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

On Tuesday, Forbes released its 2022 billionaire ranking placing Changpeng Zhao, aka CZ, in 19th place.And position. Starting from zero to $ 65 billion, in just 5 years, the CEO of Binance (BNB) also offers himself the title of the richest man in cryptocurrencies.

An estimated $ 65 billion fortune for Binance’s CZ

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

And Forbes’ latest billionaire ranking doesn’t help matters for the father of Bitcoin. In fact, this report speaks of a CZ, the first person richest in cryptocurrencies, and 19And billionaire in the world.

Forbes appreciates him The 44-year-old Chinese billionaire has an estimated $ 65 billion in his crypto wallet. With such luck, he easily surpasses Michael Dell (Dell Computers) and Charles Koch (Koch Industries).

Forbes also admits that he has investigated Binance (BNB) and has been able to put forward precise figures. These concern in particular Binance’s market valuation which is valued at $ 92.5 billion March 11 On top of that, it was 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 branches covers 180 countries;
  • its economic model is based on a native token: BNB;
  • before becoming a cryptocurrency, the BNB limited itself to discounts on transactions;
  • Binance practices the ” fiery »Regularly check the coins put into circulation;
  • before January 2020, the fiery BNB was based on a rate proportional to profits;
  • after that date, the burn of the native Binance token depended on the burn rate linked to the trading volume
  • the BNB token has a market cap of $ 73 billion, according to CoinMarketCap.
  • Nobody knows the number of BNB coins in CZ’s wallet.

Let’s stop here, 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 licensed by regulators. In May 2021, Bloomberg reported that Changpeng Zhao’s company was under investigation by the United States Department of Justice and the Internal Revenue Service. The allegations relating to money laundering and tax evasion.

Rich in cryptocurrencies that made it to the Forbes list

CZ does not even know his possessions

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

Furthermore, it intends to share a large part of its wealth, more precisely. Reason why he considers himself poor:

I only count what’s in my wallet, which is not much. The rest are just opinions.

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

At 16, Zhao took an interest in programming and graduated with a BA in computer science from McGill University in Montreal. Globetrotter, CZ has already lived in Tokyo, Shanghai and New York. Among his past successes 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 $ 15 million fundraiser enabled Binance to launch in July 2017. A project that quickly seduced cryptocurrency traders with its speed of execution and countless products.

How good are success stories! We hope that the story of CZ, the man who started from nothing to raise 65 billion dollars in 15 years, will be a reference for many. Otherwise, his 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 the impacts are felt on the world’s most vulnerable economy, against all hope, I will say that it has something to do with it.

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