<div class="cryptonews">
 <p class="is-style-lead">The fortune of the founder and head of the largest crypto exchange, Binance, Changpeng Zhao, decreased by $12 billion amid <a rel="noopener noreferrer nofollow" title="problems" href="https://thebittimes.com/tag/problems.html">problems</a> with the trading platform.</p>
 <p>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.</p>
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 <p>In addition to losing his fortune, Zhao reset the wealth of the founder of the FTX crypto exchange, Sam Bankman-Fried. In November 2022, the founder of Binance announced that he was liquidating the token associated with FTX following a <a rel="noopener noreferrer nofollow" title="report" href="https://thebittimes.com/tag/report.html">report</a> that Bankman-Fried’s hedge fund Alameda Research also held a large position in it.</p>
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 <p>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.</p>
 <p>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 fell to 51% at the end of the third quarter.</p>
 <p>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 announced it would no longer transact in dollars.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-ceo-reportedly-lost-12b-amid-regulatory-problems-tbt68043.html">https://thebittimes.com/binance-ceo-reportedly-lost-12b-amid-regulatory-problems-tbt68043.html</a></p>

Binance CEO reportedly lost $12b amid regulatory problems

TheBitTimes

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