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Binance CEO Changpeng Zhao became the richest person in the world of cryptocurrencies last year. His fortune is estimated at $96 billion. According to Bloomberg’s rating of the world’s top cryptocurrency billionaires, Zhao is ranked first with an estimated net worth of $96 billion. He surpassed Mukesh Ambani, the Indian tycoon whose fortune also soared to $92.9 billion. Notably, analysts assume that Zhao’s fortune may be more extensive as the official data does not take account of his personal holdings in cryptocurrency. Since 2014, Binance's CEO has been holding bitcoins. He also owns Binance coins that have surged by 1300% over the previous year. Bloomberg reported that the Binance crypto exchange generated at least $20 billion of revenue in 2021. At the same time, bitcoin plunged by 8% to $42,400. In September, the People’s Bank of China banned any activity related to cryptocurrencies. Binance as well as other crypto exchanges had to forbid registration for users from China. Crypto exchanges are globally facing such restrictions due to regulator’s concerns about weak user protection and the use of cryptocurrency for money laundering.
Published 21 January 2022
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