BINANCE CEO CHANGPENG ZHAO FOUND GUILTY ON MONEY LAUNDRY CHARGES: THIS COULD BRING THE MARKET CRASHING DOWN IN THE COMING DAYS.
Changpeng zhao has an estimated Net worth of $33 billion.
Zhao, who goes by CZ, agreed to personally pay $200 million in fines last year to settle federal money laundering charges brought by the Department of Justice and the Commodity Futures Trading Commission.
Binance agreed to pay an additional $4.5 billion. He also agreed to step down as CEO of crypto exchange Binance and is barred from involvement with Binance for three years as part of his guilty plea.
With this rulling If CZ decides to pull out his stake in the crypto space, we would see the entire market crashing down to zero in the coming days.
It is expected that the new Binance CEO would make significant changes to the Binance exchange. If these changes are implemented it would affect the market as well either positively or negatively depending on how their new policies plays out in the market.
With our fingers crossed we hope that they don't mess things up
Zhaoâs sentencing hearing is scheduled for April 30. Yet it hardly left a dent in his fortune. His stake in Binanceâestimated to be 90%, based on corporate documents and conversations with former employeesâis worth some $32.5 billion.
Binance remains the largest crypto exchange in the world by trading volume, generating an estimated $16 billion of revenue last year, according to Forbesâ analysis.
For the third year running, Changpeng Zhao, founder and former CEO of crypto exchange Binance, is cryptoâs wealthiest person. Despite pleading guilty to U.S. money laundering charges in November, CZ, as heâs known, is now worth an estimated $65 Billion, up from $10.5 billion last year. That makes him the biggest crypto gainer in dollar terms since last year and the 19th-wealthiest person in the world.
The bulk of his fortune comes from his majority stake in Binance, which remains the industryâs largest global trading venue by volume.
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