Changpeng “CZ” Zhao, founder and former CEO of cryptocurrency exchange Binance, has landed on Bloomberg’s list of the world’s richest people. During the year, his net worth increased by $25 billion.
This comes as he recently pleaded guilty to a series of charges and is unable to leave the United States, awaiting sentencing next February.
CZ’s net worth will show significant growth in 2023
CZ is the 35th richest person in the world, according to Bloomberg’s Billionaires Index. CZ’s net worth is $37.2 billion, an increase of $24.6 billion this year alone.
Leading the way is Elon Musk, whose net worth increased by $94.9 billion to $232 billion. He was followed by Bernard Arnault in second place with a net worth of $179 billion, and Jeff Bezos in third place with a net worth of $178 billion.
This follows recent reports that CZ had pleaded guilty to anti-money laundering offences.
The plea comes as the conclusion of a years-long investigation by federal regulators. BeInCrypto reports that the case led to one of the largest corporate settlements in legal history.
CZ Steps Down from Binance’s Operating Role
After pleading guilty, CZ stepped down as CEO of Binance and Chairman of the Board of Directors of Binance.US.
This decision effectively removes his direct influence over US Binance operations, relegating his interests to purely economic ones.
Read more: Top 7 Binance.US Alternatives Supporting USD Withdrawals
Meanwhile, CZ is scheduled to be sentenced to 18 months in prison on February 23, 2024. Nonetheless, he currently holds $175 million in bonds.
But his request to return to the United Arab Emirates before sentencing was rejected by the judge.
Read more: Binance Review 2023: Is It the Right Crypto Exchange for You?
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