Indian Crypto Users Targeted by Account Rental Scammers on Social Media

In recent months, a new type of scam has emerged in the Indian crypto industry, targeting users on social media platforms like Instagram and Facebook.

The scammers offer to 'rent' fully verified Binance accounts for short periods in exchange for substantial cash payments, often framing it as harmless P2P trading assistance.

Victims who engage with these offers are left exposed and unpaid, holding KYC information controlled by the fraud ring. The scheme's two-stage process involves using the rented account as a 'human shield' to phish actual buyers, and then pivoting to emotional blackmail of the account holder when stage one fails.

The financial and legal fallout for account owners is severe, including permanent suspension, asset freezes, and loss of balances. Binance's terms of service explicitly prohibit sharing credentials with strangers, and users are advised to report suspicious posts through official platform tools.