Changpeng Zhao Refused The 28.2 Billion USD Of Wealth Assessed On “25 Financial Giants” List

Key Points:

• Changpeng Zhao (CZ), CEO of Binance, is one of the “25 financial giants” who have made their riches using current financial methods.
• CZ, 46 years old, is in the top three with a net worth of 28.2 billion USD. He earns mostly from the cryptocurrency exchange Binance, which he manages. Binance’s annual revenue is estimated to be 12 billion USD, but this figure is subject to change. This is unsubstantiated because Binance has never disclosed Mr. CZ’s holdings or financial information.

Changpeng Zhao (CZ) currently has assets worth $28.2 billion, the majority of which come from the Binance exchange he oversees.

Binance CEO Changpeng Zhao (CZ) was recently named by Bloomberg as one of the “25 financial giants” who have made their riches through modern-day financial activity. As a result, CZ, 46, ranked third with a fortune of $ 28.2 billion, primarily from the cryptocurrency exchange Binance, which he runs. According to Bloomberg, Binance’s yearly revenue is projected to be 12 billion USD, however this figure has not been validated because Binance has never provided financial data or Mr. CZ shares. Notably, at the start of 2022, Bloomberg assessed Changpeng Zhao’s assets at $95.8 billion, propelling the Binance CEO into the top ten richest people on the planet.

CZ was born in Jiangsu, China, but emigrated to Canada with his family when he was eight years old. At McGill University in Montreal, he studied computer science. He traveled to Tokyo after graduation, where he worked on trading systems for the Tokyo Stock Exchange and created trading software for the Bloomberg Futures Exchange.

In 2005, he quit Bloomberg and moved to Shanghai to launch his own firm, Fusion Systems. During a poker session, he was introduced to Bitcoin by Ron Cao, CEO of venture capital firm Lightspeed Ventures. CZ immediately embraced the technology and began investing in cryptocurrency in 2014. Binance was formed only three years later.

Binance is presently the largest cryptocurrency exchange in the world, with over 120 million users and a trading platform market share of more than 50%. The US Commodity Futures Trading Commission (CFTC) accused Binance of operating in an opaque way and frequently violating its duty to register with US authorities in March 2023. CZ responded with dissatisfaction, claiming that the complaint lacks many information and evidence.

Notably, Changpeng Zhao is the only person on Bloomberg’s list who works in the crypto industry; the rest of the entrepreneurs are primarily from investment funds, fintech, and banking. Ken Griffin, the head of the Citadel hedge fund, is the richest person on the list, with a fortune of $35 billion. Susquehanna founder Jeff Yass comes in second with $33.1 billion.

Binance CEO Changpeng Zhao, on the other hand, refuted the amount of wealth assessed by Bloomberg for himself on his personal Twitter.

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