Binance CEO Changpeng “CZ” Zhao is now counted with the billionaires like Bezos, Gates, Musk and Ambani. How far can he save his position that is under fire by regulators?
- Binance CEO Changpeng Zhao now among the richest billionaires with $96 billion in net worth.
- According to Bloomberg, the figure is still underestimated due to exclusion of personal crypto holdings.
- World’s largest crypto trading platform executing $140 billion worth transactions in 24 hours space, leaving behind rival Coinbase.
- Regulatory battle looms as a massive danger for company despite unprecedented popularity.
It is 2022 and cynicism surrounding cryptocurrency still prevails. However, truth be told, decentralized financing is everything but joke. In the latest episode of crypto world domination, the CEO of Binance has joined the league of world’s richest billionaires. On Monday, Bloomberg Billionaire Index calculated the net worth of Changpeng “CZ” Zhao, CEO of Binance to be $96 billion, ranking him not just one of the world’s richest, but also one of the richest among richest(s).
This makes this crypto tycoon richer than Asia’s richest man Mukesh Ambani and even the Founder of Oracle, Larry Ellison.
Zhao and other crypto billionaires like Founder of Ethereum Vitalik Buterin and Coinbase Founder Brian Armstrong assert that highly promising future of DeFi.
According to the CEO of FTX, Sam Bankman-Fried, the biggest factor to be credited for the billionaire status of CEO Zhao is “unprecedented amount of wealth creation that has occurred in the industry over the last few years.”
How much is CZ, CEO of Binance worth?
Changpeng Zhao has come a long way from being a struggling McDonald’s employee once to be counted with the likes of billionaire Elon Musk, Bill Gates, Jeff Bezos, and others. What makes the achievement more interesting is the age of the billion dollar crypto startup Binance. Unlike the companies of other tech tzars on the list, Binance was launched in 2017, soaring to exceptional heights within four and a half years.
The success story of Binance and its CEO deserves a toast due to its dizzying heights despite regulations in the home country, China. In the year 2021, Binance generated whopping $20 billion in revenues. While the CEO declined to give any statement to Bloomberg Billionaire Index, the company released a statement saying, “crypto is still in its growth stage. It is susceptible to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day.”
According to the market analysts, Binance used to execute $10 billion worth of transaction on an average in the span of 24 hours. The number has now spiked to between $40-$170 billion in 24 hours in today’s date. However, all this success still doesn’t mean a level ground for the company in the coming days.
Looming Dangers for Binance CEO and his company
Binance is struggling with regulatory challenges from all over the world. The major reasons why nations have saved their skepticism for the platform is the alleged insider trading that is fueling money laundry and legal violations.
The biggest crypto platform of the world with largest single day trade volume has become the center of attention for allowing any authorized and unauthorized crypto enthusiast to trade any digital asset, even the ones that no one has heard of. Unlike other competitors like Coinbase, Binance has no eligibility criteria and evaluation of the new digital coins being launched on the platform.
After China banned ICOs in 2017, Binance left the home country as its base. However, the problems continue for the platform.
U.S., EU, U.K., Japan, Germany, South Korea, Thailand, Malaysia and China, you name a country and the company faces a regulatory battle everywhere around globe.