Changpeng Zhao: The Billionaire Behind Binance’s Success

Changpeng Zhao continues to lead Forbes’ list of cryptocurrency billionaires, with an estimated fortune of $47.7 billion. Despite facing legal issues and billions in fines in 2023, Zhao has managed to build his wealth through various strategic moves.

One of the key factors contributing to Zhao’s fortune is his involvement in Binance, the cryptocurrency exchange he founded. Zhao acquired a significant portion of Binance after five rounds of funding, leading to an estimated net worth of $100 billion in 2022. The exchange has reported substantial profits, with annual revenues reaching $20 billion in 2021.

Aside from Binance, Zhao has diversified his investments by acquiring a cryptocurrency data tracking site and investing in real estate in Dubai. He also made investments in rival exchange FTX and Elon Musk’s acquisition of Twitter.

However, Zhao’s wealth took a hit in 2023 due to regulatory issues and legal battles with the U.S. Securities and Exchange Commission (SEC). The value of Binance.US plummeted, causing Zhao’s net worth to drop to $17.2 billion by October 2023.

Despite these challenges, Zhao’s wealth has seen a resurgence towards the end of 2023, with Bloomberg estimating his personal capital to have risen to $37.2 billion. This growth, fueled by the recovery of the cryptocurrency market, marks a significant increase from his low point earlier in the year.

While the exact profits of Binance and Zhao’s investments remain undisclosed, his position as the owner of the company’s largest share suggests that he continues to benefit from the exchange’s success. As the cryptocurrency market continues to recover, Zhao’s wealth is expected to further grow, solidifying his position as one of the wealthiest individuals in the industry.