Changpeng Zhao (CZ), the former CEO of Binance, is reported to own 64% of the circulating supply of Binance Coin (BNB), which amounts to approximately 94 million BNB tokens, as detailed in a recent Forbes article. An analysis by Gray Wolf Analytics and the financial outlet revealed that 80 million BNB tokens were initially allocated to the Binance founding team, with the company still holding 46 million of these tokens.
The report also highlighted that Binance and CZ collectively possess 71% of the 147 million BNB tokens currently in circulation. Thanks to Zhao’s 90% stake in Binance and his substantial crypto holdings, he has soared to become the 24th wealthiest individual globally, with an estimated net worth of $61 billion.
BNB serves as the native token for the Binance exchange, utilized for fees and rewards within the platform. With a maximum supply of 200 million tokens, there are currently over 153 million BNB tokens in circulation. The current market cap of BNB exceeds $91 billion, with each token valued at $593. BNB has experienced a significant bull run, with its price surging from around $290 in January 2024 to a peak of $724 in June.
In 2023, the U.S. Department of Justice (DOJ) brought indictments against Zhao and Binance for alleged violations of sanctions and money laundering laws. At the time, Zhao, serving as CEO, reached a plea agreement with U.S. prosecutors, admitting to breaching the Bank Secrecy Act and agreeing to step down from his leadership position at Binance. He was succeeded by the current CEO, Richard Teng. The settlement included fines amounting to $50 million for Zhao and a staggering $4.3 billion for Binance. Furthermore, the DOJ appointed the Forensic Risk Alliance as an independent monitoring firm for Binance over the following three years.
On April 30, Zhao was sentenced to four months in prison by U.S. federal judge Richard Jones, a stark contrast from the three-year sentence recommended by prosecutors for his alleged involvement in sanctions evasion and money laundering activities.
For more inspiring stories, check out the incredible journey from rags to riches of Polygon’s Sandeep Nailwal in the magazine feature “Slumdog billionaire.”