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Binance Founder CZ's Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Binance Founder CZ’s Fortunes Plummet By $12 Billion Amidst Downturn in Crypto Trading

Ronaldo Marquez
Ronaldo Marquez
1 year ago
4 mins read
Binance

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Changpeng Zhao, widely known as CZ and the founder of Binance, one of the largest cryptocurrency exchanges, has suffered a significant blow to his fortune. According to a recent Bloomberg report, CZ’s wealth plummeted by $12 billion due to the ongoing slump in crypto-trading activities. 

Per the report, this decline was primarily attributed to a sharp drop in trading volumes at Binance throughout the year.

CZ’s Financial Losses

The Bloomberg Billionaires Index revised its revenue estimates for Binance, slashing it by 38% after data revealed a decline in trading volumes at the exchange. As a result, CZ’s net worth now stands at $17.2 billion, marking a significant reduction from his previous valuation.

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According to Bloomberg, CZ’s involvement in recent events that led to the bankruptcy filing of FTX further impacted his financial situation. In November, CZ announced the liquidation of a token linked to FTX (FTT) after reports emerged that Alameda Research, the hedge fund owned by Sam Bankman-Fried, the founder of FTX, held a large position in it. 

The announcement triggered a rush among FTX customers to withdraw funds, overwhelming the exchange’s infrastructure. As a consequence, FTX declared bankruptcy within a week, erasing Bankman-Fried’s fortune, which had peaked at $26 billion in March the previous year.

To estimate Binance’s revenue, the Bloomberg Billionaires Index relies on spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika. 

Binance had witnessed a significant gain in market share earlier this year, reaching 62% of total on-exchange crypto trades during the first quarter. However, after a promotional zero-fee period for popular trading pairs ended, Binance’s market share slid to 51% by the end of the third quarter, as reported by research firm CCData.

Binance Value Plunges As Lawsuits And Allegations Take A Toll

Binance has also faced increasing regulatory scrutiny, isolating itself from the traditional financial system. The Securities and Exchange Commission (SEC) filed a lawsuit against Binance in June, accusing the exchange of violating regulations. 

Earlier this year, the Commodity Futures Trading Commission (CFTC) also took legal action against Binance for non-compliance with rules that allowed US users to access the platform. 

Allegations against Binance include inadequate money-laundering controls, inflated trading volumes, and mishandling of client assets. Binance has strongly disputed these claims and is currently contesting them in court. 

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In June, Bloomberg’s wealth index reduced the value of Binance’s US exchange to zero after it announced the discontinuation of dollar transactions, resulting in a significant decline in trading volumes. 

Binance.US had previously been valued at $4.7 billion during a funding round in March 2022, while CZ’s net worth peaked at $96 billion in January.

The challenges faced by Binance are not unique, as regulatory uncertainties and rising interest rates have made alternative investments more appealing. Coinbase Global, another leading cryptocurrency exchange, experienced a 52% decline in spot trading volume in the third quarter compared to the previous year, according to Bloomberg. 

Binance
BNB’s uptrend in the past 24 hours on the daily chart. Source: BNBUSDT on TradingView.com

Despite the personal wealth challenges CZ faces, Binance Coin (BNB) has capitalized on the overall market recovery, showcasing substantial gains across various time frames. Currently, the token is trading at $225.2, maintaining its upward trend with a 2.2% increase over the past 24 hours.

Furthermore, BNB has demonstrated significant gains of 5.8%, 9.6%, and 6.1% over the seven, fourteen, and thirty-day time frames, respectively. These positive trends highlight the token’s strong performance in recent weeks.

Featured image from Binance, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

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Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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