Binance co-founder and CEO Changpeng “CZ” Zhao has witnessed a significant drop in his net worth, which has decreased by $11.9 billion amid declining trading volumes on the exchange platform.
On October 26th, the Bloomberg Billionaires Index lowered its estimated revenue for Binance by 38% due to the decrease in trading volumes. This drop in revenue pushed Zhao down to the 95th position on the list of the world’s wealthiest individuals.
Zhao’s current net worth stands at $17.3 billion, which is an 82% decline from its peak of $96.9 billion in January 2022 when he ranked 11th among the world’s richest people.
Bloomberg’s index calculated Binance’s revenue from spot and derivatives trading data from cryptocurrency data aggregators CoinGecko and Coinpaprika.
As of September, Binance’s spot trading market share had decreased for seven consecutive months to 34.3%. In January, Binance had a spot market share of over 55%.
Binance.US, the U.S.-based branch of Binance, also experienced a drop in trading volume last month.
Zhao’s net worth decline and Binance’s decreasing trading volumes have been attributed to two legal actions from the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC).