Binance’s own digital currency, BNB, plays a crucial role in providing incentives and covering fees on the Binance platform. Currently, there are over 153 million BNB tokens in circulation.
A Forbes article revealed that Changpeng Zhao (CZ), the former CEO of Binance, reportedly owns approximately 94 million Binance Coin (BNB) tokens, making up 64% of the total supply. A detailed investigation by Gray Wolf Analytics and a news outlet unveiled that the Binance founding team received 80 million BNB tokens, while the firm controls the remaining 46 million tokens.
It has been reported that Binance and CZ collectively hold 71% of the 147 million BNB tokens available in the market. With an estimated net worth of $61 billion, Zhao has become the 24th richest person globally, thanks to his 90% ownership stake in Binance and the value of his cryptocurrency holdings.
BNB serves as the utility token for the Binance platform, with a current supply exceeding 153 million out of a potential 200 million tokens. The market capitalization of BNB stands at approximately $91 billion, with each token priced at $593.
In 2023, Binance and Zhao faced charges from the U.S. Department of Justice (DOJ) for alleged violations of money laundering and sanctions laws. Zhao, then CEO, agreed to plead guilty to the charges. Subsequently, Richard Teng took over as the new CEO of Binance after Zhao’s resignation. The company was fined a hefty $4.3 billion, while Zhao was fined $50 million as part of the settlement. A U.S. federal judge sentenced Zhao to four months in prison, where he is currently serving time.
In other crypto news today, Polygon has launched a Governance Hub to further its decentralization goals.