Bloomberg puts Binance chief’s wealth at $28.2 billion

Binance chief Changpeng Zhao (CZ) ranked third in Bloomberg’s “25 Financial Titans” list, with a net worth of $28.2 billion, according to Bloomberg.

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The publication estimates the annual revenue of the largest cryptocurrency exchange at over $12 billion.

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Journalists recalled that Zhao became acquainted with digital currency thanks to entrepreneur Bobby Lee during a poker game in Shanghai. Before founding Binance, the entrepreneur worked at Bloomberg Tradebook, and later joined Fusion Systems, a platform specializing in trading systems.

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Crypto journalist Colin Wu speculated that the figures may be unreliable, given that the exchange does not publish its financial data or CZ’s stake.

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According to Bloomberg’s latest selection, Binance founder Zhao Changpeng is worth of $28.2 billion, and Bloomberg estimates that Binance’s annual revenue is about $12 billion. Considering that Binance does not publish its financial data and CZ’s stake, this data may be…

— Wu Blockchain (@WuBlockchain) April 27, 2023

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Zhao himself took to Twitter to dispute Bloomberg’s data, saying that “all the figures are wrong” and that he “doesn’t have nearly that much” money.

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4

Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this. ?‍♂️

Also, never viewed FTX as a rival. We welcome more (well run) exchanges in the space. pic.twitter.com/xfa31RZp7t

— CZ ? Binance (@cz_binance) April 27, 2023

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Other digital giants on Bloomberg’s list include:

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• Ken Griffin — the wealthiest person on the list, with a net worth of $35 billion. He built his wealth through the hedge fund Citadel and market maker Citadel Securities;
• Jeff Yass — founder of Susquehanna, with an estimated fortune of $33.1 billion. He is reportedly an investor in OPNX and KuCoin;
• Uday Kotak — Indian banker, with a net worth of $13 billion. His Kotak Mahindra Bank was among the first in the country to use digital assets;
• Chase Coleman — founder of Tiger Global, with a net worth of $6 billion. His fund invested in the fallen FTX;
• Todd Boehly — chairman of Chelsea FC, with a net worth of $6.4 billion. His firm Eldridge has invested in Blockchain.com and Cross River.

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Earlier, on March 27, the U.S. Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao. The regulator accused the crypto exchange of “willful evasion of U.S. law” and non-compliance with rules.

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In response, CZ stated that the CFTC’s allegations contain “incomplete account of the facts,” and that his company disagrees with many of the points.

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In April, the exchange’s U.S. arm terminated the asset-purchase agreement for Voyager Digital, the bankrupt crypto broker undergoing bankruptcy proceedings. The company cited a “hostile and uncertain regulatory climate in the United States.”