If you’re active in the crypto space in India🇮🇳 buying, trading, or P2P-selling you must be aware of a sneaky scam that’s been gaining traction: fake SMS messages impersonating Binance (and other platforms) to trick you into revealing sensitive information or prematurely releasing your crypto. These are not just phishing attempts; they’re crafted to exploit trust and urgency and leave you open to financial loss.
What’s going on?
Scammers are using SMS spoofing a tactic where the sender’s number is manipulated or masked so the message appears to come from a trusted source (such as Binance, your bank or some familiar number).
In the context of P2P crypto trading (common in India), the threat is especially real:
🔺You get a message saying “Payment received – transfer the crypto” when in fact the payment never arrived.
🔺You receive a message containing a link that looks like it’s from Binance, asking you to “verify” your account or to unblock it. Once you click, you may land on a fake website, log in, and give away your credentials.
🔺You’re told your account is suspended unless you follow a link or give a code impersonation of Binance customer service.
In short: the scam is about creating illusions fake confirmations, fake customer-service outreach, fake links in order to convince you to act (release crypto, share codes, click links) before you stop, think and verify.
Why this matters for Indian crypto users👇
India’s crypto scene is thriving, including via P2P channels where individuals buy and sell cryptocurrencies peer-to-peer, often with Indian bank transfers. But P2P trading exposes users to these kinds of social engineering scams because there is often direct interaction between buyer and seller, and the time-sensitive nature of transfers is ripe for manipulation.
When you’re told “the payment is received” and you immediately release crypto only to later discover the bank transaction never happened you’re vulnerable.
The scam doesn’t need to hack your account; it simply needs you to trust the SMS, act too soon, and lose out.
How the fake SMS scams work (broken down)👇
▪️Fake payment confirmation SMS
You’re selling crypto through P2P. A message shows up saying the buyer has transferred funds to your bank account. You trust it, you release your crypto. Later you find the payment never cleared. Your bank alerts you or your account shows no deposit. The scammer is gone.
▪️Phishing link via SMS
You receive an SMS that appears to be from Binance: “We detected suspicious login. Please verify your identity: [fake link]”. You click that link, they capture your login credentials, then they drain your account.
▪️Account-suspension scare tactics
You get a message: “Your Binance account will be suspended unless you verify now.” You’re panic-triggered, you click or give a code. The scammer uses that code or the link to access your account. 
▪️Impersonating Binance customer service
A scammer posing as Binance staff sends a WhatsApp or SMS from a number that looks official. They ask you to move your funds to a “secure account” or scan a QR code. Once you comply, your crypto is gone.
🚨Must-have safety tips for Indian users
Here are steps you should absolutely follow to protect yourself:
🔸Never trust an SMS alone saying “payment received” or “you must release crypto now.” Always log in to your bank account and confirm the funds have truly arrived before releasing crypto.
🔸Ignore unsolicited links or urgent SMS from Binance, your bank or crypto platforms. Always go to the official website or app directly (not via the link).
🔸Enable Two-Factor Authentication (2FA) for your exchange account (such as Google Authenticator or Authy) and ideally for your bank too. Phishing links may try to capture your login + 2FA.
🔸Set an anti-phishing code if your exchange supports it this ensures that official messages from the exchange include your chosen code. The absence of this code can be a red flag.
🔸Don’t click links sent via SMS/WhatsApp claiming to be from Binance staff. Binance will never ask you via SMS or WhatsApp to move your funds to a “secure wallet” or give them a code.
🔸Block and report suspicious numbers or messages immediately. Forward them to your exchange’s fraud/security email if you’re unsure.
🔸Use the official app or website of the exchange check the URL carefully (e.g., “generallink.top”, not “binance-secure.org” or similar). Fake sites may imitate logos and design.
🔸Be especially cautious in P2P trades. Treat buyer-seller transactions like you’d treat a business transaction verify the bank deposit in your own bank account (not just via SMS) before you release the crypto.
🔸Be sceptical of “too good to be true” offers or buyers pressuring you to act fast. Scammers often create urgency to prevent you from pausing to verify.
🔸Educate anyone else you trade with friends, family, community members. These scams succeed when users act alone and uninformed.
Why this matters now🔻
With crypto adoption increasing in India, and P2P trading becoming more common, the attack surface for scammers is expanding. Platforms like Binance freely admit that fake SMS scams are rising and evolving.
When the liquidity is high, and more people are participating, the temptation for scammers grows. Losing even a small amount of crypto can mean a big psychological and financial hit.
As a crypto user in India, you are your strongest line of defence. Platforms and banks can improve security, but the primary key is how aware and cautious you are.
Whenever you receive an unexpected SMS or link, pause. Think. Verify. If something triggers panic or urgency, that’s exactly what the scammer hopes for.
Whether you’re on Binance or any other platform, remember:
• Payment must be confirmed via your bank statement, not just an SMS notification.
• Authenticate only through official channels app or website, not random links.
• If someone claiming to be from customer service asks you to “transfer funds now”, run.
• Block, report, and move on.
Stay alert, stay secure and keep your crypto safe.