thecoinrepublic.com
- 1 A sudden surge in the net worth of the former CEO was observed- Bloomberg.
- 2 In 52 weeks, a $25 Billion spike in Changpeng Zhao’s wealth was registered. Now it is over $35 Billion.
- 3 On November 21, 2023, Zhao entered a guilty plea in the Federal Court of Seattle for violating the Bank Secrecy Act.
Bloomberg reported that the wealth of former CEO Binance grew significantly in 2023. His net worth recorded a $25 Billion spike in 52 weeks. As per Bloomberg, Changpeng Zhao is the 37th wealthiest individual in the world.
Zhao’s total net worth is $36.2 Billion. However, the Forbes Billionaires list states that he still has a net worth of $15 Billion, which makes him the 118th person with wealth.
As per Bloomberg, the Binance founder gathered wealth for the year, more than five times the funds his company paid in fines to the U.S. regulators.
It is believed that most of the wealth Zhao gathered is from his stake in Binance, one of the biggest centralized cryptocurrency exchanges. Dozens of reports claim that Binance earned Billions of dollars in profit, as the crypto market has shown significant growth in 2023.
Allegation Faced by Binance & Chagpeng Zhao
Earlier in November 2023, Binance and its CEO (Zhao) were fined on the charges of violating anti-money laundering, and he was asked to resign from the position of the company’s head.
Some analysts also term Zhao an FTX killer; however, when Binance and its founder faced a lawsuit, a significant outflow of funds from the exchange was seen following FOMO of losing investment.
On November 21, 2023, Zhao entered a guilty plea in the Federal Court of Seattle for violating the Bank Secrecy Act.
The Commodity Futures Trading Commission (CFTC), the Treasury Department, and the United States Department of Justice (DOJ) investigated the exchange.
Binance stated during the hearing in federal court that it had permitted Hamas and numerous other terrorist organizations to utilize their platform to process transactions for illegal activity.
Binance is accused of money laundering, running an unregistered money transmission company, and breaching U.S. sanctions. According to the court document, the offending exchange is ordered to pay a $1.8 Billion criminal penalty and a $2.5 Billion forfeiture.
Crypto Market Updates
When writing, Brian Armstong, one of the founders of Coinbase, had a net worth of $7.6 Billion, and as per Forbes, he is 328th richest man in the world with a decline of $149 Million in wealth. However, the other co-founder of Coinbase, Fred Ehrsam, has a net worth of $2.3 Billion.
When writing, Bitcoin, was trading at $42,456, with a slight decline in the past 24 hours. Moreover, its trading volume grew over 16% in the intraday time frame.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.