The Chief Executive Officer of Binance, Changpeng Zhao, is one of the richest persons around the globe, with a net worth of $96 billion.
With his fortune of a huge value of $96 billion, Zhao has exceeded some other enormous tech companies’ founders. According to Bloomberg, these founders include Mark Zuckerberg of Facebook, the founders of Google, Larry Page and Sergey Brin, and the richest man of Asia, Mukesh Ambani.
The current public fortune of CZ does not include some of his encrypted assets. This personal worth consists of bitcoin and the native token of his company. In addition to his company expansion, the statistics show that the exchange’s size increased 130 times in just one year.
As one of the greatest cryptocurrency exchange platforms, Binance brought in $20 billion in revenue. In comparison to Coinbase, this is three times the annual income. For public information, Coinbase Global Inc. is a publicly-traded virtual currency trading corporation based in the United States.
Binance’s Growth in a Global Scale
An announcement that Binance made, pointed out the growth stage of the crypto space. Furthermore, it stated the volatility that the crypto market is experiencing each day. As a result of this, the numbers will differ each day.
The growth of Binance is one of the main goals for this platform; so, a new operation place of this exchange is going to take place soon in the United Arab Emirates. In light of this, the CEO of Binance has already met with the royals in Abu Dhabi, and it seems like a partnership is on its way.
On the other hand, Binance has faced some administrative issues over time. The suppression of cryptocurrencies in China has affected Binance to not settle its headquarters in Hong Kong. As a result of this, Binance is considering France as a possible location for its central operations headquarters.
Similarly, consumers in the United Kingdom, Japan, and Germany have also issued warnings about Binance. On the 30th of December, 2021, regarding these regulatory issues, Binance was penalized by the Ontario Securities Commission (OSC) of Canada.
This penalization relates to not having secured the appropriate operating criteria for the province of Ontario. At the same time, users of its trading platform were encouraged to further continue doing business in the country.
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