Binance Founder CZ Increases Net Worth to $53 Billion After Trump Win

Key Points:

• Binance founder CZ, while barred from leading the exchange due to a DOJ plea deal, made a celebrated public appearance in Dubai.
• Donald Trump’s recent election win boosted the crypto market, with Zhao’s net worth jumping by $12.1 billion in one day, reaching nearly $53 billion.

When the Binance founder CZ, one of the most influential figures in cryptocurrency, stepped onto Dubai’s Coca-Cola Arena, he was greeted with thunderous applause amid swarms of fans all buzzing to get selfies.

Read more: Binance Founder CZ Opens Up About His Time In Prison 

Binance Founder CZ Makes Public Comeback Amid DOJ Restrictions

Changpeng Zhao is better known as “CZ,” but the man commonly referred to by those two letters isn’t running the world’s biggest crypto exchange anymore. A new plea deal he’s reached with the U.S. Department of Justice prohibits him from taking a leadership role in Binance, a preclusion he says he embraces.

In an interview with Bloomberg, Binance founder CZ for the first time addressed his exit from Binance as a condition of the $4.3 billion settlement reached between the company and the DOJ. The exchange had been under investigation on accusations of violating U.S. sanctions and allowing American users to engage in unlicensed trading. Resignation of Zhao was an unexpected centerpiece to the deal meant to placate regulators.

Speaking about his recent experiences, Zhao said he spent four months in custody working out, writing a book, and discussing crypto with fellow inmates. Though he wouldn’t disclose details on buyers or amounts, the stake in Binance, a source of his enormous wealth, has also been the subject of offers, he said.

Crypto Surges on Trump’s Election Win, Boosting Zhao’s Net Worth

The timing of Zhao’s public reappearance coincided with Donald Trump‘s victory in the U.S. presidential election, a result that has buoyed the cryptocurrency industry.

Under Trump, seen as far friendlier to digital assets, the outlook for the industry has become rosier than during the heavy regulation seen under President Biden. After the election, crypto prices began surging, which sent Zhao’s net worth up $12.1 billion in one day and his fortune close to $53 billion, per Bloomberg’s Billionaires Index.