{"id":62858,"date":"2023-10-27T05:36:07","date_gmt":"2023-10-27T09:36:07","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62858"},"modified":"2023-10-27T05:40:36","modified_gmt":"2023-10-27T09:40:36","slug":"changpeng-zhaos-net-worth-drop-by-80-this-year","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/changpeng-zhaos-net-worth-drop-by-80-this-year\/","title":{"rendered":"Changpeng Zhao’s Net Worth Drops by 80% This Year"},"content":{"rendered":"\n

Changpeng Zhao's net worth has plummeted significantly as Binance's trading volumes have dried up this year due to regulatory action.<\/a><\/p>\n\n\n\n

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Changpeng Zhao's Net Worth Drop by 80% This Year<\/figcaption><\/figure>\n\n\n\n

Changpeng Zhao, the founder of Binance and a crypto magnate, saw his net worth plummet by 80% since the beginning of 2023 as the cryptocurrency market experienced a strong rebound.<\/p>\n\n\n\n

Binance has been experiencing turbulence on multiple fronts in 2023, particularly in its conflict with the US SEC and other global regulators. <\/p>\n\n\n\n

In the first quarter of this year, the exchange's market share peaked at 62% of the total number of cryptocurrency transactions conducted on exchanges. This expansion was primarily attributable to the promotion of zero-fee trading pairs. In January this year, CZ's net worth was astronomical at $96 billion.<\/p>\n\n\n\n

CCData\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> reported that Binance's market share dropped to 51% by the end of the third quarter following the conclusion of this promotional period. According to Bloomberg data, the company's revenue plummeted by 38% as volumes at the exchange dried up due to its regulatory battles.<\/p>\n\n\n\n

According to the Bloomberg Billionaires Index, this reduced CZ's net worth by $12 billion, bringing it down to $17.2 billion. This indicates that since the start of 2023, 80% of his net worth has diminished.<\/p>\n\n\n\n

Constant Conflict With US SEC<\/h2>\n\n\n\n

In recent months, the cryptocurrency exchange has become increasingly isolated from the conventional financial system. The Securities and Exchange Commission filed a lawsuit against Binance in June, and the Commodity Futures Trading Commission<\/use><\/svg><\/span><\/a> pursued legal action against the company earlier in the year for failing to comply with regulations that allowed US users to use the Binance platform.<\/p>\n\n\n\n

Regulatory authorities accused the company of inadequate money-laundering controls, inflated trading volumes, and improper asset management. Binance is actively contesting these allegations in court.<\/p>\n\n\n\n

Following the announcement that Binance's US exchange would no longer support dollar transactions, <\/a>Bloomberg's wealth index lowered its valuation to zero, resulting in a substantial decrease in trading volumes. <\/p>\n\n\n\n

In March 2022, during a funding round, Binance.US was valued at $4.7 billion. To increase transparency, Binance.US has recently contemplated listing additional altcoins.<\/p>\n","protected":false},"excerpt":{"rendered":"

Changpeng Zhao’s net worth has plummeted significantly as Binance’s trading volumes have dried up this year due to regulatory action. Changpeng Zhao, the founder of Binance and a crypto magnate, saw his net worth plummet by 80% since the beginning of 2023 as the cryptocurrency market experienced a strong rebound. Binance has been experiencing turbulence […]<\/p>\n","protected":false},"author":53,"featured_media":62865,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[834],"tags":[5521,5407,16954],"class_list":["post-62858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance","tag-binance-2","tag-changpeng-zhao-cz","tag-net-worth"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/cz.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62858"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62865"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}