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General manager Binance, Changpeng Zhao, was recognized as one of the richest people in the world. His fortune is $ 96 million. The stock exchange, however, has to solve its regulatory problems.

Binance CEO ranked 11th on the Bloomberg Billionaires Index

According to Bloomberg, the estate Changpeng Zhao, CEO of the Binance cryptocurrency exchange, currently stands at $ 96 billion. In this way, he was among the richest people in the world, even ahead of him Mukesh Ambani, an Indian entrepreneur, CEO of a petrochemical refining group Reliance Industries Limited.

Changpeng Zhao took 11th position in the Bloomberg Billionaires Index, ranking among others behind Larry Ellison and Warren Buffet. He took the first place on the list Elon Musk, with a net worth of $ 271 billion. The website stresses that Zhao's fortune may actually exceed the stated amount of $ 96 billion. The ranking did not take into account the cryptocurrencies he owns, mainly about Bitcoinie and Binance Coin, the price of which increased by 1300% last year.

There is no doubt that Changpeng Zhao's success is based on creating the world's largest cryptocurrency exchange. According to the data published recently by Coingecko, Binance's turnover amounted to $ 19 million, and the stock exchange website had 172 million hits. There are 357 tokens on the exchange list, but in this field is ahead of it with the amount of 1209 tokens.

Regulatory problems

Binance currently enjoys a strong position, but in order to maintain it, the stock exchange must clarify its regulatory situation. Problems in this area made the platform unable to provide services in some countries. Changpeng Zhao himself repeatedly emphasized in his statements that regulatory clarity favors the development of the sector cryptocurrency.

If cryptocurrencies were to become part of the retail system, the need for legislation is unquestionable. Transparent regulations provide effective protection for investors against exploitation, unintentional support for criminal activity and unfair actions of other entities.

Changpeng Zhao's skeptical attitude to Bloomberg's list

Changpeng Zhao, however, does not seem to attach too much importance to property rankings. In one of his social media posts, he stated that it was much more important to him how you can help other people. In another statement, he added that the rankings of charitable and philanthropic activities in which Binance is actively involved would be more valuable.

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