We Investigated Binfince: Legit or Scam? The Facts

Recently, Binfince.com service appeared, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably confirms it is, in fact, a fraudulent platform.

Despite the promises of the most easy, trustworthy, and client-friendly service, Binfince.com does not fulfill any of them. In fact, all this is just a gilded wrap around a clear scam, which takes your money and data and never gives them back. Any stories about bonuses, endorsement from celebrities etc are absent as well.

Binfince Scam Overview

Originally, Binfince poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this platform is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, con actors employ deepfake videos where those celebrities advertise the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Binfince Scam

Initially, Binfince copies the layout of multiple similar websites. There are quite a few examples, like Spaceglobalfxtelsapayout, Winshine or Winshine. They are entirely undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive websites are operated by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Binfince Scam Works?

Binfince is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use numerous website designs, which still share the similar overall layout. Another common element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply advanced psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals create and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and paid promotions (when possible), fraud actors increase the presence of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Binfince in TikTok. Most of these videos are AI-generated deepfakes

Users get a stimulus to enroll, attracted by the commitment of receiving crypto prizes valued at thousands of dollars, all for free. To augment the appeal of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, targets end up on a page filled with enticing offers. “Crypto starts with Binfince”, “Your crypto savings are secured with Binfince, “Start earning with Binfince – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the pledged bonus requires registration. And as nothing concerning happens at this point, unaware users happily move on – especially as the bonus appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal data, swindrels will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, scammers bait folks into signing up to get bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for crypto purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto purchases require having money on your account. With Binfince, users are also coerced to top up to claim the bonuses. And these top ups is what creates most of the cash flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the credited capital and withdraw them.

This, however, is where the problems start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels are naught on intentions to return your money. But to make it look more legitimate, they’ve crafted a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal information, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And each of these checks will reveal more and more info of yours, which – you guessed it right – will be then marketed on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Binfince.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Binfince often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Binfince.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Binfince raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Binfince.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Binfince preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Binfince as a scam.

What Should I do as a Victim?

If you had to deal with Binfince site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the duration of the scam, its masters may contact you with particular documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we earlier determined, these deceivers have no plan of restoring your funds. So, what can these email messages and browser extensions represent? You guessed – that is another component of the deceptive plan designed to entice you into willingly running harmful software onto your device.

Both add-ons and attachments included to emails can serve as a shell for different malicious software. In this situation, I expect the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their conscience is of no concern, and their dignity is already severely tarnished. They have no scruples to lose and intend to boost gains.

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