Binance, the world’s largest cryptocurrency exchange, has been the subject of a recent investigation by Gray Wolf Analytics, a company specializing in forensic analysis and research into financial and crypto-related transactions.
CZ’s Notable Crypto Holdings
According to a recent report, Changpeng Zhao (CZ), Binance’s CEO, reportedly owns a substantial portion of the circulating supply of BNB coin (formerly Binance coin), comprising approximately 64% or 94 million BNB tokens.
An additional 80 million BNB tokens were allocated to Binance’s founding team, of which the company still controls 46 million tokens. Together, they own a significant 71% of the 147 million BNB tokens in circulation.
CZ’s 90% ownership stake in Binance grants him an estimated net worth of $61 billion, ranking him as the 24th richest person in the world. However, it is unlikely that he can redeem his tokens for this amount without significantly impacting the market.
BNB serves as the native token for the Binance exchange, used for fees and rewards. The token has a maximum supply of 200 million, with over 153 million in circulation. It’s worth noting that Binance is no longer active in the Netherlands.
CZ’s Legal Troubles
CZ has recently made headlines due to his involvement in legal issues. In 2023, the US Department of Justice announced charges against Zhao and Binance for alleged sanctions and money laundering violations. He was sentenced to four months in prison and fined $50 million.
CZ pleaded guilty and resigned as CEO of Binance. He is currently serving his sentence at a federal prison in Lompoc, California. Despite his legal issues, Zhao remains confident in the crypto market and has indicated his desire to continue involvement in the industry upon his release.
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