Reports have revealed that a former CEO of the world’s largest crypto exchange significantly increased his wealth in one day.
This growth is attributed by analysts to the latest results of the American elections, which allowed Donald Trump to regain the American presidency.
12 billion dollars richer
Former Binance CEO Changpeng Zhao’s wealth has grown exponentially, benefiting from the positive outlook on cryptocurrencies brought by Trump’s victory over US Vice President Kamala Harris on Wednesday.
According to Bloomberg News, Zhao’s net worth increased by $12.1 billion in 24 hours.
The 47-year-old billionaire now has a fortune of $52.7 billion, according to the Bloomberg Billionaires Index. Much of this comes from his controlling shares in crypto company Binance.
Source: Bloomberg Billionaires Index
The world’s largest cryptocurrency platform by trading volume is greatly benefiting from increased market activity among digital assets. Crypto investors are optimistic that Trump will implement policies that will allow digital assets to thrive.
Historically, the crypto market has been observed to react positively to political events seen as enabling deregulation or economic recovery.
During the campaign, Trump floated the idea of easing strict regulations on digital currencies. Therefore, after investors saw that he was winning the election, it created a bullish sentiment that benefited cryptocurrency platforms and traders like Binance and Zhao.
At the time of writing, Binance has a total market capitalization of over $87 billion. Its native currency, Binance Coin (BNB), trades at $596 per coin.
No desire to return to Binance
The Canadian entrepreneur claimed he has no plans to return to his leadership role at Binance, saying he would not return to the crypto company even if circumstances allowed him to do so. “I have no desire to go back,” Zhao said in an interview.
Zhao was allowed out of prison after agreeing with the US Department of Justice (DOJ) that he could not go back and run Binance again.
Despite stepping down as CEO, Zhao continues to own the largest share of the crypto platform and has no plans to sell his stakes in the foreseeable future.
Zhao revealed that there had been offers to buy his controlling shares in the company, but he did not specify who and for what amount. “I’m not saying I’m going to hold the shares forever,” he added. But he said he hasn’t acted on any offers yet.
Zhao’s legal troubles
In May, the court convicted the crypto entrepreneur for failing to implement anti-money laundering measures while still at the helm of Binance.
He pleaded guilty to the charge of insufficient anti-money laundering features, an indulgence that authorities say allowed terrorist groups like Hamas and al-Qaeda to transact on the crypto platform.
Authorities released Zhao after the former Binance boss reached a deal with the DOJ that barred him from taking the helm of the crypto company.
Featured image from Pexels, chart from TradingView
