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Binance CEO Changpeng Zhao is facing the challenging task of dispelling rumors about his wealth, as the crypto sphere is renowned for producing a multitude of billionaires. As per a report by Bloomberg, it appears that ‘CZ’ is no different.
Although Binance does not publicly disclose any financial reports regarding the billionaire’s stake and the company’s revenues, Bloomberg conducted its own analysis and concluded that CZ’s net worth is approximately $28.2 billion, placing him in the 3rd spot on their list of the top 25 wealthiest individuals.
And while most individuals on the list would be proud, CZ appears to have been taken aback by the figures, and slammed Bloomberg for its alleged false narrative.
Binance Boss Denies Bloomberg’s Data, FTX Rivalry
In response to a report by Bloomberg claiming that the crypto exchange big boss’ net worth puts him among the top tycoons in the crypto industry, CZ took to Twitter to set the record straight. He denied the accuracy of Bloomberg’s data, including his personal wealth and Binance’s annual revenue, stating that they are “all wrong.”
Also, never viewed FTX as a rival. We welcome more (well run) exchanges in the space. pic.twitter.com/xfa31RZp7t
— CZ Binance (@cz_binance) April 27, 2023
CZ also addressed the rumored rivalry between Binance and FTX, stating that FTX was never seen as a competitor. He emphasized that the company welcomes other well-run exchanges in the space, indicating a collaborative rather than a competitive mindset.
The Binance chief executive’s tweet is worth noting as it incorporates the number “4,” a symbol he previously used to represent his determination to overlook fear, uncertainty, doubt (FUD), fake news, and attacks. He shared this tweet amidst a prolonged period of criticism, primarily concerning rumors of the company’s insolvency.
Will try to keep 2023 simple. Spend more time on less things. Do’s and Don’ts.
3. Product & Service
4. Ignore FUD, fake news, attacks, etc.
— CZ Binance (@cz_binance) January 2, 2023
Industry Potential Despite Regulatory Scrutiny
According to the “New Finance Rich List” published by Bloomberg, CZ was ranked third among the 25 leading financial figures, with an estimated net worth of $28.2 billion. The list also included Citadel CEO Ken Griffin and trader Jeffrey Yassa. Additionally, Bloomberg estimated Binance’s annual revenue to be approximately $12 billion.
However, the report also mentioned the increased regulatory scrutiny that the crypto industry is facing, particularly following the collapse of FTX, which is considered to be one of Binance’s rivals.
The US Commodity Futures Trading Commission (CFTC) has sued FTX over allegations of operating an illegal exchange.
CZ’s recent tweet refuting Bloomberg’s data on his net worth and Binance’s revenue suggests that the crypto industry continues to be plagued by rumors and speculation. But he Bloomberg report highlights the growing significance of the crypto industry and the emergence of new financial leaders.
While regulatory challenges persist, it is clear that the industry’s potential for growth and innovation is undeniable.
-Featured image from Bloomberg
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