Scammers Pose as Binance to Steal Crypto in Australia

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Scammers Pose as Binance to Steal Crypto in Australia—Authorities Take Action

Written by Aaron S.,

Editor-In-Chief

Last Updated: March 20, 2025

Key Takeaways

Scammers posed as Binance representatives, sending fake messages to trick users into transferring crypto;
Over 130 potential victims were identified, but recovering stolen funds is nearly impossible;
Australian authorities urge victims to report scams through ReportCyber using AFP-068.

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Scammers Pose as Binance to Steal Crypto in Australia—Authorities Take Action

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Australian officials have stepped in to stop a crypto scam that pretended to be representatives of Binance $9.71B , using fake messages to convince victims that their accounts were at risk.

More than 130 people have been identified as potential targets of the scam, according to a joint effort by the Australian Federal Police (AFP), the National Anti-Scam Centre (NASC), and Binance Australia.

Authorities are urging affected users to report the incident immediately. Victims should contact their bank or crypto exchange and file a complaint through ReportCyber, referencing AFP-068.

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The fraudsters sent text messages and encrypted chat app notifications, claiming that user accounts had been compromised.

These messages looked like part of real conversations with Binance and included fake verification codes along with a support phone number. When victims called, they were directed to move their crypto into a so-called "trust wallet".

By the time authorities detected the fraud, the stolen assets had already been funneled through multiple wallets, which made recovery nearly impossible. This scam was uncovered through Operation Firestorm, a global initiative launched to disrupt cybercriminal networks targeting Australians.

Graeme Marshall, AFP Commander Cybercrime Operations, emphasized the importance of early intervention:

The AFP has worked closely with our partners at the NASC to ensure any victims in Australia targeted by these scammers were identified swiftly and given advice to help protect their cryptocurrency accounts.

Meanwhile, on March 4, Binance announced that it would stop offering nine stablecoins to users in the European Economic Area (EEA). What happened? Read the full story.