Yi He Warns of Binance Mall Scam and Fake CZ Accounts

She posted the alert at 07:49 UTC on 24 August 2026. Her message asked people to warn each other and stay careful. As a result, the post passed 100,000 views within hours.

What Yi He Said About the Binance Mall Scam

Yi He is Binance’s co-founder and Chief Customer Service Officer. She shared the warning on her verified account, @heyibinance. Her post also quoted an earlier message about one such group and included a photo.

In plain terms, she said the “Binance Mall” WeChat groups and any CZ accounts there are fake Binance and fake CZ. Because CZ never uses WeChat, any “CZ” in these chats is an impersonator. So the branding alone is a clear red flag.

Her words, translated from Chinese, read: “CZ does not use WeChat. The currently very active WeChat groups ‘Binance Mall’ and CZ are all fake Binance, fake CZ running ground-promotion schemes. Please remind each other and beware of fraud.”

How the Ground Promotion Scheme Works

The Chinese term in her post, “地推盘,” points to an offline recruitment scam. First, street-level promoters approach people in person or through local social circles. Then they pitch a high-return “investment” or “shopping mall” product wearing familiar branding like Binance.

Next, they funnel targets into WeChat groups such as “币安商城.” Inside, fake CZ or “official” accounts add a layer of false trust. Because a real executive appears to endorse the group, victims lower their guard.

After that, the scheme follows a deposit-and-recruit pattern. Small early deposits pay quick “profits,” which actually come from newer recruits. Meanwhile, members earn commissions for pulling in friends and family. So the structure works like a Ponzi or MLM dressed up as a crypto mall.

Eventually, recruitment slows or the organizers vanish. At that point, the deposits disappear too. No reports so far tie these specific groups to verified wallet addresses or loss totals. Still, the pattern matches known 地推 fraud seen across Chinese crypto circles.

Why WeChat Is the Target

China banned crypto trading in 2021, so most activity moved into private channels. As a result, WeChat groups and offline agents became a common route for underground promotion. This setting makes official crypto channels harder to check.

For many Chinese retail users, WeChat feels trusted and familiar. Yet few can easily verify who really runs a Binance-branded group. Because of that gap, impersonation works well here.

The Binance Mall scam leans on that exact weakness. Scammers borrow a known name, add a fake founder, and let social proof do the rest.

A Repeating Pattern of Fake CZ Warnings

This warning is not new. Yi He has flagged fake CZ accounts several times before, including notes in April and June 2026. BlockBeats described the latest alert as a repeat of earlier ones.

The most serious case came in December 2025. Attackers hijacked Yi He’s dormant WeChat account and used it to promote the Mubarakah memecoin. That pump-and-dump reportedly netted them about $55,000 before the pair warned the public.

Since then, both CZ and Yi He have repeated one simple message. CZ does not use WeChat, so any CZ there is fake. Still, the “Binance Mall” groups show the impersonation problem has not gone away.

Little Market Impact for BNB

The warning did not move markets in any clear way. BNB traded near $700 on 24 August, opening around $702 and holding in the $698 to $700 range. So the price showed only normal daily movement after the post.

Analysts also reported no unusual on-chain activity linked to the alert. Because these scams run through WeChat and cash-style recruitment, they leave little visible trace on public blockchains. That makes them harder to track than a typical smart-contract exploit.

Chinese outlets such as Odaily and PANews carried the warning soon after. Yet none reported a price reaction, since the story centers on fraud prevention rather than trading. So the impact stays social, not financial, for now.

How to Avoid the Binance Mall Scam

The safest step is simple. Treat any WeChat group using Binance or CZ branding as fake until proven otherwise. Because CZ does not use WeChat, a “CZ” account there is an immediate warning sign.

Also, verify news only through Binance’s official website and verified social accounts. Never send deposits to a group that promises fixed or fast returns. If a promoter approaches you offline with a “mall” or investment pitch, walk away.

For now, Yi He’s advice stands as the clearest guide. Warn the people around you, check the source, and treat the Binance Mall scam as an active threat. This is not financial advice, but on fraud the rule holds steady: if it sounds too good to be true, it usually is.