Following Donald Trump’s victory at the poll on Tuesday, Changpeng Zhao, who founded Binance and owns an estimated 90% of the world’s largest cryptocurrency exchange, saw his net worth soar by about $12 billion making him the 23rd richest man alive according to Bloomberg Billionaire Index.
It was reported that with Trump’s victory, digital currencies will face an easier regulatory environment.
This is as Bitcoin, the most popular crypto, surged to record highs of about $75,000. Ethereum, Solana, Ripple, Dogecoin, and other tokens have also jumped following the former president’s reelection.
It is noteworthy to note that the Republican candidate’s victory over his Democratic rival, Kamala Harris, has reduced concerns in financial markets about a contested election outcome and fueled excitement about Trump’s proposed tax cuts and deregulation.
News About Nigeria gathered that Zhao was the second-biggest wealth gainer after Trump’s victory as Elon Musk came first with a $26.5 billion increase in total net worth.
With this increase, the net worth of the Canadian who resides in Dubai has increased by $24.7 billion or 71.8%.
Recall that the 47-year-old founder of Binance was incarcerated for four months this year after pleading guilty to charges levied against him in the United States.
The US authorities had charged him with running a weak anti-money laundering (AML) program while he was CEO of Binance, noting that it violated the Bank Secrecy Act.
The billionaire crypto giant was also accused of facilitating illicit transactions with sanctioned countries like Iran and Cuba, leading to his imprisonment for four months.
