Reports have revealed that the former CEO of the world’s largest crypto exchange has increased his wealth by a huge amount in a single day.
This growth is attributed to analysts of the recent results of the US election, which allowed Donald Trump to re-take the US presidency.
$12-B Rich
Former Binance CEO Changpeng Zhao’s fortune soared, benefiting from positive cryptocurrency sentiment 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 24 hours.
The 47-year-old billionaire is now worth $52.7 billion, according to the Bloomberg Billionaires Index. Much of this comes from his controlling stake in the crypto company Binance.
Source: Bloomberg Billionaires Index
The world’s largest cryptocurrency platform in terms of trading volume is benefiting greatly from increased market activity among digital assets. Crypto investors are hoping that Trump will bring policies that will allow digital assets to flourish.
Historically, it was observed that the crypto market responded well to political events that were considered to allow withdrawal or economic stimulation.
During the campaign, Trump has floated the idea of ​​loosening stricter regulations on digital currencies. Therefore, after investors saw that he won the election, it created a bullish feeling that benefited cryptocurrency platforms and traders such as Binance and Zhao.
At the time of writing, Binance has a total market capitalization of over $87 billion. Its native currency, Binance Coin (BNB) is trading at $596 per coin.
No Desire to Return to Binance
The Canadian businessman has confirmed that he has no intention of returning to his top position at Binance, saying that he will not return to the crypto company even if circumstances allow 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 cannot go back and lead Binance again.
Despite stepping down as CEO, Zhao continues to be the largest shareholder in the crypto space and has no intention of selling his stake in the foreseeable future.
Zhao revealed that there are offers to buy his controlling shares in the company, but did not elaborate on who and for how much. “I am not saying that I will stick to equity forever,” he added. But he said he has not made a decision yet.
Zhao’s Legal Problems
In May, a court sentenced the crypto entrepreneur for failing to implement anti-fraud measures while he was head of Binance.
He pleaded guilty to inadequate anti-money laundering features, a leniency authorities say has allowed terrorist groups such as Hamas and al-Qaeda to trade on the crypto platform.
Authorities released Zhao after the former Binance boss struck a deal with the DOJ that prevented him from taking over the crypto firm.
Featured image from Pexels, chart from TradingView
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