Binance CEO Changpeng Zhao Sees Big Drop in Wealth
Binance CEO Changpeng Zhao sees a huge drop in his wealth as trading falls and legal issues rise.
Changpeng “CZ” Zhao, the head of Binance, lost $11.9 billion as trading on his platform went down.
On Oct. 26, a report said that Binance made less money, which affected Zhao's place among the richest people. He is now ranked 167th on Forbes List with $10.5 Billion, a big drop from his $96.9 billion in January 2022.
Reports used data from Coinpaprika and others to see how much Binance earned. By September, Binance's trading share had gone down to 34.3%. It was more than 55% in January.
Binance's company in the U.S. also saw less trading last month.
Legal issues might be affecting Binance's success. U.S. regulators are claiming Binance and Zhao did some things wrong. But Zhao and his company deny this and are fighting against the claims.
Sam Bankman-Fried, who was once close in business to Zhao, faced a big problem when his company, FTX, had money troubles and went bankrupt in November 2022. Some think a message from Zhao caused this.
Bankman-Fried is now in court, accused of wrongdoing, but he claims that he did nothing wrong.
