Former Binance CEO's Net Worth Skyrockets amidst Pending Legal Troubles
Summary:
Former Binance CEO, Changpeng “CZ” Zhao's net worth reportedly rose by $25 billion since December 2022, placing his total net worth at $37.2 billion. Currently, he ranks 35th on the Bloomberg Billionaires Index and faces a maximum of 18 months in prison for a Bank Secrecy Act violation. His lawyers' petition to allow him to travel to Dubai was denied, and he's expected to remain in the U.S. until his sentencing in February 2024. Despite resolving most legal issues with a November settlement, Zhao and Binance are still dealing with a lawsuit from the U.S. Securities and Exchange Commission.
Reports have revealed that Changpeng “CZ” Zhao, the previous CEO of Binance, has grown his net worth by approximately $25 billion since December 2022. As stated by the Bloomberg Billionaires Index on December 25, CZ's overall net worth came up to $37.2 billion, marking an annual increment of $24.6 billion. This surge positioned the past Binance CEO at the 35th position in the richest individuals list, surpassing Citadel's CEO Ken Griffin and following behind Uniqlo's CEO Tadashi Yanai. The title of the world's richest person is held by Tesla's Elon Musk who has a net worth of $232 billion, which is a 25% downfall from a projected $340 billion in November 2021 as reported by Bloomberg. The publication also noted that the net worth of Coinbase CEO Brian Armstrong stands at $7.25 billion, having escalated by $5.77 billion within a year.
Zhao, who is awaiting his sentencing in February 2024 for breaching the Bank Secrecy Act, is confined to remain in the United States and faces imprisonment for up to 18 months. In the past November, he admitted guilt to one felony count amidst a $4.3 billion agreement with U.S. authorities. Subsequently, his lawyers appealed in court for him to be allowed to make a trip to Dubai in the United Arab Emirates prior to his sentencing session, which was rejected. Until February, Zhao, the former CEO of Binance, is expected to have the freedom to travel domestically given his $175 million bond. Although the November settlement broadly wrapped up many of Binance and Zhao's legal issues, both are currently confronting a lawsuit filed by the U.S. Securities and Exchange Commission in June. There are a number of enforcement actions pending against Binance, Ripple, Kraken, Coinbase and other cryptocurrency exchanges.
Published At
12/26/2023 9:50:00 PM
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