Binance co-founders Yi He and Changpeng Zhao (CZ) warned users on August 24 that highly active WeChat groups impersonating Binance and its former chief executive Changpeng Zhao are fraudulent, after scammers used the names of the exchange and its founder to promote an alleged crypto investment scheme.
“CZ does not use WeChat,” Yi He said in a post on X, adding that a WeChat group calling itself “Binance Mall” and accounts claiming to represent Zhao were fake and promoting scams.
Zhao reposted the same message and confirmed that he has not used WeChat for several years and urged users to remain alert to fraud. The warnings do not establish how much money the alleged operators collected or whether users suffered confirmed financial losses.
Fake Binance identity used
The warning followed the circulation of promotional material on WeChat that appeared to use Binance- and CZ-related branding to promote an alleged BNB investment opportunity. The promotion advertised daily returns ranging from 0.6% to 1.5% in BNB. Users were reportedly told they could participate by staking 0.2 BNB, while those staking 0.5 BNB would supposedly receive additional “node” benefits.`
The scheme claimed that only the first 10,000 participants could secure node positions. It also said that 5% of all BNB staked on the platform would go to the promoters’ nodes, although Binance has not indicated that such a program exists.
Before the supposed September launch, users were encouraged to participate in an alleged airdrop that claimed to require no gas fees. The promotion then directed participants toward building referral teams.
Referral model adds another warning sign
The alleged scheme also promoted referral-based rewards, according to the promotional material. Participants were reportedly encouraged to build referral teams, with larger networks allegedly providing access to greater rewards.
Such recruitment-based structures, particularly when combined with upfront cryptocurrency deposits and unusually high promised returns, are major warning signs for users. The promotional material also used hypothetical BNB prices to illustrate potential returns from holding large amounts of the token.
Those figures were promotional scenarios rather than evidence of actual returns and should not be interpreted as a Binance forecast or investment projection.
No confirmation about exact losses
The available information does not establish how much money, if any, victims sent to the operators of the scheme. Binance and Yi He did not disclose a figure for investor losses in the warnings, and there was no indication that the advertised financial product was an official Binance offering.
The promotional material describes specific BNB deposits and promised returns, but the posts shared by Yi He and Zhao do not establish that the scheme made actual payouts or that users successfully withdrew funds.
As a result, the warnings confirm the impersonation and scam claims, but do not establish the total amount of funds collected or losses suffered by victims.
Why the warning matters
Crypto scams often use recognizable exchanges and industry figures to make unofficial investment opportunities appear legitimate. The use of Binance branding and references to CZ on WeChat could make the promotion appear credible to users familiar with the exchange. Claims about an upcoming financial product could further encourage users to treat the scheme as an official Binance offering.
Zhao’s clarification that he has not used WeChat for several years provides a clear warning sign for users encountering accounts claiming to represent him. Yi He also urged users to remain cautious about WeChat groups and accounts presenting themselves as official Binance communities.
The incident highlights the growing use of Binance and prominent crypto figures in impersonation scams. Users should not assume that Binance branding, CZ-related accounts or claims about upcoming products are officially affiliated with the exchange.
Yi He and Zhao did not provide details on any investigation, confirmed losses or the scale of the campaign.
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