Crypto Users Show High Trust in Exchanges—But Fraud Remains Rampant, Binance Survey Finds

In a rapidly evolving digital investment landscape, securing assets has become a paramount concern for crypto users. To shed light on user behavior and vulnerabilities, Binance recently conducted a comprehensive survey on "Crypto User Safety and Fraud Awareness," collecting insights from 7,967 Chinese-speaking participants. BlockFlow has analyzed these findings to provide actionable guidance for navigating the crypto ecosystem safely.

Key Findings from the Survey

1.Strong Adoption of Security Measures

• An impressive 80.8% of Binance users have enabled two-factor authentication (2FA) to secure their accounts.

• Nearly 80% of respondents meticulously verify recipient or smart contract addresses before initiating transactions.

• A notable 47.8% of users rely on physical media (e.g., paper) to store private keys or mnemonic phrases, surpassing the 30.7% who store them on electronic devices.

2.Trust in Exchanges as a Safety Net

• When encountering fraud, 58.9% of users turn to exchanges to freeze assets, underscoring their reliance on centralized platforms for risk mitigation.

• A significant 85.5% of participants express trust in exchange-provided security mechanisms, such as Binance's SAFU (Secure Asset Fund for Users).

• Nearly all respondents (97.2%) are willing to participate in anti-fraud simulations organized by trading platforms.

3.Exposure to Fraud and Scams

• A large proportion of users (77.4%) have encountered phishing links, while 60.8% have been targeted by fake "insider tips" or pump-and-dump schemes.

• Social media platforms like X (formerly Twitter, 63.9%) and Telegram (38.7%) are identified as the primary channels for scam dissemination.

• Alarmingly, less than half of the respondents (48.9%) reported no exposure to fraudulent activities.

A Call for Ongoing Vigilance and Education

The survey underscores the importance of continuous efforts in user education and awareness to mitigate risks in the crypto ecosystem. However, the findings also reveal that the current anti-fraud educational content provided by platforms has room for improvement. Nearly half of the respondents (49.7%) find the content overly technical and difficult to understand, while 46.2% express a desire for more localized and relatable case studies. Additionally, 42.2% highlight the need for more frequent updates, and 34% suggest diversifying the delivery methods to increase engagement.

These insights point to a clear opportunity for platforms to enhance the accessibility, relevance, and interactivity of their educational efforts, ensuring users are better equipped to identify and prevent online scams.

At BlockFlow, we are committed to bridging this gap by delivering accessible and practical crypto safety resources. Stay tuned as we continue to empower you with knowledge to protect your wallets and assets in this dynamic digital landscape.