Binance CEO Changpeng Zhao’s net worth is now $96 billion, making him richer than Asia’s richest – Mukesh Ambani. Founded in China as a portmanteau of binary and finance in 2017, Binance soon unfolded as a crypto powerhouse.
The company is from China, and CEO Changpeng Zhao is spotting new locations for Binance HQ.
How did Binance’s CEO become richer than Mukesh Ambani?
Binance said in a statement, “Crypto is still in its growth stage.” Binance has completed $170 billion worth of transactions in a recent 24-hour span. The once burger-flipping cook at Mcdonald’s is now the 11th richest man globally.
Changpeng Zhao, CEO of Binance, is now the world’s richest crypto billionaire. The actual worth of Binance CEO is speculated by many as the company does not disclose its financial results.
Various fortune trackers of the world’s wealthiest are trying to estimate Binance CEO’s exact net worth. China’s Caijing Magazine came close to estimating Changpeng’s net worth above $90 billion.
Binance CEO said, “Personally, I’m financially free. I don’t need a lot of money, and I can maintain my lifestyle in this way.” He said to the Associated Press in November, “I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90%, 95%, or 99% of my wealth.”
What is the future of Binance’s CEO?
While Binance CEO is the world’s richest crypto billionaire, he faces global regulatory probes. The U.S. DOJ and the Internal Revenue Service investigate Binance Holdings Ltd. The company is suspected to be a front for money laundering and tax evasion.
The IRS and U.S. Department of Justice refused to comment.
Nevertheless, United Arab Emirates is a booming crypto hub. Abu Dhabi royalty seems eager to start a Binance exchange in the country.
The struggle to reconcile with the world’s regulators and set up a headquarter is not well suited for Binance’s future.
Binance disputed Bloomberg’s accuracy and said in a statement, “Crypto is still in its growth stage.” It is susceptible to higher levels of volatility. Any number you hear one day will be different from a number you hear the next day.”
The mystery behind Binance headquarters
In a recent interview with Block, Binance CEO said, “Four years ago when we started it, we wanted to embrace the decentralized model so we wanted to have decentralized teams everywhere. But we do run one centralized exchange, which is the biggest part of our business. Now we have come to realize that for the regulators, we need to be centralized.”
Nevertheless, Binance exchange announced that they had signed an MoU with the Dubai World Trade Centre Authority a few days before Christmas.
The Binance exchange said at the time, “With the MoU, Binance will help advance Dubai’s commitment to establishing a new international Virtual Asset ecosystem that will generate long-term economic growth through digital innovation.”
As MoU’s are not legally binding, the Binance exchange explores its options for a headquarter.
While Binance CEO is now richer than Mukesh Ambani, the company is under strict scrutiny. Watchdogs worldwide are investigating Binance’s involvement in money laundering and tax evasion.