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Changpeng Zhao, also known as “CZ,” will become the richest person imprisoned in the United States. HE Founder of BinanceThe man, whose net worth is around $40 billion according to the Bloomberg Billionaires Index, may find himself with an even greater fortune after serving his sentence.

The businessman of Chinese origin, who is a Canadian citizen, was recently sentenced to 4 months in prison. Justice concluded that Binance prioritized its growth over compliance with anti-money laundering regulations that govern the country’s financial institutions.

A sentence that should not affect your assets

The sentence, announced last Tuesday, was the culmination of a lengthy judicial process that completed Zhao’s resignation as Binance chairman and payment of two fines: $50 million personal fine and nearly $4 billion fine from the cryptocurrency platform.

Justice’s measures no longer go much beyond what has been said. This means Zhao continues to control all of his assets, including his stake in Binance. According to experts consulted by CNBC, there is reason to believe that his fortune will grow over time even after conviction.

According to Bloomberg, Zhao’s wealth comes mainly from his wealth majority share Although Binance also has an unknown cryptocurrency holding. Despite the ups and downs in the industry, Binance remains the leading cryptocurrency exchange and if that’s not enough, it continues to gain users worldwide.

Cryptocurrencies

The company’s latest annual report shows it adding 40 million users in 2023, up 30% from the previous year. In fact, Binance managed to remain intact even after the earthquake caused by the collapse of the FTX cryptocurrency platform led by Sam Bankman-Fried, who was convicted of fraud.

One move that could also work in Zhao’s favor is to stop being the public face of Binance. The company continues its activitiesunder the leadership of Richard Teng, who currently serves as global markets director within the corporate structure. The businessman now seems to be interested in other projects.

After stepping down as leader of Binance in November last year, Zhao announced that he would dedicate the next chapter of his life to building a “high-quality and completely free educational platform.” The project already has a name, it’s called Giggle Academy and it has launched a website which is currently in its early stages.

Pictures | Binance | Giorgio Trovato | DrawKit Illustrations

in Xataka | Bitcoin mining faces uncharted territory after halving. Twitter’s founder has a solution

Source: Xataka

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