Forbes has unveiled its latest ranking of the world’s most affluent and influential cryptocurrency tycoons, placing Binance’s founder, Changpeng Zhao, at the forefront.
Zhao’s net worth, per Forbes, has surged to $33 billion, a remarkable threefold increase from 2023’s valuation of $10.5 billion, primarily fueled by his substantial stake in Binance, estimated at 90% and valued at $32.5 billion.
Despite encountering significant legal hurdles in the past year, including a guilty plea from Zhao and Binance for breaching U.S. anti-money laundering and sanctions regulations in November 2023, Zhao remarkably secured the top spot in the billionaire ranking.
In a far-reaching settlement with the authorities, allowing Binance to continue its operations, Zhao consented to relinquish his role as CEO and shell out a $50 million fine, while Binance faced a hefty $4.3 billion penalty.
As the verdict on the money laundering charges looms, scheduled for April 30, Zhao’s financial standing remains robust, with his stake in Binance scarcely impacted by the legal turmoil.
Forbes highlighted Zhao’s enduring wealth, stating, “Yet it hardly left a dent in his fortune. His stake in Binance—estimated to be 90%, based on corporate documents and conversations with former employees—is worth some $32.5 billion.”
Securing second place in Forbes’s ranking is Coinbase’s CEO, Brian Armstrong, whose fortune is valued at $11.2 billion, closely tied to the company’s market performance, with Coinbase shares soaring significantly since the outset of 2023.
Completing Forbes’s top three is Tether’s CFO, Giancarlo Devasini, boasting a fortune estimated at $9.2 billion.