The founder of Binance is a billionaire. And it is possible that after serving his prison term his wealth will increase even more.

Changpeng Zhao, also known as “CZ”, will become the richest person to be jailed in the US. He founder of Binancewhose net worth is about $40 billion, according to the Bloomberg Billionaires Index, could find himself with even more wealth after serving his sentence.

A Chinese-born businessman turned Canadian citizen was recently sentenced to four months in prison. Justice concluded that he was prioritizing Binance’s growth over compliance with anti-money laundering regulations that the country’s financial institutions are subject to.

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The verdict, announced last Tuesday, marks the end of a lengthy trial that complements Zhao’s resignation as head of Binance. and payment of two fines: a personal fine of $50 million and a fine from the cryptocurrency platform of about $4 billion.

Now the measures of justice do not go much further than what has been mentioned. This means that Zhao continues to control all of his assets, including his stake in Binance. Experts consulted by CNBC have reason to believe his wealth will increase over time, even after his conviction.

Zhao’s fortune, according to Bloomberg, is mainly due to his controlling share on Binance, although it also has an unknown cryptocurrency holding. Despite the ups and downs in the sector, Binance remains a leading cryptocurrency exchange and, surprisingly, continues to attract users around the world.

The company’s latest annual report said it added 40 million users in 2023, up 30% from the previous year. In fact, Binance managed to remain strong even after the earthquake caused by the collapse of the cryptocurrency platform FTX, led by Sam Bankman-Fried, now convicted of fraud.

A move that could also benefit Zhao is that he is no longer the public face of Binance. The company continues to operate, now under the leadership of Richard Teng, who served as global director of markets in the corporate structure. Now the businessman seems to be interested in other projects.

After stepping down as Binance’s executive last November, Zhao announced that he would dedicate the next chapter of his life to creating a “high-quality and completely free educational platform.” The project already has a name, it’s called Giggle Academy and has launched a website, which is currently in its early stages.

Images | Binance | Giorgio Trovato | DrawKit Illustrations

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