Prominent Chinese entrepreneur Luo Yonghao has publicly addressed Binance and its co-founder Zhao Changpeng (CZ) regarding a fraudulent cryptocurrency project. On May 15, 2026, Luo reported the existence of a digital asset bearing his name and utilizing his personal avatar as its official logo. The tech industry figure expressed concerns that the presence of this asset within the Binance ecosystem could mislead investors and lead to financial losses for unsuspecting users.
Issues of Impersonation Within the Binance Ecosystem
According to Luo’s statements on the X platform, the token in question is currently active within the Binance Web3 Wallet infrastructure. Although the asset has not yet achieved a full spot market listing—residing under the "wallet" tag rather than the "trading platform" tag—Luo emphasized that it remains a functional part of the broader Binance trading environment.
"I hope that Binance will delist the token or provide an official complaint channel for delisting to prevent users from being deceived,"
The situation highlights a growing trend of identity theft in the decentralized finance (DeFi) space. Malicious actors often create meme coins or celebrity-themed tokens to capitalize on the reputation of public figures without their consent.
Platform Responsibility and Security Measures
The incident raises significant questions regarding the oversight of decentralized exchanges (DEXs) and wallet integrations that automatically pull data from various blockchains. Luo Yonghao’s public appeal specifically targeted the leadership at Binance to implement stricter controls.
Current challenges facing large exchanges include:
- The rapid deployment of smart contracts on BNB Chain and other networks.
- Automated indexing of tokens that may infringe on intellectual property or personal rights.
- The difficulty in distinguishing between legitimate community-driven projects and fraudulent impersonations.
Conclusion
As of the current reporting, Binance has not issued a formal public response to Luo Yonghao’s request. This case serves as a critical reminder for the cryptocurrency community to exercise caution when interacting with assets that leverage the names of famous personalities. For investors, the distinction between a token appearing in a self-custody wallet and one officially vetted for a centralized exchange (CEX) listing remains a vital factor in risk assessment and fraud prevention.
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For educational purposes only. Nothing here constitutes financial or investment advice. Crypto markets are highly volatile — always DYOR before making any decisions.
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