Zhao owns 64% of BNB’s circulating supply

According to a Forbes story, former Binance CEO Changpeng Zhao purportedly holds 94 million BNB or 64% of Binance Coin’s circulating supply. Zhao’s net worth is estimated by Forbes to be an astounding $61 billion, making the former CEO the 24th richest person in the world.

According to a forensic investigation by the financial newspaper and Grey Wolf Analytics, the firm still owns 46 million of the 80 million BNB tokens originally given to the Binance founding team.

Furthermore, according to the article, 71% of the 147 million BNB in circulation are jointly own by Binance and Changpeng Zhao. With an estimated net worth of $61 billion, Zhao rocketed to the 24th spot in the worldwide wealth rankings thanks to his cryptocurrency holdings and 90% ownership stake in Binance.

BNB, the native coin of the Binance exchange, serves as a means for rewards and fees on the Binance platform. There is a 200 million token maximum supply for the utility, and there are currently more than 153 million BNB tokens in circulation.

BNB’s market value is currently greater than $91 billion. From January 2024 lowest levels of about $290 to a peak of $724 in June, the price of BNB has more than doubled due to a bull run.

DOJ Charges Result in CEO’s Guilty Plea and Major Fines

The U.S. Department of Justice (DOJ) issued indictments against Zhao and Binance in 2023 due to alleged violations of money laundering and sanctions laws. Zhao, the company’s CEO at the time, agreed to a plea agreement with US prosecutors. In addition to leaving from his position as CEO of Binance, Changpeng Zhao entered a guilty plea to charges of breaking the Bank Secrecy Act. 

Richard Teng is Binance’s current CEO. On top of that, the agreement included a whooping $4.3 billion in fines for Binance and $50 million for the previous CEO. Also, the independent consulting firm Forensic Risk Alliance designated by the DOJ to oversee Binance for the following three years.

U.S. federal judge Richard Jones ordered Zhao to four months in jail on April 30, which is a long cry from the three years that U.S. prosecutors had recommended for Zhao’s alleged role in violating regulations and helping in money laundering.