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$157.51 -0.67975
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XRP
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Shiba Inu
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$0.0000171 -9.14011
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Pepe
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Bonk
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XRP
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Shiba Inu
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Pepe
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Bonk
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Bitcoin
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Ethereum
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BNB
BNB (BNB)
$568.49 -1.05624
BNB price
Solana
Solana (SOL)
$157.51 -0.67975
Solana price
XRP
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$0.5473790 -11.41247
XRP price
Shiba Inu
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$0.0000171 -9.14011
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Binance CEO reportedly lost $12b amid regulatory problems

News
Binance CEO reportedly lost $12b amid regulatory problems

The fortune of the founder and head of the largest crypto exchange, Binance, Changpeng Zhao, decreased by $12 billion amid problems with the trading platform.

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.

Binance CEO reportedly lost $12b amid regulatory problems - 1

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 report that Bankman-Fried’s hedge fund Alameda Research also held a large position in it.

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.

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.

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.