Binance’s CZ Debunks Photo Scam, Warns Community

Changpeng Zhao (CZ), founder of Binance, addressed scams claiming payment for photos with him, clarifying that such requests are fraudulent.

This clarification aims to safeguard Binance’s reputation and warn of potential misuse of Zhao’s image, impacting trust within the cryptocurrency community.

CZ’s Stance Against Image Scam for Financial Gain

Changpeng Zhao, widely known in the cryptocurrency space as CZ, addressed widespread scams on social media that falsely claim association with him by charging for photos. Responding quickly, CZ reaffirmed via BlockBeats News and his X account, stating, “This is fake. I do not charge for taking photos together.” After a speech, I will stay… to take photos with everyone… Link to Tweet

After speeches, he usually takes photos willingly but remains vigilant to avoid audience disruption.

The community has reacted positively, with many expressing gratitude for the transparency and warning. Industry voices echo caution, stressing the need for verification through credible sources rather than relying on photos, which can lead to misrepresentations or manipulations in crypto marketing.

Binance Coin (BNB) Market Dynamics and Expert Views

Did you know? In the past, photo scams involving crypto figures have misled investors, causing substantial financial losses. Such scams highlight the ongoing threat to investor security in the digital currency landscape.

BNB, the native cryptocurrency of Binance, recently registered a price of $1,297.11 according to CoinMarketCap. It boasts a market cap of $180.53 billion and holds a 4.57% market dominance. Its 24-hour trading volume saw a 17.47% increase, amounting to $11.86 billion. Over the past 90 days, the token experienced a significant rise of 87.30%.

Coincu research emphasizes the importance of regulatory oversight and security enhancements in preventing scams associated with deepfake technology and image misuse. Such actions are essential in maintaining market integrity and fostering a more secure crypto environment through robust and reliable verification channels.