Bitcoin Forum

Is there any scam coin on BINANCE?

This time there's no scam coin on binance but there were some scam coins that ever listed on binance just like centra. The majority of scam coins already delisted from binance a long time ago but when you are interested to know more about that and then you can try to see the old history of scam coins.
 When binance is deciding to delist such coin and that means if the coin has no future or it will be a crap coin.

Binance is one of the world leading centralized cryptocurrency exchange and it is highly selective of the kind of coin that get listed on it exchange and that make it almost impossible to have fake or scam coin listed on there. For now the is no scam coin of binance unless  it not discovered yet.

Binance is a reputable exchange and its too expensive to get listed on that exchange and of course it requires a lot of paper works so I don’t think they’ll allow a scam project on their platform not unless they are being fooled by a project that is good before and turned into a scam, so far there’s no such project on Binance.

For now Binance has become very good reputable exchange and listing there requires very strict screening and very high fees and I have never seen a scam coin exist there

LOL, since when did Binance accept scam coins to be listed on the exchange? Did you know that Binance really takes care of the reputation of the exchange with everyone, so it always rejects junk tokens and completely useless shitcoins.

You can not depend on exchanges to choose coins for your investment and believe they are not scam coins.

Binance is a big exchange and you can trust them with their reputation but basically you should never put all your trust, capital and life on others.

After the exit drama from SUSHI DeFi 2020 Exit Scam? SushiSwap Creator Sells 100% Of His Sushi Tokens (https://coinmarketcap.com/headlines/news/defi-2020-exit-scam-sushiswap-creator-sells-100-sushi-tokens/), Binance integrate a warning when you firstly open a trading pair for a DeFi token. You can check it on Binance and you must click on Accept, Understand to start trading.

This warning is an unofficial admitment that Binance don't give you any guarantee on legitimacy of project they are listing. You can not blame on them if you buy a scam coin on Binance.

They do screening before list any project on it, but i think its still possible that someday some of the coins will be scam. But ofcourse it will be delisted immediately so its a small chance you can see scam coin in binance since after scam they will delisted it immediately.

There was a coin but I can't remember the exact name if the project but the project developer tried to run away after raising enough funds but in a week later he came back and apologized for his action so people saved from getting scammed.

Anyone remember that project or incident?

You should be the one to find out because we as Binance users we only use those coin that we have make a deep search and assures us of being in safe position.

And asking this here comes the reputation of binance at stake as they have been keeping the good reputation for years and that reason why they are the fastest growing and most popular exchange these days .

But for me? there is no Scam coins in Binance or should i say " NO FOR NOW REVEALED"

Its up to you to searched for the people behind your coin and judge them. You should do a research before entering such investments to coins specially that  now scammers will do everything just to scam. Furthermore, binance is a place not for scammers though. They can even recover some of your hard earned money.

https://www.coindesk.com/binance-recovers-344k-from-defi-exit-scam-that-launched-on-its-platform

Of course, I am not an active trader, but binance's policy on the account of listing projects and selection for the exchange is all at the best level, usually scam projects are eliminated even before listing, and if there is already such a coin, then binance quickly removes it from the list, the reputation of the exchange is good.

That's one of the advantages of using binance as your daily exchange platform. They keep their position as the most reputable and safe exchange by establishing strict listing policies. That makes only trusted projects will be listed there. No matter how much money some projects offered to get listed on binance. CJ also frequently listed many tokens for free if he trust on their project.

It was ARN token with bots in their groups

Nah. Even how Binance is very careful to check before listing, there are still a lot of altcoins that are listed on their exchange that may turn into SCAM or some of them are already scam but people still don't notice it.
Since at the first, how can we define a "SCAM COIN" at first? Can we tell Ripple(XRP) is a scam coin? Bitcoin Cash? It's kinda difficult to tell if there is no specification.

Delisting of coins from the exchange is made not because the coin has become a scam, but because the volume of trade decreases and, accordingly, the profit for the exchange from trading such a coin decreases. Unlike Binance, many exchanges continue to trade coins that have a daily trading volume approaching zero. But Binance can't afford that.

Bitcoincash is not a scam coin, but it can trick someone sending BTC to a BCH address. One time ago, I once came across a game with BCH prizes on Tiktok. Apparently BCH also uses "sat" for small units. I don't know whether this unit is used officially.

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Speaking of Binance, coin scams will hardly be found on this exchange. They have strict procedures so scammers won't get a chance to expose their coins even in Binance listing news.

I feel MITH is a scam coin.
The team is almost dead, the coin gets pumped and dumped from telegram groups. There is no development on the project or we can see any roadmaps.

I guess we can call it a scam coin.

If you want a meme coin then we have DOGE...  :D

What about "BULL, BEAR, ETHBULL, ETHBEAR, EOSBULL, EOSBEAR, BNBBULL, BNBBEAR, XRPBULL and XRPBEAR" ? Some people (who had lost a lot of money), thinks these altcoins are scam

P.S. They are delisted right now.

Binance certainly has a special analysis team for new projects that will be listed there, so I am sure there are no scam projects after being listed on Binance.

As far as I remember, there are never scam tokens on Binance. All projects are carefully checked, Binance is the main cryptocurrency exchange and its organizers value their reputation very much. This is probably why their tokens cost a lot of money!

They exist before but not anymore because Binance is already a good exchange, I mean the best exchange and they can't afford to ruin their reputation just to list those shit and scam projects. We heard about the project get delisted on Binance simply because they are not qualified anymore on Binance standards and that's the best assurance for us that Binance, really monitor every project on their platform.

And that's why their token price went up when they got word that their token was going to enter binance, they believe because Binance reputation is so good. So in my opinion, it is unlikely that the scam project will go to binance.

they make selections and also terms that other exchanges may not provide. Binance has a very good team managing a very busy and popular platform. I think scam coin will be hard to be listed on Binance.

Binance may do everything in their power to avoid listing any shady and scam project but you never know with determined scammers who are also very clever, so far i don't think i have heard of any scam coin in binance however there are few with some controversies but i am not sure if they can be consider as scam coin,
if at all there is such a coin in binance, it must have slipped through all the security process because such listing can't be intentional.

Ye I've seen these coins in the binance exchange, their names are so funny. I'm starting to think that the team did research of these coins before to allowing them to get in the exchange? seems no.. so indeed there are scam coins on binance.

Binance is big exchange. And as i know, They Everytime try to add best project on their exchange.

Even, If i invest in a coins,  I always want and wait for binance listing. Because, Almost everytime we can see a pump after binance listing.

binance did not.accept scam project before they list the project binance have  A reqiurements ithink. iam using binance 5years but they have not list the scam coin unlike the other shit exchange they allowed them to list the scam project. binance is a the top and  trust exchanges ever.

With how binance grow as a business, for sure they value their name, sorting those project that will allow
to list inside the exchange might undergo to good investigation.

They'll avoid dragging their business just because of allowing scammers to use their platform and runaway
with investors money.

It is very possible to have such coins on binance even if by mistake, scams are of different categories,  there are the obvious scams while there are also the silent type which people hardly notice and very dangerous because they let everyone believe they are legit whereas they ain't,
Binance is a top exchange but it doesn't make it perfect, there is a possibility this scam coin can exist without them noticing on time.

I think Binance verify the project before listing it on exchange. If the project has the potential and has a professional team then they list it otherwise reject it.
There is no fake project listed on binance exchange. All coins are legit that are listed on it. If you feel any fake project just report it to the binance team so that they can take action on it

I think not any scam coin if listed on Binance depend how long this coin can exist before delisting, did you get with many coin delisting on Binance and price dump? maybe become your way when investing and holding coin for long time, afraid some time Binance will delist coin because many time Binance delist any coin from their market.

There are a lot of scams on Binance now though the market will adjust to this but becareful. another thing is that only selected few projects are on Binance that have good fundamentals the others are pure clones on what we have on Uniswap. I am very glad when I see SFI move to BSC because it is going to legitimize the chain as an alternative to Ethereum because the gas price is just crazy

Careful when you choose a coin. There are scam coins everywhere. Even in binance. It's not like binance can predict if a coins is going to be a scam or not. You will never know the true intention of a person unless they ends up showing. So a coin might seem legit and then all  of a sudden, they may do an exit scam. So just because its listed on binance doesn't mean the coin is good and legit. But Binance does try to detect those scam coins early and remove them.
Oh, and don't forget, there are lot of shitcoins (shitcoins aren't scam coins but coins that are clone or has no real use case). Don't invest in those.

Coin on binance usually already passed due dilligent from binance, because it will impact to binance reputation, however there will be Failed project but it does not mean scam, failed project is the project has been done by developer but can not attract people to create the community on the project. Decentralized project need strong community. Itbis not like companny as we see in our daily life.

We'll understand what Binanace exchnage has done to the world of cryptocurrency and for them to be accused of scam project won;t be right IMO. They are those who we know to be best in terms of listing good projects in their exchange comparing to others. Before any project get listed into Binance exchange it must be a legit projects with real world case use and not just some randomly selected scam project in their exchange.

I do not know scam projects on Binance in case they are really on Binance. This platform is trustworthy and with a highly ranked reputation, they check their projects and those who are in collaboration with them in details. Only in case frauds used the Binance's name and made duplicated social pages you may find in the Internet, but it so easily to check. Just be attentive and watchful.

Or if the exchange found out that the coin is a scam, they will delist it right away. I don't think binance will ruin their reputation by listing a known scam coin. This is why their requirements are quite stringent than others. And the scam coins itself is avoiding Binance because they know they will not pass thru their standards.

this why a lot of people like to trade and keep their assets in binance,
because binance team always has a solutions if something bad happend in their platform