Even though there are legal problems, Binance founder CZ’s wealth grows by 195.9% to $37.2 billion.
The wealth of Changpeng Zhao (CZ), the deposed founder of the Binance cryptocurrency exchange, increased by $24.6 billion in 2023, as reported in the Bloomberg Billionaires Index. CZ is now the 35th wealthiest person in the world, with a fortune that increased by 195.9 percent to $37.2 billion from its valuation in January.
Binance, the most heavily traded cryptocurrency exchange in the world, is majority owned by Zhao, who is a big contributor to his riches. As Bitcoin’s value has recovered from its 2022 low, the crypto founder’s wealth has grown exponentially.
While calculating CZ’s wealth at $37.2 billion, it does not take into account his cryptocurrency holdings, which include Bitcoin and Binance Coin (BNB). The precise value of the tokens is unknown, according to the Bloomberg Billionaires Index.
In addition, Zhao’s estimated fortune has dropped significantly from its high of about $97 billion at the beginning of 2022. According to the Bloomberg Billionaires Index, it peaked in July at $50.4 billion and has since fallen.
The $24.6 billion increase in Zhao’s fortune is more than five times more than the $4.3 billion penalty imposed on Binance by US authorities. Both Zhao and Binance entered guilty pleas in November on allegations of violating U.S. sanctions and anti-money laundering laws.
Binance was able to keep running thanks to the deal with US authorities, but Zhao had to step down as CEO, pay a $50 million fine, and keep his ownership share in the exchange.
At the same time, the recovery of the cryptocurrency market has caused the wealth of other notable figures to surge, not just Zhao. Bringing his total worth to $7.2 billion, Coinbase CEO Brian Armstrong has seen a rise of $5.8 billion year-to-date.
The Gemini exchange’s co-founders, Tyler and Cameron Winklevoss, have also seen a $1.4 billion increase in their fortune this year.
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