The fortune of the founder and head of the largest crypto exchange, Binance, Changpeng Zhao, decreased by $12 billion amid problems with the trading platform. 
The Bloomberg Billionaires Index cut its earnings estimate for the Binance cryptocurrency exchange by 38% amid falling platform sales. As a result, Zhao’s wealth decreased by $11.9 billion to $17.3 billion. 
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In addition to losing his fortune, Zhao reset the wealth of the founder of the FTX crypto exchange, <a href="https://crypto.news/tag/sam-bankman-fried/" data-type="link" data-id="https://crypto.news/tag/sam-bankman-fried/">Sam Bankman-Fried</a>. In November 2022, the founder of Binance <a href="https://crypto.news/binance-moves-to-liquidate-ftx-token-holdings-as-open-interest-in-ftt-futures-doubles/">announced</a> that he was liquidating the token associated with FTX following a report that Bankman-Fried’s hedge fund Alameda Research also held a large position in it. 
 You might also like: <a href="https://crypto.news/scaramucci-predicts-sam-bankman-fried-will-be-skinned-alive-at-trial/"> Scaramucci predicts Sam Bankman-Fried will be ‘skinned alive’ at trial </a> 
Some FTX clients rushed to withdraw money, and the exchange could not cope with the withdrawal surge. Less than a week later, the company filed for bankruptcy. This has seen Bankman-Fried’s net worth reduced to zero after peaking at $26 billion in March last year. 
Binance gained market share earlier this year, peaking at 62% of total cryptocurrency exchange trades in the first quarter, thanks to zero-commission promotions for popular trading pairs. However, after the offer expired, Binance’s stake <a href="https://crypto.news/binances-bitcoin-volume-plummets-after-end-of-zero-commission-trading/">fell</a> to 51% at the end of the third quarter. 
The Securities and Exchange Commission sued Binance in June. As a result, the Bloomberg Wealth Index slashed the value of US exchange Binance to zero after it <a href="https://crypto.news/binanceus-suspends-usd-deposits-and-withdrawals/">announced</a> it would no longer transact in dollars. 
 You might also like: <a href="https://crypto.news/binances-market-share-in-non-dollar-exchanges-drops-by-25/"> Binance’s market share in non-dollar exchanges drops by 25% </a>

Binance CEO reportedly lost $12b amid regulatory problems

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