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Binance Founder CZ's Wealth Falls About $12B as Trading Revenue Slumps: Bloomberg
Changpeng Zhao's wealth dropped to $17.2 billion as trading revenue declined.
Updated Oct 27, 2023, 4:13 p.m. Published Oct 27, 2023, 3:07 p.m.
Binance founder Changpeng "CZ" Zhao's wealth probably fell $11.9 billion as revenue at the world's largest crypto exchange slid 38%, Bloomberg Billionaires Index calculated.
The drop would see CZ's wealth drop to $17.2 billion, Bloomberg reported on Friday. His net worth hit a peak of $96 billion in January 2022, Bloomberg said.
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The Bloomberg Billionaires Index calculates Binance's revenue based on trading data from the spot and derivatives markets using data tracking sites such as CoinGecko and CCData.
From a peak of 62% of crypto trading in the first quarter, thanks to a zero-fee promotion, Binance's market share slipped to 51% by the end of the third quarter, according to CCData.
Binance did not immediately respond to CoinDesk's request for comment.
Read More: U.S. Lawmakers Lummis, Hill Urge DOJ Decision on Charging Binance, Tether for Aiding Hamas
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