Binance Co-Founder Changpeng Zhao Worth $15 Billion Even After Massive US Penalty, May Become One Of World’s Richest Felons – Forbes

Binance co-founder Changpeng Zhao is having a tough week, but a quick glance at his bank balance may do much to cheer him up, with Forbes estimating his net worth now stands at $15 billion, up from $10.5 billion in April.

Binance agreed on Monday to pay a $4.3 billion fine to settle multiple criminal charges in the US, and Zhao himself agreed to plead guilty, to pay a $50 million fine, and to step down as CEO for three years. He could still be sent to prison, with sentencing set for February.

But Zhao retains a majority stake of 90% in Binance and his financial strength may mean that he emerges from the settlement as one of the world’s richest convicted felons, said Forbes. He is the wealthiest individual in the crypto industry.

Binance Fundamentals ”Very Strong”

Forbes estimates that Binance has generated more than $3 billion in revenue in the past year, and new CEO Richard Teng said in a tweet that Binance’s business fundamentals remain very strong.

Zhao’s legal woes aren’t over yet. The Securities and Exchange Commission has filed charges against him and Binance for allegedly selling unregistered securities to U.S. customers, allegations both Zhao and Binance deny.

To settle a separate case brought earlier this year by the Commodity Futures Trading Commission (CFTC), Zhao must pay a $150 million fine.

Binance also now faces three years of obligatory supervision by an independent compliance monitor, while prosecutors filed a motion seeking to restrict Zhao from leaving the US until his sentencing in February.

Related News

  • Wall Street Memes Establishes Discord Hack Relief Fund To Reimburse Victims Of The October Cyber Attack
  • Prosecutors Says Binance’s Changpeng Zhao Is “Serious Flight Risk,” Want Him To Remain In US Until February Sentencing

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