In its translated report, the site said:Arabic21Zhao snatched the limelight during last month’s Abu Dhabi Grand Prix, where a former McDonald’s worker, software developer and cryptocurrency pioneer joined world famous people on Yas Island.
According to informed sources, Zhao has received a special kind of reception in the UAE, as officials seek to bring the digital platform to the country.
According to the Bloomberg Billionaires Index, the 44-year-old has a net worth of $96 billion, surpassing Asia’s richest person, Mukesh Ambani, and his rivals from tech giants, including Mark Zuckerberg and Google founders Larry Page and Sergey Brin.
Zhao’s fortune may be much greater since then, because the estimates do not take into account his personal cryptocurrency holdings, which include bitcoin and his own company’s coin, which rose in value by 1,300 percent last year.
According to the site, the success of Binance highlights the huge fortunes that have accumulated in the cryptocurrency sector despite the recent decline, while the controversy over the company is escalating.
organizational problems
Having been banned in China – where it was founded – the company is facing regulatory problems worldwide. According to informed sources, the US Department of Justice and the US Tax Agency are investigating suspicions of money laundering and tax evasion around Binance. Spokesmen for the Ministry of Justice and the Tax Authority refused to make any statements in this regard.
The site adds that the future of Binance depends on its ability to bypass regulatory obstacles and find a country that hosts its headquarters, but all this did not prevent the company from continuing to achieve profits.
According to Bloomberg Analytics, Binance generated at least $20 billion in revenue last year, nearly three times what Wall Street analysts expect Coinbase Global Inc., a publicly listed company with a market capitalization of $50 billion in year 2021.
Zhao declined to comment on these figures, while Binance considered that Bloomberg’s estimates of the company’s market value and Zhao’s net worth were inaccurate.
“The cryptocurrency is still developing, and it is normal to experience a lot of volatility, and the numbers you hear will vary from day to day,” Binance said in a statement.
Read also: Cryptocurrency bitcoin hovering around $41,000
A month before attending the Formula 1 race at Yas Marina Circuit, Zhao spoke at the Bloomberg New Economy Forum in Singapore about the incredible development of the company he set up in 2017.
The company’s turnover in a slow trading day is about $40 billion, Zhao said, $10 billion higher than it achieved two years ago.
In the cryptocurrency world, these numbers are huge, but Zhao is currently facing huge challenges in preserving his fortune.
According to informed sources, the CFTC is also investigating suspected market manipulation related to Binance, and whether it has illegally allowed US customers to trade crypto-related derivatives.
Authorities in a number of countries, including the United Kingdom, Japan and Germany, have warned traders not to deal with Binance. On December 30, the Canadian Securities Exchange Regulatory Authority issued a warning to the company for telling clients that it could continue its operations in the country despite its lack of official permission to do so.
A Binance spokesperson said the company “coordinates with responsible authorities around the world and takes regulations very seriously”.
“I’m not an anarchist, I don’t think human civilization is advanced enough to live in a world without rules,” Zhao told a Bloomberg forum.
In an interview with Bloomberg last November, Zhao explained that Binance’s revenue is generated through hundreds of cryptocurrencies that the company does not convert into fiat currencies. He added: “We only keep it, if you calculate the number now and then return the ball after 5 minutes, you will get a different number.”
Climb to the top
Zhao studied computer science and landed jobs in Tokyo and New York, including a four-year stint at Bloomberg LP. He started his way into the cryptocurrency world in Shanghai in 2013 during a friendly poker game with Bobby Lee, former CEO of BTC China and investor Ron Kao, who encouraged him to put 10 percent of his net worth into Bitcoin.
In 2017, Zhao founded Binance, which has since blossomed into a force in the crypto world.
Binance has become the number one destination for trading cryptocurrencies such as Bitcoin and Ethereum, and offers options to trade in more than 350 currencies, more than double what Coinbase offers, according to CoinGeco.
Binance initially allowed customers to open accounts based solely on an email address, and focused on encrypted transactions, limiting its dealings with traditional banks and regulators. In August, the company announced that it was tightening its procedures to verify user identities.
But Zhao now needs to do more to attract investors who usually want minimum regulatory and legal guarantees, and he is working to create this regulatory framework in the UAE, according to sources familiar with his negotiations in Abu Dhabi.
And if Binance succeeds in achieving this goal and stability in the Emirates, Chow may become richer than Elon Musk and Jeff Bezos, according to the site.
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