A Bloomberg Billionaire Index released on Friday showed that Binance’s CEO, Changpeng Zhao, lost almost 41% of his net worth from last year following a recent slump in trading activities on the exchange. The Binance boss is now valued at $17.2 billion, with $11.9 billion chalked off from his wealth.
CZ is among the crypto billionaires and ranks third behind Elon Musk and Satoshi Nakamoto in the list of digital asset-invested individuals. His wealth, however, is tied to the crypto market and Binance, meaning it suffers when either of the aforementioned sees a setback.
The Bloomberg Billionaire Index calculates Binance’s revenue using spot and derivatives trading data from crypto-tracking services Coingecko and Coinpaprika.
Down With Binance
The Binance boss is only down because his exchange is struggling to keep its market shares up. According to Bloomberg, Binance’s market capitalization peaked at 62% in January following the introduction of the zero trading fee policy for popular crypto assets before sliding to 51% after the offer elapsed.
Since then, Binance’s continued battle with regulators has ensured that the exchange’s trading volume has trended downward. The endless fight with the Securities and Exchange Commission (SEC) and other regulators saw the largest crypto exchange in the world struggle to keep its customers.
Bloomberg’s wealth index cut the value of Binance.US to zero in June, which also contributed to the drastic reduction of volume for the exchange. The move followed the announcement by Binance’s US arm that it would no longer transact in dollars.
Way Back?
CZ and Binance would look to regain some ground from the recent positive market trends following the Bitcoin spot exchange-traded fund (ETF) optimism. The trend saw Bitcoin sit comfortably above $32,000 after soaring above $35,000 recently.
Following the market resurgence, “Buy Bitcoin” searches have trended on Google as people potentially look for ways to acquire the pricey crypto asset.
