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Binance co-founder Changpeng Zhao is having a tough week, but a quick glance at his bank balance may do much to cheer him up, with Forbes estimating his net worth now stands at $15 billion, up from $10.5 billion in April.
Binance agreed on Monday to pay a $4.3 billion fine to settle multiple criminal charges in the US, and Zhao himself agreed to plead guilty, to pay a $50 million fine, and to step down as CEO for three years. He could still be sent to prison, with sentencing set for February.
But Zhao retains a majority stake of 90% in Binance and his financial strength may mean that he emerges from the settlement as one of the world’s richest convicted felons, said Forbes. He is the wealthiest individual in the crypto industry.
Binance Fundamentals ”Very Strong”
Forbes estimates that Binance has generated more than $3 billion in revenue in the past year, and new CEO Richard Teng said in a tweet that Binance’s business fundamentals remain very strong.
The fundamentals of our business are VERY strong.
Binance continues to operate the world's largest crypto exchange by volume, our capital structure is debt-free, expenses are modest, and, despite the low fees we charge our users, we have robust revenues and profits. https://t.co/PHq2YS0CP5
— Richard Teng (@_RichardTeng) November 22, 2023
Zhao’s legal woes aren’t over yet. The Securities and Exchange Commission has filed charges against him and Binance for allegedly selling unregistered securities to U.S. customers, allegations both Zhao and Binance deny.
To settle a separate case brought earlier this year by the Commodity Futures Trading Commission (CFTC), Zhao must pay a $150 million fine.
Binance also now faces three years of obligatory supervision by an independent compliance monitor, while prosecutors filed a motion seeking to restrict Zhao from leaving the US until his sentencing in February.
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