Currently, Changpeng Zhao maintains the world’s largest Bitcoin fortune. Zhao has built his fortune as the CEO of Binance, the world’s largest crypto exchange.
Known to CZ to crypto enthusiasts, Zhao is currently making waves in the United Arab Emirates. After securing an apartment in Dubai, Zhao proceeded to meet with some of the most prominent officials and celebrities in the emirates.
A Rags To Riches Story
A former McDonald’s employee, Zhao offers a fairly inspiring rags-to-riches story. In a relatively short time frame, Zhao has built a fortune close to that of Mark Zuckerberg and Google founder Larry Page.
Even today, however, Zhao maintains a fairly down-to-earth attitude about his riches. Zhao has promised to give away most of his fortune before his death.
Even in the UAE’s flashy cryptocurrency scene, Zhao stands out as a larger than life figure.
Still only 44 years old, Zhao has an estimated fortune of $96 billion. This estimate from Bloomberg Wealth is on the conservative side.
The publication has noted that Zhao’s actual net worth may considerably larger. After all, the full extent of Zhao’s crypto holdings are not fully known to the public.
In addition to his extensive Bitcoin holdings, Zhao is known to have made a good deal of money through his own Binance Coin (BNB). Reportedly, BNB rose over 1200 percent throughout 2021.
Binance Vs. Competition
At least in the United States, Coinbase is probably the best-known cryptocurrency exchange. However, Binance boasts annual revenues at least three times that of Coinbase and other cryptocurrency market exchanges like OKX and CEX.
In 2021, Binance earned a whopping $20 billion. Globally speaking, Binance is a major player. However, this company has certainly courted a lot of controversy in its short life.
Though founded in China, Binance is banned in its home country. Binance is currently facing serious regulatory probes throughout the world.
Both the Department of Justice and the IRS are investigating Binance as a potential participant in money laundering and tax crimes.
The long-term future of Binance depends on Zhao’s ability to come to terms with the world’s most prominent regulatory bodies. Additionally, Binance must find a country willing to provide a permanent home.
Binance Continues To Impress
For now, Binance continues to rake in an impressive amount of cash. According to Zhao, Binance facilitates up to $170 billion in transactions every day.
Even on slow days, Zhao affirms, Binance clears over $35 billion in transactions. This represents an increase of 250 percent since 2019. If these numbers are anything close to the truth, Binance truly is a major player in the crypto world.
For now, Binance is based in Singapore. This is one more example of how Singapore is a fairly open-minded nation.
Binance has truly grown rapidly since the company was founded in 2017. However, this growth continues to inspire a good deal of official scrutiny.
The Commodity Futures Trading Commision is probing allegations that Binance has been involved in insider trading. If Binance is able to beat these allegations, Zhao’s Bitcoin fortune could become even more impressive.