Binance CEO Reportedly Worth $96B
- This is the first time Changpeng Zhao has had his wealth estimated by the Bloomberg Billionaires Index.
- The figure does not include Zhao’s personal crypto holdings, and would rank him 11th among the world’s richest people.
Binance CEO Changpeng Zhao. CryptoMonedaseICOs
Changpeng “CZ” Zhao, the CEO of the largest crypto exchange by trading volume, is now one of the richest people on the planet, with an estimated net worth of $96 billion, Bloomberg reported on 9 January.
According to the publication, Binance’s CEO estimated $96 billion fortune would rank him 11th among the world’s richest people, rivaling other tech billionaires such as Mark Zuckerberg, Larry Page, and Sergey Brin. Estimated by Bloomberg’s Billionaires Index, Zhao’s wealth seems to be exceeding that of Asia’s richest person Mukesh Abani, the Chairman of Reliance Industries.
The 44-year-old crypto entrepreneur’s fortune was estimated with the assumption Zhao owns 90% of Binance, which was based on his public statements and regulatory filings. While this is the first time Zhao had his wealth estimated, he could potentially have more as the $94 billion figure does not include his personal crypto holdings, such as his Bitcoin (BTC) or Binance Coin (BNB), the exchange’s native tokens.
It should come as no surprise that Zhao is amongst the richest men on the planet, considering his exchange has registered $56.5 billion in trading volume over the past 24 hours according to data from CoinMarketCap. A Bloomberg analysis of Binance’s trading volume and fees has also estimated that the exchange “generated at least $20 billion of revenue last year”.
The exchange’s growth and success could be attributed to its continued effort to acquire operational licenses across different jurisdictions, with the latest target being Indonesia, where Binance is reportedly working on a new crypto venture. The exchange is no stranger to acquisitions either, having just recently finalized the acquisitions of Visa card provider Swipe, which it began back in July.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The company said it will be suspending its crypto-backed debit card service in the Middle East on 25 August, and in Latin America by 21 September.
- Although no reason was given for the decision, the company noted that “less than 1% of users” in those regions will be affected by the change.
- A spokesperson said the change was due to the “changing market and user needs”, and that Binance will now be refocusing its resources on its main products and long-term goals.
- Launched in March 2022, Binance Connect helped crypto businesses connect with the traditional finance system, and supported 50 cryptocurrencies and networks such as Visa and Mastercard.