Former Binance CEO CZ Holds 64% of Circulating BNB Supply

Former Binance CEO CZ Possesses Majority of BNB Supply

Crypto News- A Forbes report has revealed that former Binance CEO Changpeng Zhao (CZ) owns 64% of Binance Coin’s (BNB) circulating supply, which amounts to approximately 94 million BNB tokens. A forensic analysis by Gray Wolf Analytics and Forbes indicated that 80 million BNB tokens were initially allocated to the Binance founding team, with the company still holding 46 million of these original tokens.

The analysis also highlighted that Binance and CZ together hold 71% of the 147 million BNB in circulation. With Zhao’s 90% equity stake in Binance and the value of his crypto holdings, he has become the 24th richest person globally, boasting an estimated net worth of $61 billion.

BNB Tokenomics

BNB, the native token of the Binance exchange, is used for fees and rewards on the platform. The token has a maximum supply of 200 million, with over 153 million currently circulating. With a token price of $593, BNB’s market cap exceeds $91 billion. The token has seen a significant bull run, with its price more than doubling from around $290 in January 2024 to a high of $724 in June.

Department of Justice vs. CZ

In 2023, the U.S. Department of Justice (DOJ) indicted Zhao and Binance for allegedly violating sanctions and money laundering laws. Zhao, then the CEO, reached a plea deal with U.S. prosecutors, admitting to violating the Bank Secrecy Act. As part of the settlement, he stepped down as CEO and was succeeded by Richard Teng. The deal also included a $50 million fine for Zhao and a $4.3 billion fine for Binance. Additionally, the DOJ appointed the Forensic Risk Alliance, an independent consulting firm, to monitor Binance for the next three years.

On April 30, U.S. federal judge Richard Jones sentenced Zhao to four months in prison, a significantly lighter sentence than the three years recommended by prosecutors for his role in circumventing sanctions and facilitating money laundering.

FAQ: Former Binance CEO Changpeng Zhao (CZ) and BNB

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