Best Cryptocurrency Exchange Fees

Meet The Crypto CEO Who Has Become Asia’s Richest Man

Meet The Crypto CEO Who Has Become Asia's Richest Man
Written by publisher team

Indian billionaire and businessman Mukesh Ambani He was ousted from the top list of the richest people in Asia, and took over as CEO of the world’s largest cryptocurrency exchange.

What happened: Binance Executive Director Changpeng Zhao She is now the richest Asian with a net worth of $96.9 billion, according to the dynamically compiled Bloomberg Billionaires Index.
India’s Ambani, whose main projects are oil and petrochemicals, is only slightly behind Zhao with a net worth of $96.8 billion.

Zhao’s net worth is calculated based on a valuation of his 90% stake in Binance, but does not include his crypto holdings due to crypto-related volatility, according to Bloomberg.

Tops Bloomberg Billionaires List Tesla, inc. (NASDAQ: TSLA) Chief Executive Officer Elon Musk. The net worth of the Tesla CEO is $282 billion.

Coinbase Global, Inc.’s (NASDAQ: currency) Brian Armstrong It also appears on the list, ranking 275th.

Related Link: Binance Review

Why is it important: Founded in 2017, Binance is the world’s largest cryptocurrency exchange by daily trading volume. It was originally based in China but later opted out of the country due to increased regulatory scrutiny.

Binance coin (CRYPTO: BNB), the original coin of the Binance Smart Chain and Binance Chain, is a utility token that allows holders to pay reduced fees to trade on the Binance platform.

The exchange faces increased legal and regulatory scrutiny across multiple jurisdictions, including the Cayman Islands, Japan, Malaysia, Malta, Thailand, the Netherlands, the United Kingdom and Pakistan. Global regulators have also expressed concerns about illegal activities on the platform.

In response, Zhao announced in September that the cryptocurrency exchange would restructure around a single central company.

“We need clear records of stakeholder ownership, transparency and risk controls,” Zhao reportedly said in an interview with the South China Morning Post.

Related Link: Binance to Stop Multiple Crypto Services for Singapore Users

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