Binance’s Changpeng Zhao went from zero to $65 billion in under five years, leaving Michael Dell, Charles Koch and 2,645 other world billionaires in the dust. ForbesBillionaires
hangpeng Zhao, the founder and CEO of Binance, is the wealthiest person in crypto, worth an estimated $65 billion, according to Forbes' 2022 Billionaires rankings, published on Tuesday April 5.
The privately-held Binance does not share information on its financials or ownership structure. Officially registered in the Cayman Islands, Binance operates in over 180 countries through a network of affiliated subsidiaries, an approach that has led to regulatory challenges. Authorities in Japan, the U.K. and Hong Kong have all issued warnings in the past year against the company for operating without regulators’ permission.
Binance also practices what is known in the crypto world as “burning,” or retiring the tokens on a regular basis to control the amount outstanding. In January 2020, it wasthat Binance stopped burning its native token BNB at a rate proportional to profit, opting instead for a burn rate tied to trading volume, obscuring the public’s view into how much money Binance was making.
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