Binance, a global cryptocurrency exchange, has issued a warning to crypto users to beware of scams on April Fool’s Day.
While this day is typically embraced by the crypto community for fun pranks, some individuals and organizations use the occasion to deceive gullible traders with joke promotions that are too good to be true. To protect investors, Binance has outlined some of the most common scams and published advice on how to avoid them.
The first scam is a crypto investment scam that targets individuals with promises of high returns. Scammers typically gain an individual’s trust before convincing them to deposit funds into a platform or app that steals their crypto. The second scam concerns employment, where scammers tempt job-seekers with the prospect of well-paid crypto jobs, only to ask for a deposit fee that secures the position. The third type of fraud is the imposter scam, where scammers prey on people’s trust in established organizations such as banks or government agencies to deceive them into revealing personal information or transferring money.
Binance has drawn attention to instances of fraudulent activity where scammers pose as its employees. Given the large scale and credibility of the exchange, fraudsters may reach out to victims through unofficial email or social media accounts that appear to be official Binance accounts. Binance reminds cryptocurrency users that its staff will never initiate communication through unofficial channels to offer investment advice or account unlocking services. The warning from Binance emphasizes the need for investors to remain watchful against scams and safeguard their assets at all times, not only on April Fool’s Day.