Binance's CZ Adds $25B to His Net Worth in 2023, Ranks among World's Richest Despite Regulatory Challenges

Binance’s CZ Adds $25B to His Net Worth in 2023, Ranks among World’s Richest Despite Regulatory Challenges

UTC by Chimamanda U. Martha · 3 min read
Binance’s CZ Adds $25B to His Net Worth in 2023, Ranks among World’s Richest Despite Regulatory Challenges
Photo: Web Summit / Flickr

CZ is not the only popular crypto figure that made it to Bloomberg’s world’s 500 richest people in 2023. Brian Armstrong had a net worth of $7.25 billion.

Changpeng Zhao (CZ), the founder and former CEO of Binance, has once again made it to Bloomberg’s Billionaires Index for 2023 despite facing regulatory challenges in the United States.

The former Binance boss CZ ranked 35th on the list of the world’s wealthiest individuals as of December 27, 2023, boasting a total net worth of $36.2 billion. He closely trailed behind Citadel’s CEO, Ken Griffin, who secured the 36th spot with a net worth of $36.5 billion.

CZ Faces Regulatory Challenges in the United States in 2023

According to Bloomberg’s Billionaires Index, CZ’s net worth of $36.2 billion shows a year-to-date increase of $24.6 billion compared to the previous year.

Despite this remarkable financial success, his journey to the top has not been without hurdles. The former Binance CEO, alongside the exchange, was sued earlier this year in June by the US Securities and Exchange Commission (SEC) for violation of federal securities rules.

His company, Binance, was also accused of violating anti-money laundering rules by other regulators in the US, including the Department of Justice (DOJ) and the Commodities Futures Trading Commission (CFTC).

In November, Binance and CZ reached a $4.3 billion settlement agreement with various financial authorities, excluding the SEC, to withdraw all the legal charges. The deal will also see CZ sentenced to 18 months in prison, and the court has slated February 23, 2024, for the hearing.

However, despite being released on bond, the DOJ has refused to let CZ travel outside the United States back to his family in Dubai, citing flight risk. The former Binance CEO has been restricted from leaving the US since November.

CZ has also hired renowned ex-prosecutor Matthew Diggs as his attorney to represent his interests in the ongoing legal battle against the public defender’s office.

Coinbase CEO Ranks Among World’s Wealthiest Billionaires

Meanwhile, CZ is not the only popular crypto figure that made it to Bloomberg’s world’s 500 richest people in 2023.

Brian Armstrong, the chief executive officer at the American exchange Coinbase, had a net worth of $7.25 billion, with a year-to-date increase of $5.77 billion.

Like CZ, Armstrong has also been on the global list of wealthiest people. According to Statistical, he was named the third richest crypto and blockchain billionaire worldwide as of March 2022 before the market crash.

On Bloomberg’s Billionaires Index, Elon Musk, Tesla and SpaceX CEO, topped the chart as the world’s wealthiest.

As of December 27, the billionaire entrepreneur has a total net worth of $235 billion, outranking French businessman Bernard Arnault, who serves as the CEO of LVMH, as well as Jeff Bezos, Bill Gates, former Microsoft CEO Steve Ballmer, and even Mark Zuckerberg of Meta Platforms.

Despite taking the title of the world’s richest man, the Tesla and SpaceX CEO saw his net worth decrease 25% from the anticipated $340 billion in November 2021.

News, Personal Finance
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