According to a latest report published by bloomberg, the net worth of Binance CEO Changpeng Zhao is $96 billion excluding his personal assets and Binance’s cryptocurrency. Even without taking into account his net worth is more than that of Asia’s richest person Mukesh Ambani, Mark Zuckerberg and even Google founders Sergey and Larry.
How big is Binance?
Binance is the world’s largest cryptocurrency exchange and daily crypto trading volume is over $100 billion for most days in 2021. Basically, Binance is a cryptocurrency exchange. largest market for spot as well as derivatives.
Even just charging transaction fees, Binance is generating billions of revenue every month. According to a Bloomberg report, by 2021, Binance has generated at least $20 billion in revenue, which is more than three times higher than Coinbase, which has generated $5 billion. In addition to CZ’s personal crypto holdings, Binance has a number of whale accounts that periodically buy Bitcoins that could easily be worth billions of dollars. Take this one Binance Bitcoin whale address, for example, which currently holds 116k BTC worth $4.8 billion at the time of this writing.
43k Bitcoin was purchased by this whale address during the recent Bitcoin price drop as reported by Cointelegraph. This is just one of many whale accounts that Binance owns.
So, considering that the majority of CZ and Binance’s assets are from crypto assets, we can easily verify that Bloomberg’s estimate of CZ’s net worth at $96 billion isn’t even close. with his reality. That’s not all, we haven’t even started discussing Binance Coin aka BNB, which currently has a market capitalization of over $72 billion.
Binance looking for a new home?
If you are CZ or Binance, you will have to rush to seek legal jurisdiction as soon as possible. Especially in the US, both the DOJ and the IRS are investigating Binance for possible insider trading and market manipulation. Other countries including the UK, Japan, and Germany have issued consumer warnings against Binance.
The UAE and Singapore, appear to be the target of Binance officials as a new home as reported by Bloomberg. The Binance CEO is said to be meeting with the royal family in Abu Dhabi and holding a dinner near the Burj Khalifa. According to Bloomberg, the UAE royal family is eager to bring Binance to Abu Dhabi.