Binance CEO CZ’s wealth plunges $11.9B as trade volume on the exchange reduced
Bloomberg Billionaires Index calculated Changpeng Zhao’s (CZ) wealth & found his wealth is now down by $11.9 billion.
Changpeng Zhao (CZ) is the CEO & founder of the Binance crypto exchange, a top-ranked crypto exchange by 24-hour global crypto trade volume on its platform. Binance also provides services via subsidiaries e.g. BinanceUS provides services for only American crypto investors. In the present time, BinanceUS is struggling badly as America’s top two financial regulators sued this exchange.
On 27 Oct 2023, Bloomberg Billionaires Index calculated CZ’s wealth and found it is down by $11.9 billion because the trading volume on the BinanceUS exchange plunged badly in the last few months, following the SEC’s suit.
As per Bloomberg’s calculation, the trade volume on the Binance exchange plunged nearly 38% and this is the reason why his wealth decreased.
CZ’s highest net worth is $96 billion which hit in Jan 2022 and for that, he grabbed huge popularity as a top-level successful crypto entrepreneur in the world.
Notably, here Bloomberg Billionaires Index calculated CZ’s net worth on behalf of the public crypto trade volume data available on the cointracting websites Coingecko, and CCData.
In the first quarter of this year, Binance’s total market share was 61% because of the exchange’s Bitcoin trade fee-free promotional stunt but later slipped to 51% by the end of the third quarter as the exchange stopped its promotional stunt.
Currently, Binance provides trade fee-free Bitcoin trading in the FDUSD stablecoin pair. In July of this year, Binance established a partnership with FDUSD stablecoin and introduced fee-free Bitcoin trading campaign and with that FDUSD succeeded in achieving a 16% stabelcoin market share.
BNB coin price
BNB is the native token of the Binance exchange. Here it doesn’t mean that BNB is token under the control of the Binance team, instead an independent crypto team works behind this cryptocurrency token.
The current trade price of the BNB coin is $225 & this trade price is 2.28% high over the last 24 hours trade price.
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