Forbes: Changpeng Zhao Holds 64% of Circulating BNB

Changpeng Zhao (CZ), the founder of the cryptocurrency exchange Binance, holds 64% of the total BNB supply—nearly 94 million BNB (~$57 billion), according to Forbes.

The publication states that CZ ranks 24th among the world’s wealthiest individuals with a net worth of $61 billion. He leads the list of crypto billionaires, followed by Coinbase founder Brian Armstrong with $11 billion.

Forbes reports that Zhao still owns a 90% stake in Binance, valued at $33 billion, despite his resignation in November 2023. As part of a settlement with the US Department of Justice, the crypto exchange agreed to pay $4.3 billion, while CZ himself was fined only $50 million.

Forbes noted that Zhao accumulated 94 million BNB through two methods. In 2017, with the creation of Binance, he and the founding team received 80 million BNB from the total supply of 200 million BNB. The company allegedly retained 46.2 million BNB, of which 41.6 million BNB belong to CZ, given his 90% stake in Binance.

According to the publication’s investigation, Binance’s ICO was undersubscribed—only 10.8 million BNB were sold out of the 100 million BNB offered. The remaining coins were allegedly directed to wallets controlled by Zhao.

Forbes estimates that these wallets currently hold 58 million BNB, valued at $35 billion. Of these, more than 52 million BNB belong to CZ, considering his 90% stake in Binance. Thus, Forbes concludes that Zhao owns nearly 94 million BNB in total.

In late April, a federal court in Seattle sentenced CZ to four months in prison for money laundering and other illegal activities.

Prosecutors had sought a harsher sentence of 36 months in prison. During the hearings, Zhao expressed his willingness to take full responsibility. Prior to this, he apologized for “poor decisions.”