Share this article

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.
jwp-player-placeholder

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.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters

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

Más para ti

More For You

South Korea’s Hanwha makes a $13 million bet on ‘seedless’ crypto wallets

Wallet (hamedtaha/Unsplash, modified by CoinDesk)

The South Korean financial firm backs the U.S.-based blockchain company to accelerate enterprise wallet technology and real-world asset tokenization.

What to know:

  • Kresus has secured roughly $13 million (KRW 18 billion) from Hanwha Investment & Securities.
  • The funding will support enterprise wallet infrastructure and real-world asset (RWA) tokenization platforms.
  • The deal signals continued institutional investment in blockchain infrastructure despite uneven crypto markets.