Binance’s Changpeng Zhao Denies $28 Billion Net Worth Claim
- Zhao stated that the report’s numbers are wrong and that he doesn’t have anywhere near as much wealth.
- The CEO also took issue with the report’s description of his exchange’s business activities.
Binance CEO Changpeng Zhao has denied a recent report from Bloomberg, which claimed that his net worth exceeded $28 billion. Bloomberg’s Rich List, which was released earlier this week, named the Binance Chief as the third richest person in Finance with a supposed net worth of a whopping $28.2 billion.
Changpeng Zhao took to Twitter earlier today to address the matter and clarified that his wealth was nowhere close to what was purported by the report. The Binance CEO tweeted “4”, which is often used by him to flag certain reports as false. “Numbers all wrong. I don’t have anywhere near as much. Don’t know why they do this,” Zhao added.
Zhao also took issue with the report’s characterization of FTX as a “rival exchange”. He revealed that he never viewed FTX as a rival. According to him, well run crypto exchanges are welcome in the crypto space. Responding to a Twitter user who claimed that Zhao was richer than Elon Musk and Vladimir Putin, the Binance Chief stated that he was “a small potato in a small (but growing) industry.
The report further claimed that based on Bloomberg’s estimations on April 5, 2023, Binance raked in an annual revenue of more than $12 billion. Zhao did not respond to this claim. Changpeng Zhao has long been one of the wealthiest individuals in crypto. He was previously accompanied by the likes of FTX founder Sam Bankman-Fried in the billionaire club before his exchange collapsed in November last year.
Apart from the spotlight on Zhao’s wealth, the report highlighted his legal troubles, the latest being the lawsuit filed against him by the U.S Commodities and Futures Trading Commission (CFTC) for allegedly helping clients evade trading restrictions.