Reports disclosed that a former CEO of the world’s biggest crypto exchange increased his wealth by a massive amount in one day.
This growth is attributed by analysts to the latest results of the US elections, which allowed Donald Trump to reclaim the US presidency.
$12-B Richer
Former Binance Chief Executive Officer Changpeng Zhao’s wealth grew exponentially, benefitting from the positive outlook on cryptocurrency brought by Trump’s victory over US Vice President Kamala Harris, Wednesday.
According to Bloomberg News, Zhao’s net worth increased by $12.1 billion in a 24-hour span.
The 47-year-old billionaire now has a fortune of $52.7 billion, according to the Bloomberg Billionaires Index. Much of this is derived from his controlling shares in the crypto firm Binance.
Source: Bloomberg Billionaires Index
The world’s largest cryptocurrency platform in terms of trading volume is greatly benefiting from the surge in market activity among digital assets. Crypto investors are optimistic that Trump will bring policies that will allow digital assets to flourish.
Historically, it was observed that the crypto market reacted positively to political happenings that are viewed as allowing deregulation or economic stimulus.
During the campaign, Trump has been floating the idea of untightening the stringent regulations being imposed on digital currencies. Hence, after investors saw that he was winning the election, it created a bullish sentiment benefitting the cryptocurrency platforms and traders like Binance and Zhao.
At the time of writing, Binance has a total market capitalization of more than $87 billion. Its native currency, the Binance Coin (BNB) is being traded at $596 per coin.
No Desire To Return To Binance
The Canadian entrepreneur affirmed that he has no intention of returning to his executive role in Binance, saying that he will not go back to the crypto firm even if circumstances would allow him to do so. “I don’t have any wish to go back,” Zhao said in an interview.
Zhao was allowed to get out of prison after he agreed with the US Department of Justice (DOJ) that he could not go back and lead Binance again.
Despite stepping down as CEO, Zhao continues to have the largest share in the crypto platform and has no intention of selling his stakes in the foreseeable future.
Zhao revealed that there were offers to buy his controlling shares in the company, but he did not elaborate on whom and for how much. “I’m not saying that I’m going to hold onto the equity forever,” he added. But he said that he has not acted upon any offer at the moment.
Zhao’s Legal Issues
In May, the court sentenced the crypto entrepreneur for failure to implement anti-laundering measures while he was still the head of Binance.
He pleaded guilty to the charge for insufficient anti-money-laundering features, a leniency that authorities claimed has allowed terror groups like Hamas and al-Qaeda to trade on the crypto platform.
Authorities released Zhao after the former Binance boss entered an agreement with the DOJ which banned him from taking the helm of the crypto firm.
Featured image from Pexels, chart from TradingView