Forbes – Binance (BNB): The richest man in cryptocurrency is called CZ

Last Tuesday, Forbes released its 2022 Billionaire Ranking putting Changpeng Zhao, aka CZ, in 19and position. Starting from zero to 65 billion dollars, in just 5 years, the CEO of Binance (BNB) also offers himself the title of the richest man in cryptocurrencies.

An estimated fortune of $65 billion for Binance’s CZ

As Bitcoin (BTC) lost some $20,000 after its ATH, Satoshi Nakamoto was quickly dethroned by his peers. His big jackpot of 1,100,000 BTC is no longer enough to maintain him as the richest person in the world in cryptocurrency.

And the latest ranking of Forbes billionaires does not help matters for the father of Bitcoin. This report indeed speaks of a CZ, the first richest person in cryptocurrency, and the 19and billionaire in the world.

Forbes estimates that 44-year-old Chinese billionaire has an estimated $65 billion worth in his crypto wallet. With such fortune, he easily outranks Michael Dell (Dell Computers) and Charles Koch (Koch Industries).

Forbes also admits to having carried out investigations concerning Binance (BNB) and was able to put forward very specific figures. These relate in particular to Binance’s market valuation which is valued at $92.5 billion on March 11. Besides that, it has been said that Changpeng Zhao’s stake in Binance is at least 70%.

Binance, a very discreet empire

Binance is not very talkative to the point of disclosing information about its finances or ownership structure. But we found it necessary to provide you with the following data:

  • Binance is registered in the Cayman Islands;
  • its network of affiliated subsidiaries spans 180 countries;
  • its economic model is based on a native token: BNB;
  • before becoming a cryptocurrency, the BNB was limited to discounts on transactions;
  • Binance practices the “ burning » on a regular basis to control the coins put into circulation;
  • before January 2020, the burning BNB was based on a rate proportional to profits;
  • after this date, the burn of the native Binance token depended on the burn rate linked to the volume of exchange
  • the BNB token has a market capitalization of $73 billion, according to CoinMarketCap.
  • No one knows the number of BNB coins in CZ’s wallet.

Let’s stop there, this list is likely to be very long. We will simply add that Binance is far from being the darling of the Japanese, British and Hong Kong authorities. They accuse it of being a private company authorized by regulators. In May 2021, Bloomberg reported that the company in Changpeng Zhao was under investigation by the US Department of Justice and the Internal Revenue Service. The charges related to money laundering and tax evasion.

Crypto rich who made the Forbes list

CZ doesn’t even know his holdings

I don’t really know what my net worth is. I don’t care too much is Changpeng Zhao’s retort to a question posed to him in January 2021. He added that he owns around 30% stake in Binance. A figure that is far from exact, according to close people investigated by Forbes. They estimate that CZ’s stake would be around 70%.

Moreover, he intends to share a large part of his wealth, more precisely. Reason why he considers himself poor:

I only count what’s in my wallet, that is, not much at all. The rest are just opinions. »

Don’t forget that CZ is a programmer who was born in Jiangsu (China) in 1977. Forced to move to Vancouver (Canada), with his family, the teenager that he was had to work in a McDonald’s store.

At 16, Zhao began to take an interest in coding and earned a degree in computer science from McGill University in Montreal. Globe-trotter, CZ has already lived in Tokyo, Shanghai and New York. Among his past achievements are high-frequency trading systems for quantitative traders on Wall Street.

In 2013, his life took a turn after he discovered bitcoin (BTC) in the middle of a poker session. A fundraising of 15 million dollars allowed the launch of Binance in July 2017. A project that quickly seduced cryptocurrency traders for its speed of execution and its countless products.

How beautiful are success stories! We hope that the story of CZ, the man who started from scratch to raise 65 billion dollars in 15 years, would be a reference for many. Otherwise, its presence in the cryptosphere is a boon to the community, and to the world at large.

Source: Forbes

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Mikaia Andriamahazoarimanana

The blockchain and crypto revolution is underway! And the day when the impacts will be felt on the most vulnerable economy of this World, against all hope, I will say that I had something to do with it.

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