Binance’s native token, BNB, is used for rewards and transaction fees on the Binance platform. Currently, there are over 153 million BNB tokens in circulation.
According to a report from Forbes, Changpeng Zhao (CZ), the former CEO of Binance, reportedly owns around 94 million Binance Coin (BNB) tokens, which make up 64% of the total supply. A forensic investigation conducted by Gray Wolf Analytics revealed that the Binance founding team holds 80 million BNB tokens, while the rest, 46 million tokens, are controlled by the company.
In addition, research shows that Binance and CZ together own 71% of the 147 million BNB tokens in circulation. CZ’s estimated net worth of $61 billion places him as the 24th wealthiest person globally, largely due to his 90% ownership stake in Binance and his cryptocurrency holdings.
BNB, the utility token of Binance, is used for rewards and transaction fees on the platform. With a current market value of approximately $91 billion and a token price of $593, the total supply of BNB tokens could reach 200 million.
In 2023, Binance and CZ faced legal troubles when they were accused by the U.S. Department of Justice (DOJ) of breaching money laundering and sanctions laws. CZ agreed to plead guilty to the charges and stepped down as CEO, being replaced by Richard Teng. Binance was fined a substantial $4.3 billion, and CZ was personally fined $50 million. CZ is currently serving a four-month prison sentence, as ordered by U.S. federal judge Richard Jones.
Today’s highlighted crypto news:
Polygon Launches Governance Hub to Enhance Decentralization Goals.
