During the time when founder Changpeng Zhao was sentenced to prison, BNB price hit an all-time high of $725.
Zhao Lijian's net worth is $38.5 billion, making him the richest person serving time in a U.S. federal prison.
Binance Coin (BNB), the native token of the world’s largest cryptocurrency exchange Binance, recently hit a new all-time high of $725. The milestone coincided with the first week of the exchange’s founder, Changpeng Zhao (CZ), serving a four-month prison sentence in the United States. Despite CZ’s legal issues, BNB’s market capitalization has exceeded $109 billion, reflecting strong market confidence.
BNB’s price surge reflects the growth in the value of assets on the Binance platform, which has risen to $125 billion from about $80 billion in early January. The growth highlights Binance’s continued dominance in the cryptocurrency industry despite facing a $4.3 billion fine last year for settling a case with U.S. authorities.
BNB holders receive discounts on trading fees on the Binance platform. The token is also used to settle fees on the Binance Smart Chain, which supports a variety of crypto applications, including games and exchanges. A variety of factors have led to this surge in demand.
The growing engagement of Binance users and the expanding utility of BNB in its ecosystem have fueled interest. BNB holders are offered trading fee discounts and the opportunity to participate in token sales, which has enhanced the token’s appeal. In addition, the general positive sentiment in the cryptocurrency market has also strengthened BNB’s momentum.
Zhao Changpeng’s Wealth and Legal Issues
The legal challenges facing Zhao Changpeng included allegations of anti-money laundering (AML) and sanctions violations, alleging that Binance failed to prevent groups such as Hamas, al-Qaeda, and other militant organizations from accessing the exchange. Zhao Changpeng agreed to pay a $50 million personal fine as part of the settlement. Despite this, Zhao Changpeng's net worth is estimated at $38.5 billion, making him the richest person ever to serve time in a U.S. federal prison. His wealth
Primarily denominated in BNB.
Changpeng Zhao, commonly referred to as “CZ,” is a significant shareholder in Binance. According to the Bloomberg Billionaires Index, Zhao’s net worth grew by $4.1 billion in 2024, making him the 40th richest person in the world. The 2017 white paper for the BNB initial coin offering (ICO) showed that the founding team received 80 million tokens, currently worth about $56 billion.
As part of multiple settlements, Binance and the Czech Republic faced massive fines, including a $4.3 billion fine to the U.S. government. Despite these challenges, Binance’s valuation has soared to over $100 billion.
Altcoins gain favor as Bitcoin stagnates
As Bitcoin struggles to break above the $72,000 mark, there has been a significant shift in investment patterns in the cryptocurrency market. This stagnation has turned investor interest towards altcoins, with Binance Coin (BNB) being one of the main beneficiaries.
The recent approval of spot Ethereum ETFs in Hong Kong and the United States reflects growing institutional interest in altcoins, further diversifying the market.
BNB has experienced significant growth this year, surging more than 200% since January. This upward trajectory brings BNB close to its all-time high around $700. However, the recent market correction has caused BNB to drop 5%, stabilizing at around $608 as of this writing. Despite the setback, BNB’s long-term prospects remain strong, driven by broader market interest in altcoins and Binance’s expanding ecosystem.
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