Binance Warns Users of Withdrawal Scams During Service Restoration

Binance warned users Monday, Nov. 2, that scammers may exploit its phased withdrawal restart by impersonating the exchange and offering faster processing, priority access or compensation. Users with pending withdrawals should check their status in the Binance app.

The alert comes as Binance restores withdrawals in stages, a process that began Nov. 1 after the exchange’s hot wallets were compromised on Oct. 29. Binance founder Changpeng Zhao also warned Monday about scams targeting users affected by the breach.

Scammers may contact users through direct messages, email, group chats or notes attached to small transfers. Binance says it will not sell queue priority, charge a fee to unlock withdrawals, ask users to connect or authorize a wallet, or tell them to move assets to a supposed vault or another address.

The warning also tells users to avoid links promising eligibility checks or compensation, and not to share passwords, two-factor authentication codes or seed phrases or pay for asset-recovery services. Connecting a wallet or signing an authorization may give third parties access to assets or the ability to transfer them. Malicious authorizations or transactions may put funds at risk, and on-chain transactions generally cannot be reversed.