Crypto Exchange Scam: How to Spot Fake Platforms and Avoid Losing Your Crypto

When you hear crypto exchange scam, a fraudulent platform designed to steal your cryptocurrency by pretending to be a legitimate trading site. Also known as fake crypto exchange, it often looks professional—clean website, fake testimonials, even fake customer support—but it’s built to disappear with your money. These aren’t just sketchy websites anymore. In 2025, they’re sophisticated operations using cloned logos, fake regulatory badges, and even AI-generated videos of supposed founders. The goal? Get you to deposit crypto, then vanish—or lock your account until you pay a "withdrawal fee."

Most non-KYC exchange, a crypto platform that doesn’t require identity verification. Also known as anonymous crypto trading, it is a major red flag when paired with high leverage, no customer support, or promises of guaranteed returns. Look at GroveX or BloFin—they offer no-KYC trading, but they’re real exchanges with clear teams, audits, and user histories. A scam exchange won’t have any of that. It’ll hide behind vague terms, no physical address, and zero public records. And if you see a platform claiming to be "regulated" but can’t name the regulator or show a license number, walk away. Real regulation isn’t a badge you buy online—it’s a legal status backed by government oversight, like INX Digital in the U.S. or Vietnam’s Directive 05/CT-TTg, which forces exchanges to hold $379 million in capital just to operate.

Scammers also target users with fake airdrops. Remember POLYS from PolyStarter? There’s no official airdrop. But dozens of sites are still running fake claims, asking you to connect your wallet or send a small amount of crypto to "unlock" free tokens. That’s not how airdrops work. Legit ones don’t ask for funds. They don’t pressure you. And they’re announced on official channels—not Telegram bots or TikTok ads. Same goes for meme coins like ARNOLD or SUCHIR. They’re not scams by design, but they’re often used as bait to lure people into fake exchanges that only accept those tokens. Once you deposit, you can’t withdraw. The liquidity is fake. The trading pair doesn’t exist outside their own system.

And don’t assume size protects you. Even big names like WazirX and Binance have been hacked or flagged by regulators in India and Iran. The difference? They’re still around, fixing the damage. A scam exchange never fixes anything. It just shuts down. Your private keys are your only real protection. If you don’t control them—if your crypto lives on an exchange you can’t trust—you’re already at risk. A crypto exchange security, the system of controls that protects user funds from theft, hacks, and internal fraud. Also known as exchange safety, it isn’t about fancy tech. It’s about transparency. Can you see their cold wallet addresses? Do they publish proof of reserves? Are their security audits done by known firms like CertiK or PeckShield? If not, you’re gambling.

What you’ll find below are real reviews of platforms that crossed the line—some outright scams, others dangerously close. You’ll see how Iranian users lost funds to Tether freezes, how Indian traders got burned by unlicensed platforms, and why tiny DEXs like Libre Swap or Polycat Finance aren’t just risky—they’re traps for the unwary. This isn’t theory. These are cases from 2025, with names, dates, and outcomes. You won’t find fluff here. Just what you need to know to keep your crypto safe.