Binance CEO Changpeng “CZ” Zhao has refuted statistics published by Bloomberg on his fortune, alleging that the figures are incorrect and that his net worth does not even come close to the information that was disclosed in Bloomberg’s most recent rich list.
Despite the fact that Binance does not provide any yearly financial report on its revenues or CZ’s interest in the company, Bloomberg estimates that CZ had a net worth of $28.2 billion, while the yearly income of Binance was over $12 billion, placing him third on their list of the top 25 richest people followed by Citadel CEO Ken Griffin and trader Jeffrey Yassa.
Meanwhile, the Forbes wealthy list places CZ’s value at about $10.5 billion. Companies that do computerized trading are at the top of the list.
CZ: The figures are all wrong
On April 27, the CEO of Binance, CZ, went to Twitter to refute statistics published by Bloomberg on his net worth and his competition at FTX. He said that the figures, which include his fortune as well as the yearly earnings of the cryptocurrency exchange, are “all wrong.” In addition to this, he asserts that FTX was never seen as a potential competitor, stating that “We welcome more (well run) exchanges in the space.”
It is important to note that Binance does not disclose its financial statistics or the stake that Binance CEO “CZ” has in the cryptocurrency exchange. The United States Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance and its CEO, CZ, alleging that the defendants helped clients conceal their locations in order to circumvent trading limits, that they failed to adopt appropriate compliance controls, and that they violated derivatives regulations. The claims were made in the lawsuit.
