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The release of Binance founder Changpeng Zhao from custody on September 27 coincided with a minor drop in Bitcoin and Binance's BNB tokens. The entrepreneur’s net worth has also seen a sharp decline as concerns over token centralization rise.
The founder of Binance, Changpeng Zhao, was freed from custody early on September 27. Since the trading day began, the price of Bitcoin and Binance's BNB tokens has dropped marginally.
Bitcoin and BNB Tokens Dip After CZ’s Release
An earlier Forbes article stated that 64% of the BNB supply is owned by Zhao. This would put the entrepreneur's net worth at approximately $61 billion in June 2024, making him the 24th wealthiest person in the world. Concerns regarding the token's centralization arose after the report's publication due to Zhao's large ownership of Binance's native currency.
At the time of writing, Zhao's 94,000,000 BNB tokens were worth about $57,000,000, a substantial drop from June 2024, when values surpassed $700, according to Cointelegraph.
Centralization Fears Surround Binance Ownership
Gray Wolf Analytics and Forbes performed an analysis in 2024 that showed the founding Binance crew got 80 million BNB tokens. Furthermore, around 46 million of those tokens are still held by the firm.
In 2023, charges were issued against Binance and Zhao by the United States Department of Justice (DOJ). The DOJ alleged that Binance founder Zhao had violated the Bank Secrecy Act.
Regulatory Scrutiny and DOJ Allegations Against Binance
Government regulators from the US Department of the Treasury, the Commodity Futures Trading Commission, and the US Department of the Treasury's Financial Crimes Enforcement Network put their statements in a joint filing:
Although Binance is not a publicly listed company, it is the biggest cryptocurrency exchange on the planet. Any news on the criminal and civil liability of Zhao and Binance is expected to greatly impact the trading of different cryptocurrencies.
SEC Settlement Hits Binance Hard
True to form, the BNB price increased by about 7% in the 24 hours after the announcement of a $4 billion settlement between Binance and the SEC broke on November 21.
As a result of the SEC settlement, Binance lost $4.3 billion, and Zhao was fined an extra $50 million.
Binance was also assigned to the Forensic Risk Alliance to oversee the company's activities for the next three years after the DOJ mandated independent monitoring.
