Binance CEO Changpeng Zhao, also known as CZ, has publicly denied his wealth in response to Bloomberg’s list of financial billionaires, which ranked him third with a net worth of $28.2 billion.
CZ tweeted that the numbers were wrong and he doesn’t have nearly that much. In this article, we will examine the current state of the CZ fortune and how Binance is preparing to resolve pending US regulatory investigations.
The real wealth of CZ.
In an April 27 tweet, CZ noted that Bloomberg’s latest financial rich list had inaccurate data on his crypto fortune. According to the publication’s listing, the Binance chief’s net worth stands at $28.2 billion, making him the third-richest financial billionaire in the world.
However, CZ has denied this figure, suggesting that his net worth should be around $19.4 billion for Dan Gilbert and $13 billion for Uday Kotak.
Furthermore, CZ described himself as a “small potato in a small but growing industry” when a Twitter user suggested that the Binance founder is richer than Elon Musk and Vladimir Putin.
CZ does not appear to be interested in showing off his wealth and has proven to be an advocate of transparency and accuracy in the information that is shared in the media.
Preparing to resolve regulatory investigations.
Adding to concerns about CZ wealth, Binance is preparing to pay penalties to resolve pending US regulatory investigations.
The Commodity Futures Trading Commission has accused Binance of violating derivatives laws and helping users hide their locations to evade trading restrictions. Although Binance has not disclosed how much it will pay in fines, it is expected to be a significant sum.
In response to these allegations, Binance has strengthened its compliance team and has taken steps to limit access to users in the United States. CZ has publicly stated its commitment to regulatory compliance and has urged other cryptocurrency exchanges to follow suit.
To end.
CZ’s denial of his $28.2 billion net worth has generated media attention. Although we don’t know exactly how much CZ is worth, he seems to be more interested in accuracy than showing off his wealth.
Furthermore, Binance is currently facing accusations of violating derivatives laws and helping users evade trading restrictions. However, the company is taking steps to resolve these investigations and commit to regulatory compliance.
