Emily Walker
Recent reports highlight that a former CEO of the largest cryptocurrency exchange has seen a dramatic increase in wealth in just one day.
This surge in wealth is linked to the recent outcomes of the US elections, enabling Donald Trump to once again assume the presidency.
$12-B Increase
The previous CEO of Binance, Changpeng Zhao, experienced a notable rise in wealth, benefitting from the favorable outlook for cryptocurrencies following Trump’s victory over Vice President Kamala Harris.
As reported by Bloomberg News, Zhao’s net worth jumped by $12.1 billion within just 24 hours.
The 47-year-old billionaire now boasts a net worth of $52.7 billion, according to the Bloomberg Billionaires Index. A significant portion of his wealth stems from his shares in the cryptocurrency exchange Binance.
Being the leading cryptocurrency trading platform in terms of volume, Binance is experiencing a boost in market activity driven by investor optimism over Trump’s potential policies favoring digital currencies.
The crypto market has historically reacted positively to political developments perceived as promoting deregulation or economic growth.
Throughout the campaign, Trump indicated a desire to loosen regulations governing digital currencies. This indication likely fueled a bullish mindset among investors, leading to favorable conditions for cryptocurrency operations and individuals like Zhao.
As this information was compiled, Binance’s market capitalization surpassed $87 billion, and its native cryptocurrency, Binance Coin (BNB), was valued at $596 per unit.
No Interest in Returning to Binance
The Canadian businessman has made it clear that he has no plans to return to his role as Binance CEO, stating his lack of desire to rejoin the company even if opportunities arise. “I don’t have any wish to go back,” Zhao remarked in a recent interview.
Zhao was released from incarceration following an agreement with the US Department of Justice (DOJ) that prohibits him from resuming his leadership of Binance.
Even though he stepped down as CEO, Zhao maintains ownership of a significant portion of the exchange and does not plan to divest his shares anytime soon.
Zhao mentioned that he has received offers to sell his shares in the company, but did not provide details on potential buyers or amounts. “I’m not saying that I’m going to hold onto the equity forever,” he commented, adding that he hasn’t pursued any offers at this time.
Zhao’s Legal Challenges
In May, Zhao faced sentencing due to deficiencies in anti-money laundering practices under his leadership at Binance.
He admitted guilt regarding these shortcomings, with officials stating that this leniency had permitted terrorist organizations, including Hamas and al-Qaeda, to engage in trading on the platform.
Authorities released Zhao after he reached a deal with the DOJ that restricted him from taking charge of Binance again.
Image source: Pexels, chart credit: TradingView