Binance Coin Becomes Third-largest Crypto, CZ Calls Out Exchanges For Not Listing BNB
The former CEO of Binance, Changpeng “CZ” Zhao, has made headlines once again as it was revealed that he personally owns a significant portion of Binance Coin (BNB) tokens. A recent Forbes report uncovered that CZ holds 94 million BNB tokens, which accounts for approximately 64% of the token’s circulating supply.
Further analysis conducted by Gray Wolf Analytics and Forbes discovered that 80 million BNB tokens were distributed to the Binance founding team after the exchange’s launch, with CZ still controlling over half of those original tokens. During Binance’s initial coin offering in 2017, only 11 million tokens were sold out of the 100 million issued, leading to the remaining unsold tokens being moved to Binance-controlled wallets.
The Forbes report also highlighted that Binance and CZ jointly own 71% of the 147 million BNB tokens in circulation. CZ’s 90% equity stake in Binance, combined with his crypto holdings, has propelled him to become the 24th richest person in the world, with a fortune estimated at $61 billion. This makes him significantly wealthier than Coinbase CEO Brian Armstrong, who is valued at $11 billion.
Currently priced at $606.62 per token, BNB’s market capitalization stands at around $93 billion. The token has experienced a significant surge in value, reaching an all-time high of $717.48 earlier this month, more than doubling its value since January.
In a surprising turn of events, CZ recently began serving a four-month sentence in a low-security facility in California after pleading guilty to violating the Bank Secrecy Act. Binance also agreed to pay a record-breaking $4.3 billion fine as part of the settlement, making CZ the richest individual to ever serve time in a federal prison. This latest development adds another layer to the already complex and intriguing story of CZ and Binance.
