Binance CZ Sees Spike in Wealth as Bitcoin Recovers

• Binance co-founder Changpeng Zhao’s wealth rose by $12 billion in the past year.
• The trading volume on the exchange stands at a massive $18.18 billion.
• Zhao was released from prison on September 27th.

Changpeng Zhao (“CZ”), co-founder of Binance, has added 90 billion yuan ($12.6 billion) to his wealth as the crypto market recovers. Bitcoin has reclaimed $71,000, rising 108.09% since last year and currently trading 3.6% below its all-time high of $73,750.07, reached in March.

It is important to note that Zhao has been recently released from prison after he was sent to a low-security federal prison in Lompoc, California. The crypto entrepreneur had pleaded guilty last year of failing to comply with the AML and KYC laws of the US and stepped down as the chief executive of his own exchange, Binance. 

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The Binance co-founder was sentenced in April and the prosecutors suggested a 3-year term but he was given only four months. Zhao was released on September 27th and has since then unveiled intentions to “chill for a bit” and soon start working on crypto education initiatives among other things.

Raking in the Greens

While the Binance co-founder spent 117 days in Lompoc II, he was making a massive $25 million each day and his net worth rose from $36.5 billion on June 2 to $61 billion by September 27. The wealth gained by Zhao during this period came via equities from private-led Binance-affiliated companies.

On the other hand, the trading volume of Binance stands at a massive $18.18 billion, as per the data from CoinMarket. The rising volume amid a bullish market suggests that business is booming for Binance. The exchange’s nearest competitor, Coinbase, has a volume of only $3.1 billion.