There is always such a possibility. I like IEO's and trust them more than ICO's, but only if IEO is conducted on trusted exchange, for example Binance. But even then you can be scammed, as no one can guarantee you that this or that project isn't a scam. Everything can happen, even on a major exchange.
I don't think Binance will conduct a scam IEO ever. Look at their every IEO projects, all have unique technology with unique product idea! BitTorrent, Harmony, Matic, Elrond all are great invention of this year. After Binance, I would prefer to look at Gateio IEO projects. All are very successful and doing very good for the crypto industry. Though Perlin, Data protocol IEO wasn't enough success on Binance Launchpad yet those projects are great!