The wealth of the co-founder and former CEO of exchange giant Binance, Changpeng Zhao (widely known as CZ Binance), increased by $25 billion in 2023, according to a Bloomberg index.
Despite the difficult year and the painful end: the fortune of the founder of Binance is rising strongly
If you think that the personal fine that CZ must pay to the US government of $50 million is a huge amount, then you are right but only for you, me, and many like us, that amount CZ would consider a tip compared to his wealth!
In fact, according to the Bloomberg Billionaires Index, CZ has generated about $25 billion more in 2023 alone.
CZ is also now ranked the 37th richest man in the world. While his wealth is estimated at more than $37 billion.
Also, CZ owns Bitcoin and Binance coins (BNB), which are not included in the announced amount. All of this, according to Bloomberg.
Last November 21, the Binance exchange announced that it had accepted the settlement proposal offered by the US Department of Justice and CZ had to pay $50 million in personal fine.
While the stock exchange had to pay $4.3 billion. CZ sacrificed himself to save his company!
Also, CZ had to give up his position as CEO of the exchange in favor of Richard Teng.
However, 2023 has ended on a positive note for the Canadian-Chinese-Emirati businessman, at least for his bank balance.
In total, CZ could face a prison sentence of more than 18 months. He is scheduled to appear before American justice on February 23.
However, Binance and CZ benefited from the collapse of FTX at the end of 2022. The exchange naturally became the most important in the world.
Although he pleaded guilty to the Department of Justice charges, CZ is still banned from returning to his homeland in the UAE.
He also announced that he wants to focus on investing in Web 3.0 and is working to support innovation.
It is also important to remember that the SEC accused Binance and CZ of stealing user funds.
According to them, more than $12 billion was sent to companies owned by the Binance founder.
