The Australian Federal Police (AFP) have launched an investigation into a large-scale crypto scam in which fraudsters posed as Binance representatives to defraud Australian users.
Investigation and Discovery
In a joint statement, the AFP, National Anti-Scam Centre (NASC), and Binance Australia confirmed that the scam was uncovered as part of Operation Firestorm, a global crackdown on digital fraud. Authorities warned that over 130 potential victims had already been targeted in the scheme.
How the Scam Works
Scammers used encrypted messaging platforms and SMS to send “spoofed” messages that mimicked official Binance communications. These fraudulent messages appeared within existing Binance chat threads, making them look legitimate.
Victims received fake verification codes and a support number, which connected them to fraudsters pretending to be Binance representatives. Once on the call, the victims were pressured into transferring their cryptocurrency into a so-called “trust wallet”, which was actually controlled by the scammers.
By the time victims realized they had been deceived, their funds had already been laundered through a network of wallets, making recovery difficult.
Authorities Urge Victims to Report
AFP Commander Cybercrime Operations Graeme Marshall urged any victims who may have transferred funds to the fraudulent wallet to immediately report the incident to their bank, crypto exchange, and law enforcement via ReportCyber.
“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.”
— Graeme Marshall, AFP Cybercrime Operations Commander
Binance’s Response and Security Measures
As one of the largest crypto exchanges globally, Binance has frequently been targeted by scammers exploiting its user base.
A similar scam was reported in February 2025 by Cyprus police, where fraudsters sent fake SMS alerts about unauthorized logins to trick users into providing their credentials.
In response, Binance is reportedly developing a new security feature aimed at helping users detect SMS phishing scams. However, details of the security update remain undisclosed.
Protecting Users from Crypto Scams
Authorities and cybersecurity experts continue to urge crypto users to:
- Verify official communication channels before responding to messages claiming to be from Binance or any other platform.
- Avoid clicking on suspicious links in emails or SMS messages.
- Report suspicious activity to their crypto exchange and law enforcement.
With Operation Firestorm uncovering the scale of digital fraud, Australian authorities remain committed to identifying and protecting potential victims in the growing world of cryptocurrency scams.
