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!
well, markets like binance or another popular market must do research before conducting IEO in their market. that's why I prefer to support projects that are in popular markets rather than new markets, or less popular. that's because of quality. I am sure that the binance class market will hold a fake IEO. I think they will do the research up to the team even whitepaper. although that doesn't guarantee a profit, at the very least, the team will most likely be very serious about developing their project.