With his estimated fortune of $ 96 billion, Zhang Bing Zhao – CEO of “Binance” – has become a competitor to technology giants in the world such as Mark Zuckerberg, owner of Facebook, and Larry Page and Sergey Brin, founders of Google.
And the American “Bloomberg” website says in a report that the Chinese cryptocurrency pioneer Zhang Bingchao, who previously worked in preparing burgers at McDonald’s restaurants, and in developing computer software, began to unexpectedly climb up the rankings of the world’s rich.
This man, whom cryptocurrency enthusiasts refer to by his initials, has become a regular in the United Arab Emirates, has bought a house in Dubai and hosted dinner parties near the Burj Khalifa, which represents the tallest building in the world, on the island of Palm Jumeirah, to become the most prominent figure In the cryptocurrency sector, which is witnessing a boom in the UAE.
The 44-year-old has a total fortune of $96 billion, as well as his personal cryptocurrency holdings, which have seen their value rise by 1,300% in the past year.
According to the Bloomberg Billionaires Index, the 44-year-old has a total fortune of $96 billion. This is the first time that Bloomberg issued an estimate of his wealth, which exceeded the wealth of the richest businessman in the continent of Asia, Mukesh Ambani, and competed with technology giants such as Mark Zuckerberg, Larry Page and Sergey Brin.
The report notes that Zhao’s fortune could be much more than these estimates, which do not take into account his personal holdings of cryptocurrency, which includes Bitcoin and Binance Coin, which has seen its value rise by 1,300% in the past year.
organizational problems
The site believes that the success of Binance highlights the enormous wealth currently available in the field of digital currency, despite the recent fluctuations and crises, and the ongoing controversy about the activity of this type of company.
Binance is banned in China, the country in which it is incorporated, and faces investigations and audits of its accounts globally. The US Department of Justice and the Internal Revenue Service have launched an investigation to see if Binance is a cover for money laundering and tax evasion.
The site confirms that the future of “Binance” is linked to its ability to reconcile with the regulatory and financial authorities in the world, and to find a place to receive it in which to set up its headquarters and offices. But despite the continuation of this crisis, money continues to flow into Binance and its owner, Zhang Bingchao.
The site indicates that “Binance” achieved profits of at least 20 billion dollars last year, according to Bloomberg Agency reports on its commercial operations and the fees it received. That’s nearly three times that of a similar company on Wall Street, CoinBase Global, which has a market capitalization of $50 billion.
However, Zhao declined to comment on these reports, and Binance questioned the validity of Bloomberg’s estimates of its market value and founder’s fortune.
“Cryptocurrencies are still in their growth phase and are subject to higher levels of volatility. Any number you hear one day will vary the next,” Binance said in a statement to the media.
But the questions now revolve around Zhao’s ability to hold on to the profits he’s made, and there are, in fact, many indicators to worry about given the abnormal growth of his company.
In addition to investigations by the US Department of Justice and the US Internal Revenue Service, the CFTC is investigating possible market manipulation and illegal insider exchanges at Binance, which illegally allowed US clients to trade crypto-related derivatives.
Binance also received warnings from consumer protection organizations in Britain, Japan, Germany and other countries. On December 30, the Canadian Stock Exchange Regulatory Authority reprimanded the company, for telling users of its trading platform that it has permission to continue operations in the country, although in fact it does not have a legal basis to carry out this activity.
A spokesperson for Binance said the company “works with lawmakers around the world and takes compliance very seriously” and that it “welcomes and adheres to all audits and regulation.”
As the founder of the company said at a conference organized by Bloomberg, “I am not an anarchist, and I do not believe that human civilization is advanced enough to live in a world without restrictions.”
Find a company headquarters
The site indicates that Zhao, who has Canadian citizenship, is originally Chinese, born in Jingsu Province, and his father is a university professor who was exiled to the countryside during the Cultural Revolution, and then Zhao’s family moved to the Canadian city of Vancouver when he was 12 years old. There he was introduced to technology at an early age, studied computer science and landed some jobs in Tokyo and New York.
But despite all the legal challenges and restrictions facing Binance, investors may be attracted to this company and decide to risk their money on the world’s most successful cryptocurrency exchange.
Last year, Binance tried to raise money from sovereign investment funds, and its US subsidiary tried to lure investors into a public offering. And last November, the American Wall Street newspaper reported that former executives of the company estimated its true value to be $300 billion.
But Robert Lee, an analyst at Beachbook Financial Data, says, “For[Binance]to succeed in attracting investors, it needs to show healthy indicators of its stability, own a headquarters, and strengthen its operations in various countries.”
And if Zhao succeeds in attracting investors, he will become even richer than Elon Musk, who is now number one in the world, and Jeff Bezos, who comes in second place.