CZ and Binance Control 71% of BNB, Net Worth at $61 Billion

Former Binance CEO Changpeng Zhao (CZ) owns 64% of the circulating supply of Binance Coin (BNB), according to a Forbes report.

Former Binance CEO Changpeng Zhao (CZ) owns a large portion of Binance Coin (BNB), with Forbes reporting that CZ personally holds 64% of the circulating supply, amounting to roughly 94 million tokens.

A forensic analysis by Gray Wolf Analytics revealed that 80 million BNB tokens were initially allocated to the Binance founding team. Of these original tokens, the company still controls 46 million, sparking concerns that CZ may have been able to manipulate BNB prices in recent years.

CZ and Binance Together Control 71% of BNB, His Net Worth at $61 Billion

According to the report, Binance and CZ together hold 71% of the 147 million BNB in circulation. When combined with Zhao’s 90% equity stake in Binance and his crypto holdings, the CZ is reportedly the 24th richest person globally, with an estimated net worth of $61 billion.

BNB is the native token of the Binance exchange, used for fees and rewards on the platform. It has a maximum supply of 200 million tokens, with over 153 million currently circulating in the market. At $593 per token, BNB’s market cap stands at over $91 billion. The token’s price more than doubled from around $290 in January 2024 to a high of $724 in June.

“CZ Binance gave Market Makers an astounding 25% of #BNB supply to perform token manipulation fuckery,” crypto analyst Junko Suzuki said, adding:

“Celsius, Bancor, FTX, XRP, #BNB, Luna, #BTC, Eth etc followed suit.”

CZ Stepped Down, Fined $50 Million, and Sentenced to Four Months

In 2023, the U.S. Department of Justice (DOJ) indicted Changpeng Zhao and Binance for allegedly violating sanctions and money laundering laws. Accused of knowing about illegal activities on the exchange as early as 2017, prosecutors said that Binance was used to launder billions of dollars in criminal proceeds.

Prosecutors added that CZ lied to regulators and shifted blame to lower-level employees to avoid responsibility for Binance’s misconduct.

After pleading guilty to violating the Bank Secrecy Act, Zhao stepped down as CEO, with Richard Teng taking over the role. The settlement also included fines of $50 million for Zhao and $4.3 billion for Binance.

Furthermore, the DOJ appointed the Forensic Risk Alliance to monitor Binance for the next three years.

On April 30, 2024, U.S. federal judge Richard Jones sentenced Zhao to four months in prison, a sentence that was less severe than the three years recommended by U.S. prosecutors. The charges were related to Zhao’s role in facilitating money laundering and violating sanctions.