Binance CZ's Wealth Soars $24.6B Despite $4.3B Fine

As per the latest figures from the Bloomberg Billionaires Index, Changpeng Zhao (CZ), the ousted founder of the Binance cryptocurrency exchange, has seen a remarkable surge in his fortune, marking an impressive $24.6 billion increase in 2023. His wealth has experienced an extraordinary growth of 195.9%, now standing at $37.2 billion, securing him the 35th position among the world’s wealthiest individuals.

The primary source of Zhao’s wealth stems from his substantial ownership in Binance, recognized as the leading global cryptocurrency exchange in terms of trading volume. This unprecedented expansion in the crypto founder’s wealth aligns with the recovery of Bitcoin from its 2022 lows.

It’s worth noting that the valuation of Zhao’s portfolio, comprising assets like Bitcoin and Binance Coin (BNB), contributing to the $37.2 billion total, excludes specific token amounts, as per the undisclosed details reported by the Bloomberg Billionaires Index.

Notably, Zhao’s current estimated wealth is notably below its pinnacle, nearly reaching $97 billion at the outset of 2022. Moreover, it has receded from its peak in July this year, registering at $50.4 billion, according to data from the Bloomberg Billionaires Index.

Intriguingly, the $24.6 billion surge in Zhao’s wealth surpasses by over five times the $4.3 billion fines levied on Binance by U.S. authorities. In November, both Zhao and Binance admitted guilt to charges related to anti-money laundering and violations of U.S. sanctions.

Despite the settlement with U.S. authorities allowing Binance to continue its operations, it necessitated Zhao’s retirement as CEO and mandated a personal payment of a $50 million fine. Remarkably, he retained his ownership stake in the exchange.

Meanwhile, Zhao isn’t the sole prominent figure in the crypto sphere witnessing a substantial surge in wealth amid the crypto market’s resurgence. Brian Armstrong, CEO of Coinbase, has encountered a year-to-date wealth surge of $5.8 billion, reaching a total of $7.2 billion. Similarly, Tyler and Cameron Winklevoss, co-founders of the Gemini exchange, have individually observed a wealth upswing of $1.4 billion in the current year.