Binance Co-Founder Yi He Warns of Impersonation Scam

Binance co-founder Yi He publicly flagged an impersonation scam on Tuesday, alerting users to a fraudster using the name "Zhu Pan" in Chinese-language posts who falsely claims association with either Binance or CoinUp exchange. Yi He emphasized the critical need for vigilance in crypto regarding identity fraud.

CoinUp exchange has distanced itself from the alleged fraudster, explicitly denying any ties to the individual. The response underscores how impersonation scams can implicate legitimate platforms by association, forcing them to issue public rebuttals to protect reputation and user trust.

Impersonation scams remain a persistent threat in crypto. Attackers exploit the trust users place in established brands and high-profile figures, using fake social media accounts, fraudulent websites, and phishing schemes to steal credentials, private keys, or funds. By falsely claiming to represent a major exchange or executive, scammers convince victims to send money or reveal sensitive information.

Details about the scam's scope remain limited. Available reporting does not specify how many users were targeted, what methods the fraudster employed, or whether law enforcement or exchange security teams are investigating. CoinUp's denial does not necessarily rule out that the scammer had prior contact with the platform or attempted to exploit its name.

For users, the takeaway is straightforward: verify identities directly through official channels before engaging with anyone claiming to represent Binance, CoinUp, or any other exchange. Use only verified social media accounts, official websites, and in-app messaging. Unsolicited requests for credentials or funds from someone claiming to represent an exchange should be treated as a red flag.

The warning reflects Binance's proactive approach to user protection, though the lack of detail about investigation status or victim count leaves open questions about the scam's actual impact.