Binance’s Yi He warns of alleged impersonation scam, CoinUp denies ties

Binance co-founder Yi He issued a warning this week regarding an alleged impersonation scam involving an individual referred to as “Zhu Pan” in Chinese-language social media posts. Yi He stated on X (formerly Twitter) that this individual is not affiliated with Binance and is using fraudulent means to deceive the public. The alleged scammer appears to be promoting investment opportunities or services under the guise of association with Binance. In response to the allegations, a platform named CoinUp has publicly denied any connection to the individual identified as Zhu Pan. CoinUp released a statement clarifying that they have no business relationship or partnership with Zhu Pan. The situation highlights ongoing concerns about bad actors attempting to leverage the reputation of major cryptocurrency exchanges for fraudulent purposes. Binance has a history of issuing warnings about phishing attempts and impersonation schemes targeting its user base, emphasizing the importance of verifying official communication channels. This incident underscores the need for vigilance within the cryptocurrency community to protect against such deceptive practices.