Former Binance CEO Changpeng Zhao Becomes Wealthiest US Prisoner Following Surge in BNB Price

The Binance ecosystem has defied all odds, growing amidst increased regulatory scrutiny in major jurisdictions, particularly led by the United States. After re-entering the Indian market following regulatory reforms, the Binance cryptocurrency exchange proudly announced surpassing 200 million globally registered users.

The Binance ecosystem continues to assert its dominance in the web3 space, particularly outside of Western countries.

In the midst of bearish sentiments in the market, Binance’s native coin, BNB, has seen a surge in value by over 200 percent since the start of the year, approaching its all-time high of approximately $700. Despite its fully diluted valuation of around $99 billion and a daily traded volume of about $1.4 billion, BNB experienced an 8 percent drop, hovering around $643 on Monday.

Meanwhile, the recent spike in BNB price to a new all-time high of around $717 coincided with the commencement of a four-month prison sentence for former Binance CEO Changepeng Zhao. Zhao’s sentence in the United States stems from non-compliance with US money laundering regulations at Binance. Despite this setback, Binance and Zhao had to pay a hefty fine of approximately $4.3 billion to the US government, along with other settlements.

Interestingly, the US crackdown on Binance only seemed to elevate its status, as the company’s valuation now exceeds $100 billion. With Binance executives receiving 80 million BNB during the initial coin offering, experts estimate Zhao’s net worth to be around $38.5 billion.

Additionally, stay tuned for a significant week ahead in the world of Bitcoin, with events like the CPI, PPI, FOMC, and Dot-Pot on the horizon, influencing the BTC price rally!

Tags: Binance