![]() ![]() However, Binance’s success has not come without controversy. He then went on to work on trading systems before launching Binance, which quickly became a favorite among traders due to its low fees and high trading volumes. ![]() Despite not publishing its financial data, Bloomberg estimates Binance’s annual revenue to be around $12 billion as of April 5, 2023.ĬZ’s rise to prominence in the world of cryptocurrencies began when he was introduced to Bitcoin by crypto entrepreneur Bobby Lee at a poker game in Shanghai. Binance has quickly become the largest crypto exchange in the world, controlling over 50% of the market and boasting more than 120 million users. The majority of CZ’s wealth comes from his cryptocurrency exchange, Binance, which he founded in 2017. According to Bloomberg’s latest selection of the 25 financial titans who made their wealth through “computer-driven trading companies,” CZ was ranked third, with a net worth of $28.2 billion. “Sometimes, when others Zig, you Zag,” the disgraced founder, who is now facing up to 20 years in prison for misrepresenting the health of his exchange, wrote at the time.Binance CEO Changpeng Zhao, commonly known as CZ, has made headlines once again as one of the world’s wealthiest individuals. Or does it? In June of last year, just months before FTX collapsed, the exchange’s then-CEO Sam Bankman-Fried said he planned to “keep growing” even as other companies began to cut back. And CZ’s latest announcement of a hiring spree doesn’t line up with an exchange that’s on the ropes. But a Binance spokesperson told Fortune’s Jeff John Roberts in December that the exchange has never used BNB as collateral. On top of the demonstrable losses in the token, there are concerns that Binance could be using it as collateral for loans, just like the now bankrupt FTX did with its own native token, FTT. Still, there’s no denying that Binance’s BNB token has dropped more than 22% since its November high-the data comes from, which is owned by CZ through Binance-and Binance revealed in a transparency statement of select crypto holdings in November that it held $17 billion in BNB.īNB is a token native to Binance’s blockchain and is used by users to make trades or pay fees on the platform. “Alright, will do 4, and ignore from here,” he said. On Wednesday, Forbes published an analysis including data from these firms which said that Binance is “bleeding assets,” losing 15% of its total since Dec. Multiple cryptocurrency data firms have also claimed that, like its peers, Binance is losing assets quickly as crypto prices fall. Coinbase, the largest U.S.-based crypto exchange, announced on Tuesday that it will lay off 25% of its workforce, with CEO Brian Armstrong saying the move was due to the prolonged bear market in the industry and a “broader economic downturn.” ![]() “We will continue to build and hopefully we will ramp up again before the next bull market.”īinance’s planned hiring spree comes as other major crypto businesses are pulling back. “There’s definitely damage, the industry will be fine,” CZ told CNBC at the Crypto Finance Conference in St. Despite the broad rout in the crypto space known as the Crypto Winter, CZ remains confident that his firm-and the whole industry-will weather the storm. Changpeng Zhao, better known as CZ, said on Wednesday that after increasing his firm’s headcount from 3,000 people to nearly 8,000 last year, he expects to add another 15% to 30% to that number in 2023. ![]()
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