Cryptocurrency platform Binance, founded in 2017 by Changpeng Zhao, is one of the leading cryptocurrency platforms.
Here’s a look at how Zhao’s wealth changed in recent years and how his resignation from Binance could impact his fortune.
What Happened: On Tuesday, Nov. 21, Changpeng Zhao stepped down from Binance as part of a settlement by the cryptocurrency exchange after a multi-year probe into the company by the U.S. government.
Binance agreed to pay $4.3 billion in fines as part of the settlement. Zhao left his CEO role, but will maintain his ownership of the company. Zhao also pled guilty to federal charges.
Zhao is currently worth $23 billion. He is the 69th richest person in the world, according to the Bloomberg Billionaires Index. While Zhao’s fortune dropped by $425 million on Tuesday, he witnessed a $10.5 billion increase in wealth throughout 2023.
According to Bloomberg, Zhao hit a peak wealth of $96.9 billion in January 2022 thanks to the rising market share of Binance and the value of Bitcoin (CRYPTO: BTC).
As Bitcoin experienced volatility and cryptocurrency exchanges faltered in 2022, Zhao’s wealth declined.
In 2022, Zhao experienced one of the biggest drops, ending the year worth around $12.6 billion.
A recovery in the price of Bitcoin and interest in cryptocurrency helped Zhao’s wealth increase in 2023, hitting a yearly high of $50.4 billion in July 2023.
Zhao’s wealth is primarily calculated for his near 90% ownership stake in Binance and an 86% stake in Binance.US. Zhao also has invested in Bitcoin and Binance Coin (CRYPTO: BNB) with his personal portfolio, but the amount he owns is unclear.
Forbes values Zhao’s wealth at $10.2 billion, with a peak of $65 billion in 2022.
Related Link: Coinbase CEO Armstrong Reacts To Binance CEO’s Resignation
Why It’s Important: Since early 2022, Zhao has been one of the key individuals to see their wealth soar thanks to increased interest in cryptocurrency. With Binance holding a leading market share position globally, Zhao saw his wealth soar.
The impact of the Binance settlement and Zhao stepping down could have a lasting impact on his wealth. While the $4.3 billion settlement will come from Binance and not Zhao directly, it could harm the potential future of the company.
Zhao’s drop in wealth in 2022 followed another famous…
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