Reports revealed that the former CEO of the world’s largest cryptocurrency exchange increased his wealth by a massive amount in one day.
Analysts attribute this growth to the recent results of the US elections, which allowed Donald Trump to regain the US presidency.
$12 billion richer
Former CEO of Binance Changpeng Zhao’s fortune It has grown significantly, benefiting from the positive outlook for cryptocurrencies brought by Trump’s victory over US Vice President Kamala Harris on Wednesday.
According to Bloomberg News. Zhao’s net worth increased by $12.1 billion In a period of 24 hours.
The 47-year-old billionaire now has an estimated fortune of $52.7 billion, according to the report. Bloomberg Billionaires Index. Much of this derives from his controlling shares in cryptocurrency company Binance.
Source: Bloomberg Billionaires Index
The world’s largest cryptocurrency platform by trading volume is benefiting greatly from increased market activity among digital assets. Cryptocurrency investors are optimistic that Trump will put in place policies that will allow digital assets to flourish.
Historically, the cryptocurrency market has been observed to react positively to political events that are perceived to allow for deregulation or economic stimulus.
During the election campaign, Trump was floating the idea of easing strict regulations on cryptocurrencies. Hence, after investors saw that he was winning the election, it created a bullish sentiment that benefited crypto platforms and traders like Binance and Zhao.
At the time of writing, Binance’s total market cap is over $87 billion. Its native currency, Binance Coin (BNB), is trading at $596 per coin.
There is no desire to return to Binance
The Canadian businessman confirmed that he did so No intention of returning to his executive role at Binance, saying he would not return to the cryptocurrency company even if circumstances allowed him to. “I have no desire to return,” Zhao said in an interview.
Zhao was allowed out of prison after he agreed with the US Department of Justice (DOJ) that he would not be able to return and lead Binance again.
Despite stepping down as CEO, Zhao still owns the largest stake in the cryptocurrency platform and has no intention of selling his stakes in the foreseeable future.
Zhao revealed the presence He offers to buy out his controlling shares In the company, but he did not clarify who and how much. “I’m not saying I’ll hold stocks forever,” he added. But he said he has not acted on any offer at this time.
Chow’s legal issues
In May, the court ruled against the cryptocurrency entrepreneur for not implementing anti-money laundering measures while he was still the head of Binance.
He pleaded guilty to the charge of inadequate anti-money laundering features, a leniency that authorities alleged allowed terrorist groups such as Hamas and Al-Qaeda to trade on the cryptocurrency platform.
Authorities released Zhao after the former Binance chief entered into an agreement with the Justice Department preventing him from assuming the presidency of the cryptocurrency company.
Featured image from Pexels, chart from TradingView