12/31/2023 0 Comments Binance ceo theinformationZhao has been trying to sell at least some of his stake since last summer, one of the people said. Day met with Justice officials in Washington in recent. Binance.US and Changpeng Zhao, the crypto exchange’s founder, majority owner and chair, have been exploring ways to reduce his stake in the company, two people familiar with the matter said. What Zhao is proposing may be something similar to deposit insurance or a central bank-like entity for cryptocurrencies. Binance has hired a former chief of MLARS, Kendall Day, a partner at Gibson Dunn, to engage in discussions with the Justice Department. BlockFi and both said they were facing high withdrawal requests after FTX’s failure.Ĭryptocurrencies have no government backing, so there’s no equivalent of deposit insurance or government backstop. The broader effects of FTX’s failure are still too early to determine, but there are other firms now facing withdrawal requests straining their systems. It’s the latest failure of a cryptocurrency firm this year, as the prices for Bitcoin, Ethereum and other cryptocurrencies have collapsed in value. The entire cryptocurrency universe is reeling from the bankruptcy of FTX, which was besieged with withdrawal requests in what has been the cryptocurrency equivalent of a bank run. Zhao provided no details on the fund’s size or scope, or how the funds would be distributed. NEW YORK (AP) - Cryptocurrency exchange giant Binance is proposing the creation of a rescue fund that would save otherwise healthy crypto companies from failure, aiming to stave off the cascading effects of last week’s implosion of FTX, the world’s third-largest crypto exchange.īinance founder and CEO Changpeng Zhao posted on Twitter Monday that his company would create “an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.” Please look at the time stamp on the story to see when it was last updated. A string of executives have quit Binance, according to their tweets and media reports, the latest blow for the world's biggest crypto exchange as its battles a slate of legal and regulatory headaches. I do intend to give away 90%, 95%, or 99% of my wealth.This is an archived article and the information in the article may be outdated. “I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today. I don’t need a lot of money, and I can maintain my lifestyle in this way,” he told the Associated Press in November. Last November, China’s Caijing Magazine pegged Zhao’s net worth above $90 billion, without describing how exactly it arrived at the figure.įor his part, Zhao says he will donate the vast majority of his fortune to charity. But amid a cryptocurrency trading boom this year, new estimates place Zhao’s fortune far higher. The following month, Forbes, which put Zhao’s stake in Binance at 30%, estimated Zhao’s net worth at $1.9 billion. Last March, the Hurun Report, which tracks the personal fortunes of the world’s wealthiest individuals, estimated that Zhao was worth $8 billion. The private crypto exchange, which does not disclose its financial results, processes as much as $170 billion of crypto trades a day, multiples more than any other competitor.Īll the unknowns behind Zhao’s wealth is likely why estimates of how much he ‘s worth have varied so widely. Likewise, little is known about the finances of Binance, the world’s largest crypto exchange by a wide margin. Zhao has not publicly commented on the size of his personal crypto holdings, but he told the Associated Press last November that his personal holdings make up the “majority” of his net worth. Factoring in Zhao’s personal crypto holdings would likely give him a fortune on par with that of Bill Gates, the world’s fourth richest person with a $135 billion net worth, and Zuckerberg, the world’s fifth richest with $124 billion. Zhao’s net worth may be even higher than $96 billion since Bloomberg did not account for Zhao’s personal holdings of Bitcoin and Binance Coin, the cryptocurrency issued by Binance. 10, Larry Ellison, cofounder of Oracle, who’s worth an estimated $107 billion.īloomberg says its estimate is based on Zhao’s stake in Binance, reporting that the exchange generated upwards of $20 billion in revenue in 2021 and that Zhao owns 90% of Binance’s shares, according to a review of the firm’s regulatory filings. 12, Mukesh Ambani, CEO of Indian conglomerate Reliance Industries, and No. On the Bloomberg Billionaires Index, Zhao, known as “CZ” in crypto circles, is now sandwiched between No. On Monday, Bloomberg calculated that Zhao’s net worth is $96 billion, which would make him the 11 th richest person in the world.
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