According to Richard Teng, CEO of Binance, phishing scams are increasingly targeting cryptocurrency users through fake links and impersonation. Teng emphasized that while Binance offers 24/7 protection, user vigilance remains the most effective defense against these sophisticated attacks (source: @_RichardTeng on Twitter, 2025-05-14). Crypto traders are advised to verify URLs, avoid clicking on suspicious links, and use security best practices to safeguard their accounts. This ongoing threat can impact trading volume and user confidence on major exchanges, potentially increasing volatility across the crypto market (source: Binance Security Blog).