchants or consumers. The products listed on these websites often carry significantly lower prices than market rates. However, once payment is made in crypto, the goods are never delivered.
This fraudulent practice can also extend to individual sellers advertising below-market-rate items.
3. Imposter scam / Binance imposter
Some scammers impersonate Binance Support staff to trick you into sending money or sharing their account details. Their tactics may include urging you to take action under the pretext of completing KYC, resolving account restrictions, or accessing exclusive offers.
Scammers will also pose as representatives from third-party organizations, such as government agencies, financial institutions, or other prominent crypto services.
4. Money transfer scam
Scammers may use doctored receipts to falsely claim theyâve sent funds to your bank account before initiating a chargeback.
5. Fake crypto giveaway
Scammers entice you with promises of free crypto, asking for a "small" deposit to secure the prize. This type of scam typically starts with an invite to a Telegram or Discord group.
6. Fake crypto investment
Scammers lure you with investment opportunities that promise guaranteed returns. They might endorse a specific platform or even present themselves as crypto experts, investors, or brokers to gain your trust.
Be wary of âguaranteed returnsâ that seem exceptionally high or unrealistic. This is a telltale sign of a scam. Perform a background check on the individual or platform before initiating any transactions.
7. Job scam
Scammers create fake job postings, requesting personal information or a âdepositâ to receive a nonexistent position and unlock your âfull salary.â
8. Romance scam
Scammers establish romantic relationships with you before requesting financial assistance.
Frequently Asked Questions
1. Why am I seeing this message? Why did you block me from withdrawing my funds?
Withdrawal limitations and the error message you received are both part of Binanceâs anti-scam measures. These measures aim to protect users by making them aware of potential scams and the associated risks. The restrictions are temporary and can only last up to a maximum of 24 hours.
We impose these restrictions to encourage users to verify the receiver and transaction details before confirming their withdrawal.
2. How would you know if the withdrawal address is associated with a potential scam?
Binance uses various methods to flag and monitor high-risk addresses linked to potential scams. These methods include analyzing data, examining user profiles, studying transaction patterns, and collaborating with security agencies.
3. How do I identify scammers?
Recognizing scammers can be difficult. Common red flags include offers that are too good to be true, unsolicited contact from "support staff," requests for sensitive information, or demands for upfront payments for goods or services. You should always verify the source, conduct thorough research, and exercise caution when interacting with strangers or unfamiliar websites.
4. What should I do if I see this error message? Are my funds at risk?
Your funds are safe. If you receive a warning or error message about a potential scam, take a moment to reassess your transaction. Double-check the receiver's identity and review the purpose of the transaction. If you have questions or need further assistance, please contact Binance Support.
5. What if I know the person and also know that the transaction is legitimate?
Continue to exercise caution even if you know the person and believe the transaction to be legitimate. Scammers often form relationships â including romantic or business-related â with their targets before defrauding them. To build trust, some scammers will even repay victims the first few times before vanishing on the final transaction.
Be wary of sending money to people youâve only recently met, especially if theyâre claiming they can help you earn money. If youâre confident the transaction is genuine and the address belongs to a trusted individual, please contact Binance Support to help remove your temporary withdrawal restrictions. If you believe youâve fallen victim to a scam, please file a report by following the steps in this guide: How to Report Scams on Binance.
6. Itâs my money. Do I not have the right to withdraw to any address?
You always have the right to decide where to withdraw your funds. Temporary withdrawal restrictions only serve as preventive measures to protect you from potential scams. You can proceed with the withdrawal once youâve thoroughly reviewed the situation and confirmed the transaction's legitimacy. If you need assistance, contact Binance Support.
Binance never permanently freezes or blocks user funds in case of suspected scams. Instead, we allow users more time to do further research and confirm theyâre making the right decision.