For Indian crypto users, the next phase of digital assets may not be defined only by Bitcoin prices, exchange listings, or regulatory headlines. It may be defined by something more basic: education.
In a recent conversation on Raj Shamani’s Figuring Out podcast, Binance Co-CEO Richard Teng repeatedly returned to one message for users entering crypto and digital finance: understand what you are doing before putting your money at risk.
Teng, a former regulator with more than three decades of experience in financial services, spoke about crypto’s potential to reshape payments, markets, and access to finance. But his most relevant message for Indian users was not about chasing returns. It was about financial literacy, scam awareness, and responsible participation.
“Do your own research. It’s actually really important,” Teng said during the discussion, adding that users should not simply trust what others tell them without first understanding, researching, and analyzing it.
For India, where crypto adoption continues despite uncertain regulation, high taxes, fraud concerns, and growing interest from retail investors, that warning matters.
India’s Crypto Opportunity Comes With a Responsibility Gap
India has one of the world’s most active digital user bases. Millions of young investors are familiar with UPI, mobile wallets, trading apps, creator-led finance content, and global crypto platforms. That digital comfort has made crypto easier to access than ever before.
But easier access does not automatically mean better understanding.
For many first-time users, crypto still begins with a friend’s recommendation, a Telegram group, an influencer post, a viral YouTube video, or a promise of “guaranteed” returns. That is where the risk starts.
Teng’s message is especially important in this environment. Crypto may be a new financial rail, but the oldest rule of finance still applies: if you do not understand the product, the risk, the custody model, the tax impact, and the scam possibilities, you are not investing responsibly.
In India, crypto is also not treated like a casual side activity from a tax perspective. Income from the transfer of virtual digital assets is taxed at 30%, with restrictions on deductions and loss set-off, according to India’s Income Tax Department guidance. That means users cannot look only at market upside; they also need to understand compliance and tax consequences before trading.
Scammers Use Emotion, Urgency, and Fear
One of Teng’s strongest warnings was about how scams actually work. “Normally the scammers play up to emotions,” he said, explaining that fraudsters often create fear or urgency by telling users that their account is at risk, their funds may be lost, or they must immediately give access to protect themselves.
That is a pattern users should recognize. Most crypto scams do not begin with a complex hack. They begin with trust. A fake customer support executive. A WhatsApp message. A Telegram admin. A recovery agent. A fake exchange link. A high-return scheme. A phishing page that looks real. A caller claiming urgent account verification.
The common factor is pressure. Scammers want users to act before they think. They create panic, greed, or fear of missing out. They push users to share OTPs, passwords, seed phrases, private keys, remote access, or wallet approvals.
The lesson is simple: urgency is a red flag.
No legitimate platform, exchange, wallet provider, regulator, or law-enforcement agency will ask for your seed phrase, private key, OTP, or remote access to your device. If someone says your account will be frozen unless you act immediately, stop and verify through official channels.
Crypto Scams Are Not Only a Crypto Problem
Teng also made a broader point that is often missed in public debate: scams exist across financial systems, not only in crypto.
Fraud happens in banking, stock markets, insurance, online payments, loan apps, fake job offers, investment schemes, and digital wallets. Technology has made financial access easier, but it has also made fraud faster and more scalable.
In India, this is already visible across cyber fraud cases involving fake investment apps, impersonation calls, phishing links, mule accounts, and online trading scams. The Government of India’s cybercrime portal directs victims of online financial fraud to report immediately through the cybercrime helpline 1930 or cybercrime.gov.in.
Crypto adds another layer of risk because blockchain transfers can be fast, global, and difficult to reverse. Once funds move to a scam wallet, recovery can be challenging. That makes prevention more important than reaction.
This is why financial education cannot be treated as optional. It is the first layer of user protection.
DYOR Is Not a Slogan. It Is a Survival Skill.
In crypto, “Do Your Own Research” is often repeated like a meme. Teng’s comments bring it back to its real meaning.
DYOR does not mean watching one video and buying a token. It does not mean following a chart shared by an anonymous account. It does not mean trusting a project because it is trending.
For users, proper research should include basic questions:
- What problem does this project solve?
- Who is behind it?
- Is the token listed on a credible platform?
- Is the website real or a copycat domain?
- Does the project promise unrealistic returns?
- Is liquidity concentrated in a few wallets?
- Are influencers promoting it without disclosure?
- What happens if the token falls 50%?
- What tax applies if there is a gain?
- Can I afford to lose this money?
Responsible participation begins when users stop treating crypto as a shortcut and start treating it as a high-risk financial product that requires knowledge.
Start Small, Learn First, Then Participate
Teng’s advice to new users was practical: start small. “Make sure that you understand it,” he said, adding that users must understand both the potential and the pitfalls of anything they put money into.
That is particularly relevant for Indian retail investors today, since many of whom enter crypto during market rallies. The common mistake is to begin with the biggest risk: leverage, futures, meme coins, low-liquidity tokens, or unknown projects promoted on social media.
A safer approach is education-first participation. Before trading actively, users should understand spot buying, wallet security, two-factor authentication, exchange risk, stablecoins, network fees, tax reporting, and phishing protection. They should also know the difference between keeping assets on an exchange and self-custody in a wallet.
Starting small is not only about investing less money. It is about reducing the cost of mistakes while learning.
A Crypto Safety Checklist
As crypto access expands, users need a simple safety framework.
- First, never share seed phrases, private keys, OTPs, or passwords. Anyone asking for them is likely trying to steal funds.
- Second, use only official websites and apps. Fake exchange links and duplicate wallet websites are common phishing tools.
- Third, avoid guaranteed return schemes. Crypto markets are volatile, and no one can honestly guarantee fixed profits without risk.
- Fourth, verify before sending money. Always check wallet addresses, networks, and platform details before transferring funds.
- Fifth, be careful with Telegram and WhatsApp groups. Many scam campaigns use community channels to build fake credibility.
- Sixth, understand taxation. For users in India specifically, crypto profits are not tax-free just because they are digital assets.
- Seventh, report fraud quickly. In cases of online financial fraud, users should contact official cybercrime helplines or file a complaint through their jurisdiction’s official cybercrime portal as soon as possible.
This kind of basic financial hygiene may sound simple, but it can prevent some of the most common losses.
Responsible Crypto Adoption Needs Users, Platforms, and Regulators
Teng also spoke about regulation, saying the industry needs proper and smart rules that protect users while allowing innovation to continue. For India, this is one of the biggest unresolved questions.
The country has taxed virtual digital assets and brought crypto-related service providers under anti-money laundering oversight, but broader regulatory clarity remains a work in progress. At the same time, the Reserve Bank of India has continued to express strong concerns about private cryptocurrencies and risks to users and the financial system.
This creates a difficult environment for Indian users. Crypto is accessible, but the rules are still evolving. That makes responsible behavior even more important.
Platforms must invest in compliance, fraud detection, proof of reserves, user education, and law-enforcement cooperation. Regulators must build rules that reduce harm without pushing users toward unregulated offshore channels. Users must stop treating crypto like a casino and start treating it like a financial system where mistakes can be expensive.
All three sides matter.
The Real Crypto Skill Is Not Trading
The most important crypto skill for users may not be reading candlestick charts or finding the next token early.
- It may be knowing when not to click a link.
- Knowing when a return sounds too good to be true.
- Knowing why a seed phrase should never be shared.
- Knowing how taxes work.
- Knowing that an influencer is not a financial adviser.
- Knowing how to stop, verify, and think before sending money.
That is the deeper point in Teng’s message. Crypto can create access, but access without education can become a trap. For India, the next wave of crypto participation should not be built on hype. It should be built on literacy, caution, and responsibility.
As Teng put it, users must become “the master of your own money and your own knowledge.”
For crypto investors, that may be the most important advice of all.
