Changpeng Zhao, the former CEO of Binance, has experienced a significant increase in his personal wealth despite facing legal troubles. His net worth has climbed by an impressive $24 billion this year, securing him the 35th position on the Bloomberg Billionaires Index. Zhao’s career in the cryptocurrency industry began in 2013, and he played key roles in projects like Blockchain.info and OKCoin before starting Binance in 2017.
However, in November 2023, Zhao pleaded guilty to money laundering charges, resulting in a $50 million fine for him personally and a $4.3 billion settlement for Binance with the Department of Justice. As a result, Zhao stepped down as CEO of Binance and chairman of Binance.US’s board. Despite this, a proxy voting setup allows him to maintain financial stakes in Binance, although he has lost his voting privileges.
While Zhao’s legal challenges and departure from Binance’s leadership mark a significant turning point in his career, his personal wealth has continued to increase. It is worth noting that Zhao has criticized the Bloomberg Billionaires List in the past, disputing their claims about his net worth. Despite this, his financial success stands in contrast to the legal and regulatory difficulties he has faced throughout the year.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Changpeng Zhao, Richard Teng |
| Companies | Department of Justice (DOJ), OKCoin, Binance.US, Blockchain.info, Binance |
| Currencies | None |
| Securities | None |
