Reports revealed that a former CEO of the world’s largest crypto exchange increased his wealth by a huge amount of money in one day.
This growth is attributed by analysts to the latest US election results, which allowed Donald Trump to retake the US presidency.
$12 billion richer
Former Chief Executive Officer of Binance Changpeng Zhao’s wealth grew exponentially, benefiting from the positive outlook on cryptocurrency brought about 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 a span of 24 hours.
The 47-year-old billionaire now has a fortune of $52.7 billion Bloomberg Billionaires Index. Much of this is derived from his controlling shares in the crypto company Binance.
Source: Bloomberg Billionaires Index
The world’s largest cryptocurrency platform in terms of trading volume is benefiting greatly from the surge in digital asset market activity. Crypto investors are optimistic that Trump will enact policies that will allow digital assets to flourish.
Historically, the crypto market has been observed to respond positively to political events that were perceived to enable deregulation or economic stimulus.
During the campaign, Trump floated the idea of relaxing the strict regulations imposed on digital currencies. So, after investors saw that he was winning the election, there was 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, the Binance Coin (BNB), trades at $596 per coin.
No desire to return to Binance
The Canadian entrepreneur confirmed that he has done so no intention of returning to his executive role at Binance, saying he will not return to the crypto company even if circumstances allow him to. “I have no desire to go back,” Zhao said in an interview.
Zhao was allowed to leave prison after agreeing with the US Department of Justice (DOJ) that he could not return to lead Binance again.
Despite stepping down as CEO, Zhao still holds the largest stake in the crypto platform and has no plans to sell his shares in the near future.
Zhao revealed that there were offers to buy its controlling shares in the company, but he did not indicate who and for how much. “I’m not saying I will hold the equity forever,” he added. But he said he has not responded to any offer at this time.
Zhao’s legal issues
In May, the court convicted the crypto entrepreneur for failing to implement anti-money laundering measures while he was still head of Binance.
He pleaded guilty to a charge of insufficient anti-money laundering measures, a leniency that authorities say has allowed terror groups such as Hamas and Al-Qaeda to trade on the crypto platform.
Authorities released Zhao after the former Binance boss reached an agreement with the DOJ that barred him from taking the helm of the crypto company.
Featured image from Pexels, chart from TradingView