In a recent Forbes report, it was disclosed that the former CEO of Binance, Changpeng Zhao (CZ), holds approximately 64% of the circulating supply of Binance Coin (BNB), totaling around 94 million BNB tokens.
An investigative analysis by Gray Wolf Analytics and the financial publication revealed that 80 million BNB tokens were initially distributed to the Binance founding team, with the company retaining ownership of 46 million of those tokens.
The report further highlighted that Binance and CZ collectively possess 71% of the 147 million BNB tokens in circulation. With a 90% stake in Binance, Zhao’s cryptocurrency holdings have propelled him to the ranks of the 24th wealthiest individual globally, boasting an estimated net worth of $61 billion.
BNB serves as the native token of the Binance exchange, utilized for transaction fees and rewards on the platform. With a capped supply of 200 million tokens, there are currently over 153 million BNB tokens in circulation.
As of now, the market value of BNB stands at over $91 billion, priced at $593 per token. The token has experienced a surge in value, rising from a low of $290 in January 2024 to a peak of $724 in June.
Amidst these developments, in 2023, the U.S. Department of Justice (DOJ) had brought charges against Zhao and Binance for alleged violations of sanctions and money laundering laws. While serving as CEO, Zhao entered a plea agreement, admitting to breaching the Bank Secrecy Act and resigning from his leadership position at Binance. Richard Teng succeeded him as the current CEO. The settlement included fines of $50 million for Zhao and a substantial $4.3 billion penalty for Binance. Additionally, the DOJ appointed the Forensic Risk Alliance as an independent monitor for Binance for the ensuing three years.
Following a sentencing on April 30, Zhao received a four-month prison term from U.S. federal judge Richard Jones, a significant departure from the three-year sentence recommended by prosecutors for his alleged involvement in evading sanctions and enabling money laundering activities.