The former CEO of Binance, Changpeng Zhao (CZ), is reported to own 64% of Binance Coin’s (BNB) circulating supply, equivalent to around 94 million BNB tokens, as revealed in a Forbes report.
A forensic analysis carried out by Gray Wolf Analytics and the financial outlet indicated that 80 million BNB tokens were assigned to the Binance founding team, with the company still holding onto 46 million of those original tokens. The report also highlighted that Binance and CZ collectively possess 71% of the 147 million BNB in circulation. Thanks to Zhao’s 90% equity stake in Binance and the value of his cryptocurrency holdings, he has risen to become the 24th wealthiest individual globally, boasting an estimated net worth of $61 billion.
BNB, the native token of the Binance exchange, is utilized for fees and rewards on the platform. With a maximum supply of 200 million, more than 153 million BNB tokens are currently circulating in the market.
The current market cap of BNB stands at over $91 billion, with each token priced at $593. BNB has experienced a significant surge in value, soaring from around $290 in January 2024 to a peak of $724 in June.
In 2023, the U.S. Department of Justice (DOJ) unveiled indictments against Zhao and Binance for allegedly breaching sanctions and money laundering laws. At that time, Zhao, who served as CEO, reached a plea deal with U.S. prosecutors, admitting to violating the Bank Secrecy Act and agreeing to step down from his leadership role at Binance. He was succeeded by the current CEO, Richard Teng. The settlement included fines of $50 million for Zhao and a hefty $4.3 billion penalty for Binance. Additionally, the DOJ appointed the Forensic Risk Alliance as an independent consulting firm to monitor Binance over the next three years.
On April 30, Zhao was sentenced to four months in prison by U.S. federal judge Richard Jones, a stark contrast to the three-year recommendation by U.S. prosecutors for Zhao’s alleged involvement in evading sanctions violations and facilitating money laundering.