CoinUp denies fraud links after Binance cofounder's warning

A cryptocurrency derivatives exchange has moved to reassure users and distance itself from fraud allegations after a public warning from a Binance cofounder triggered a sharp selloff of its native token. CoinUp founder Queenie Li addressed the platform's community on June 24, following accusations made the previous day by Binance co-founder Yi He.

The controversy began on June 23 when Yi He posted on social media platform X, alleging that an individual named Zhu Pan had impersonated her in an attempt to scam Tron founder Justin Sun. Sun confirmed the allegation in a repost, calling for collective resistance against such fraudulent behavior. The public warning quickly raised questions within crypto circles about any potential connection between Zhu Pan and CoinUp.

In response, CoinUp issued multiple statements asserting that Zhu Pan is not a member of the CoinUp platform and does not participate in its core operations or management. The exchange described him only as being affiliated with a project listed on its platform. The company stated that directly linking his personal behavior to CoinUp constitutes an inaccurate interpretation.

The allegations coincided with significant...