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Binance founder’s Changpeng Zhao wealth drops by $13 billion

Changpeng Zhao is still one of the most eligible bachelors on the planet. He is the 14th richest billionaire Changpeng Zhao’s $75 billion net wealth is enough to buy 40.5 million troy ounces of gold and 853 million barrels of crude oil. Binance, a cryptocurrency exchange, is where Zhao built his money. Binance founder’s Changpeng Zhao wealth drops by $13 billion, now worth $75 billion.

Binance founder's Changpeng Zhao wealth drops by $13 billion

Image Source: Nairametrics

Binance founder’s Changpeng Zhao wealth drops by $13 billion, now worth $75 billion

Binance’s CEO, Changpeng Zhao, the 14th richest billionaire, has seen his net worth plummet as investors limit their exposure to crypto in a market where his company wields significant power. Changpeng Zhao’s net worth has increased by $13.3 billion to $75 billion, according to the Bloomberg Billionaires Index.

The Nasdaq 100 index fell during Thursday’s late session, sending cryptocurrencies into an overnight slump. The crypto market has lost about $200 billion. The millionaire is still one of the world’s most eligible bachelors. Zhao’s $75 billion net wealth is enough to buy 40.5 million troy ounces of gold and 853 million barrels of oil.

Binance was prohibited by the Chinese government, but CZ, who is also a Canadian citizen, built and controls the world’s largest cryptocurrency exchange. Zhao developed high-frequency trading software before launching Binance. Despite being founded in China, Binance moved its headquarters out of the country after the Chinese government tightened its grip on cryptocurrencies.

It currently earns billions of dollars in revenue each year, despite recent crackdowns by US and UK authorities. Binance, a cryptocurrency exchange, is where Zhao built his money. According to its website, Changpeng Zhao expects that Binance will have over 90 million users by the end of 2021.

Binance is predicted to bring around $19.5 billion in revenue by 2021. The company’s average annual cash and derivatives trading volumes, as recorded by research sites Coingecko.com and Nomics.com, and the company’s average transaction fees, computed separately for spot and derivatives volumes, as provided on the Binance website, are used to arrive at this figure.

Changpeng Zhao is credited with controlling 90 percent of Binance in regions where ownership is publicly revealed. He invests in Binance Coin in addition to Bitcoin. The quantity of cryptocurrencies held directly by the billionaire is not included because his holdings are unknown.

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