Changpeng Zhao’s wealth dropped to $17.2 billion from a previous estimate of $29.1 billion. Source
Binance Founder CZ's Wealth Falls About $12B as Trading Revenue Slumps: Bloomberg
Tag: Binance
Binance founder CZ’s fortune gets slashed $12B, while SBF is still at $0
Binance co-founder and CEO Changpeng “CZ” Zhao has seen his net worth slashed by $11.9 billion amid falling trading volumes at his exchange. On Oct. 26, the Bloomberg Billionaires Index cut Binance’s revenue estimates by 38% amid a slump in exchange volumes which knocked Zhao down to 95th place on the rich list. Zhao’s net worth is now a paltry $17.3 billion, registering an 82% drop from its $96.9 billion peak in January 2022, where he was ranked 11th among the world’s richest people. Zhao’s net worth peaked at $96.9…
Binance Crypto Exchange Launches Futures Trading for Ethereum-Based Altcoin That’s Surged Over 50% in a Week
The world’s largest crypto exchange platform by volume is launching futures trading for one Ethereum (ETH)-based altcoin that’s jumped over 50% in a week. In a new announcement, crypto exchange Binance says that it will be launching futures contracts with up to 50x leverage for Powerledger (POWR), a decentralized energy market built on top of ETH that democratizes energy tokens. According to Powerledger’s official website, the crypto asset aims to aid the decentralization of the energy grid, help transition toward renewable energy, and help consumers keep track of their power…
Cynthia Lummis leads the charge calling for DOJ action against Binance and Tether
Cynthia Lummis, a crypto proponent representing Wyoming in the United States Senate, has called on the U.S. Justice Department to consider charges against crypto exchange Binance following the terrorist group Hamas’ attack on Israel. In an Oct. 26 letter to U.S. Attorney General Merrick Garland, Lummis and Arkansas Representative French Hill urged Justice Department officials to “reach a charging decision on Binance” and “expeditiously conclude” investigations of allegedly illicit activities involving Tether. The two lawmakers’ remarks followed Hamas launching a coordinated attack against Israel on Oct. 7, which they suggested…
DoJ asked to mull criminal charges against Binance and Tether
Two U.S. elected officials wrote to the Department of Justice, calling for a concluded investigation on Binance and Tether that could lead to litigation against the pair of crypto heavyweights. Senator Cynthia Lummis, who sits on the Senate Banking Committee, cited an Oct. 10 Wall Street Journal (WSJ) report claiming that Hamas and its affiliate raised millions through cryptocurrencies. The article in question and subsequent reports of the same ilk have since been refuted by blockchain data companies like Elliptic, per crypto.news. Lummis’ letter noted the likelihood of inaccuracies in…
Lawmakers Lummis and Hill Urge DOJ Decision on Charging Binance and Tether for Aiding Hamas
U.S. lawmakers Senator Cynthia Lummis (R-Wy.) and Rep. French Hill (R-Ark.) have urged the Department of Justice to “expeditiously conclude” investigations and reach a decision on charging Binance and Tether for aiding terrorism financing for Hamas. Source
Crypto Exchange Associated With Binance Seeking License in Hong Kong: Report
A digital asset exchange platform with ties to crypto titan Binance has reportedly announced its intention to apply for a license in one of Asia’s leading finance hubs. According to the South China Morning Post, HKVAEX was created as a separate entity under the company BX Services Limited, but Binance is behind it. HKVAEX was established in December and launched its trading platform in February. Citing sources familiar with the matter, the report says the world’s largest crypto exchange created HKVAEX to pursue a crypto license in Hong Kong. The…
Binance Allegedly Sets Up New Crypto Exchange in Hong Kong to Pursue License
While HKVAEX aims to secure a license under the SFC for virtual asset trading, Binance has remained reticent about its own licensing pursuits in Hong Kong despite acknowledging the region’s growing prominence within the global crypto market. Binance, the world’s largest cryptocurrency exchange, has allegedly opened up a new digital asset trading platform in Hong Kong to bring its product offerings to customers in the region. According to a South China Morning Post report citing three people familiar with the matter, Binance created a company called HKVAE last year to…
Binance Crypto Withdrawals Temporarily Unavailable Due to Technical Issues
FTX, Alameda addresses move $10m to exchanges FTX and its sister platform, Alameda Research, have recently transferred $10 million worth of crypto assets to Coinbase, Binance and Wintermute. These transfers came from three addresses as… CryptoX Portal
Binance Crypto Withdrawals Back Online After Temporary Outage
Withdrawals on cryptocurrency exchange Binance are temporarily unavailable due to a “technical issue,” according to a post on the exchange’s X account. Source