Binance CEO Changpeng ‘CZ’ Zhao has been recognized as one of the richest men in finance, according to a recent ranking by Bloomberg.
CZ was included in the list of “25 financial titans” who amassed their wealth through computer-driven trading companies, with a net worth of USD 28.2 billion, primarily from his crypto exchange, Binance.
With over 120 million users, Binance has emerged as the world’s biggest cryptocurrency exchange in terms of trading volume since its launch in 2017. As of April 5, it had an estimated annual revenue of approximately USD 12 billion. CZ, the founder of Binance, had previous experience in developing trading systems and was introduced to Bitcoin by Bobby Lee, a prominent crypto entrepreneur, during a poker game in Shanghai before starting the exchange.
However, the success of Binance has not come without controversy. Following the collapse of FTX in November 2022, the US Commodity Futures Trading Commission filed a lawsuit against Binance and CZ for alleged violations of trading and derivatives laws. The regulatory scrutiny has led to concerns about the future of Binance and its impact on the wider crypto market.
Despite these challenges, CZ’s net worth has continued to grow. Forbes’ rich list currently estimates his worth at USD 10.5 billion as of April 26. The recognition by Bloomberg underscores CZ’s role in revolutionizing the financial industry through the rise of crypto and the potential it holds for future financial innovation.