Former Binance CEO Changpeng Zhao resigned under legal pressure, but his personal wealth still increased significantly.
In 2023, Changpeng Zhao's wealth has experienced significant growth, ranking 35th on the Bloomberg Billionaires Index, showing that his net worth has increased by a staggering $24 billion this year.
As the former CEO of Binance, Changpeng Zhao is one of the most high-profile figures in the industry. He entered the cryptocurrency space in 2013, holding key positions in projects such as Blockchain.info and serving as the CTO of OKCoin. Zhao's key moment came in 2017, when he left OKCoin to start Binance. A successful initial coin offering raised $150 million, making Binance the world's largest cryptocurrency exchange in April 2018.
Zhao's career was marked by early success, but hit a major roadblock in November 2023 when he pleaded guilty to money laundering charges. The plea resulted in a massive $50 million fine and a $4.3 billion settlement between Binance and the U.S. Department of Justice (DOJ). With prosecutors seeking an 18-month prison sentence, Zhao's guilty plea also forced him to resign as Binance CEO and chairman of Binance US's board of directors.
However, the proxy voting setup enabled Zhao Changpeng to maintain a financial interest in Binance, even though it effectively eliminated his voting rights. According to the DOJ settlement, Zhao Changpeng was banned from actively participating in Binance for three years following the Ombudsman’s appointment. After Zhao Changpeng resigned, Richard Teng, Binance’s former global regional market head, became CEO.
However, Zhao Changpeng has criticized the Bloomberg Billionaires List. In April 2023, when Bloomberg reported that his net worth had increased significantly, reaching $28.2 billion, Zhao Changpeng refuted the claims, calling them "fake news" and insisting that his actual wealth was far lower than the reported figure.
While Zhao's legal challenges and resignation from the company's leadership mark a significant shift in his career, his significant increase in personal wealth stands in stark contrast to the legal and regulatory woes he has faced over the past year. #赵长鹏 #财富增值
