Richard Teng: “User Vigilance and Dual-Layer Security Are Core to Binance’s Fight Against Crypto Scams”

Binance CEO outlines education-first strategy and robust protocols as scams grow more sophisticated in Web3As the crypto industry matures, so do the threats. During the CEO Connect: May Edition, Binance CEO Richard Teng addressed the rising wave of sophisticated scams targeting crypto users, emphasizing Binance’s dual-layer security approach and its commitment to user education and proactive protection.“We’ve seen a rise in increasingly sophisticated scams. That’s why we’ve strengthened both our technical defenses and user awareness efforts,” Teng stated.Two Layers of Protection: Tech + User SecurityTeng explained that Binance operates with two core layers of security:The technical layer, maintained by Binance to prevent hacks, breaches, and infrastructure vulnerabilities.The user security layer, which depends on user behavior, knowledge, and vigilance.“The first layer is our responsibility—firewalls, detection systems, AI threat modeling. But the second layer is just as critical: users must know how to secure their wallets, use 2FA, and avoid phishing attempts,” he said.Empowering Users Through EducationTo support users, Binance runs ongoing security awareness campaigns, including educational content via Binance Academy, covering topics like wallet protection, scam detection, and key management.“We actively reach out to users with learning content. But vigilance remains the most important factor. I can’t stress that enough,” Teng warned.From phishing tutorials to real-time alerts on social engineering scams, Binance is investing in helping users develop the habits and knowledge to stay safe in Web3.Security Is a Shared ResponsibilityTeng concluded by emphasizing that security in crypto is not just the platform’s job—it’s a shared effort between Binance and its global user base.“You need to know all the security features available. Being informed is the first step in being protected,” he said.