Binance users reached 200 million, token BNB hit a new high, and Changpeng Zhao became "the richest prisoner in the United States"

2024-06-10 16:23:40

Binance users reached 200 million, token BNB hit a new high, and Changpeng Zhao became "the richest prisoner in the United States"

Wall Street Sights

2024-06-10 15:12Posted on the official account of Shanghai Wall Street

In the first month of Binance co-founder Changpeng Zhao's prison sentence, Binance's token BNB hit an all-time high, making Changpeng Zhao the "richest inmate" in the history of the U.S. federal prison. At the same time, the number of Binance users also reached the "milestone" of 200 million.

According to CoinGecko, the price of BNB peaked at $717.48 on Thursday, with the total market capitalization rising to $109 billion. Since the beginning of the year, the price of the token has doubled.

Binance users reached 200 million, token BNB hit a new high, and Changpeng Zhao became "the richest prisoner in the United States"

1. Binance reached 200 million users, and the token BNB reached a new high

BNB holders can enjoy discounts on trading fees on Binance, and the token is also used for settlement fees on the BNB Smart Chain. Despite a turbulent period last year, BNB's market-leading performance has remained solid.

Kaiko analyst Dessislava Aubert said that the recent rally in BNB was predictable from the derivatives market in late May, and from June, demand in the spot market began to increase, and between June 2 and 5, buying continued to outstrip selling.

Dessislava said BNB is traded on more than a dozen centralized exchanges, "unlike other exchanges, where tokens are traded almost exclusively on their own platforms." She also added that Binance accounts for 85% of global BNB trading volume.

At a time when BNB's price is peaking, Binance has also set another record in the cryptocurrency industry. According to media reports, the total amount of user assets under Binance's custody has grown from about $80 billion at the beginning of the year to $125 billion currently.

In addition, the company announced on June 8 that it has reached 200 million users worldwide.

2. The recovery of the cryptocurrency market has led to an increase in Binance trading volume

On November 21 last year, under pressure from the US Securities and Exchange Commission, Binance paid a fine of about $4.3 billion to the US side. At the same time, Binance CEO Changpeng Zhao admitted to violating U.S. anti-money laundering laws, announced that he would resign from his position, and pay a $50 million fine to settle the charges.

However, this had little impact on Changpeng Zhao's wealth. According to media estimates, his net worth is $38.5 billion, although the exact composition of his wealth is unknown. In an interview with The Associated Press in 2021, Changpeng Zhao said that most of his wealth was denominated in BNB, adding that he was "a significant shareholder of Binance."

According to the Bloomberg Billionaires Index, Changpeng Zhao is currently the 40th richest person in the world, and his net worth has grown by $4.1 billion in 2024.

While Changpeng Zhao has never disclosed how much BNB he holds, according to BNB's 2017 initial coin offering (ICO) whitepaper, the founding team received about 80 million tokens, which are worth about $56 billion today.

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