06 Dec 2022, 4:46 AM (GMT)

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Crypto: Binance Founder’s Wealth Drops By $13 Billion

The Binance Chief Executive Officer, Changpeng Zhao who is the 14th richest billionaire, has seen his net worth decline dramatically as investors reduce their crypto exposure in a market in which his company has great sway.

After his net worth dropped by $13.3 billion, the CZ’s net worth is now $75 billion, according to Bloomberg Billionaires Index.

During Thursday’s late session, the Nasdaq 100 Index was corrected, sending cryptocurrencies into a downturn overnight. Nearly $200 billion was lost in the crypto market.

The billionaire still remains one of the world’s most eligible bachelors on earth. Zhao’s net worth of $75 billion can buy 40.5 million troy ounces of gold 853 million barrels of crude oil.

Binance was banned by the government of his home country, China, but CZ, also a Canadian citizen founded and runs the company which is today the biggest crypto exchange.

In spite of recent crackdowns by US and UK authorities, it now generates billions of dollars in revenue every year.

Zhao made his fortune through Binance, a crypto exchange. Zhao estimates that Binance had more than 90 million users at the end of 2021, according to its website.

As of 2021, Binance is expected to generate $19.5 billion in revenue. This figure is based on the company’s average annual spot and derivative trading volumes, as tracked by research sites Coingecko.com and Nomics.com, and the company’s average transaction fees, calculated separately for the spot and derivative volumes as disclosed on Binance’s website.

In regions where ownership is publicly disclosed, Zhao is credited with controlling 90% of Binance.

In addition to Bitcoin, he is investing in Binance Coin. The amount of cryptocurrency held directly by the billionaire is not included since it is unknown how much he holds.

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