- Bloomberg listed Binance’s Changpeng Zhao in its “Finance Rich List.”
- Zhao has denied the media company’s estimates.
- Several reactions have trailed the Binance chief’s comments.
Wealth rankings always make for exciting topics, putting persons who have achieved financial success in the limelight and allowing others to evaluate the path and habits that led to this success.
It is no different in the crypto world as the wealth of Binance Chief Executive Officer Changpeng “CZ” Zhao has sparked discussion following a recent Bloomberg ranking.
“Numbers All Wrong”
On Tuesday, April 25, Bloomberg released a “Finance Rich List,” ranking Zhao third in its 25-person list of “financial titans” with an estimated wealth of $28.2 billion. The media company further attributes the bulk of the Binance chief’s wealth to his crypto exchange. Bloomberg estimated that Binance generated $12 billion in annual revenue as of April 5.
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Zhao has, however, taken to Twitter to reject the recent wealth calculations by Bloomberg. “Numbers all wrong,” the Binance chief tweeted. According to Zhao, his true wealth is far less than the media company has projected.
The industry executive also took issue with the article framing the now-bankrupt FTX crypto exchange as a Binance rival.
Bloomberg did not immediately respond to a request for comment.
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Several comic reactions have followed Zhao’s comments, with some users joking that the Binance chief was continuously hinting at his actual net worth using “4,” which he defined as his response to perceived attacks against Binance.
Binance does not have to publish detailed financial reports, unlike Coinbase, a publicly traded company. This lack of insight into its finances can make it difficult to estimate the company’s valuation and its CEO’s wealth. Binance recently landed itself in the United States Commodity Futures Trading Commission’s crosshairs for allegedly breaking U.S. derivatives laws.
On the Flipside
- Forbes estimates that Zhao is worth $10.5 billion.
- Zhao maintains that he does not care about wealth rankings.
Why You Should Care
Binance controls over 50% of the global crypto exchange market share. Insights into its revenue and its CEO’s wealth could indicate the industry’s growth.
To learn more about Binance’s dominance, read this:
Binance Loses 20% Market Share After Rolling Back Zero-fee Trading Campaign. Where Did It Go?
Check this out to see the fallout of the Binance.US-Voyager deal:
Binance.US-Voyager Deal Breakdown Leads to $10M Escrow Deposit Dispute
