Former Binance CEO Changpeng Zhao Still Worth $15 Billion Despite Guilty Plea: Forbes
Former Binance CEO Changpeng Zhao, commonly known as CZ, is still worth $15 billion despite recently pleading guilty to federal money laundering charges.
On Tuesday, the crypto boss acknowledged his violation of US regulations and evasion of sanctions laws in his pursuit of crypto market dominance.
Despite this guilty plea, CZ retains his majority stake in Binance, positioning him as one of the wealthiest convicted felons globally and unquestionably the richest person in the cryptocurrency industry.
Forbes estimates that CZ’s approximate 90% stake in Binance, which constitutes the majority of his wealth, is now valued at around $15 billion.
This figure represents an increase from $10.5 billion in April, as reported in Forbes’ 2023 World’s Billionaires list.
Over the past year, Binance has generated revenue exceeding $3 billion, according to Forbes’ analysis of the exchange’s spot and derivatives trading volumes tracked by CoinGecko.
The resurgence of the cryptocurrency market has contributed to Binance’s valuation.
Bitcoin, a key indicator of the industry’s performance, has more than doubled in value this year, reaching $36,500 as crypto markets rebounded following FTX’s collapse.
Shares of Binance’s competitor, Coinbase, have tripled since the beginning of the year.
Collectively, major cryptocurrencies have gained $600 billion in market value in 2023.
Nonetheless, Binance now faces a distinct reality as an independent compliance monitor will oversee its operations for three years and report findings to the US government.
These constraints may potentially impact Binance’s revenue and jeopardize its status as the leading global cryptocurrency exchange.
Binance’s ability to maintain its market share
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