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Elena R
Elena R
Author
Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
- Jun 10, 2024 11:06 UTC
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CZ Becomes Richest US Inmate as Binance Userbase Explodes to 200 Million!
Binance reached 200 million users globally, especially outside Western countries, even with stricter regulations in some areas.
The price of BNB, Binance's coin, surged over 200% this year but recently dipped after reaching a new high.
Despite facing imprisonment and fines in the US, Binance continues to grow, with its CEO estimated to be worth billions.
The Binance (BNB) ecosystem has continued to grow against all odds!
Despite increased scrutiny, particularly from the United States, the Binance ecosystem has seen impressive growth. Re-entering the Indian market amidst regulatory changes, the Binance cryptocurrency exchange proudly announced a major milestone: it now boasts a whopping 200 million registered users worldwide.
While regulatory pressures mount in the West, Binance is solidifying its position as a global powerhouse, extending its influence beyond traditional Western markets.
Altcoin Surge Amid Bitcoin’s Struggles
As Bitcoin struggles to surpass the $72k mark, there’s been a notable shift of crypto investment towards altcoins. The recent approval of spot Ether ETFs in Hong Kong and the US signals a growing interest among institutional investors.
BNB, Binance’s native coin, has had an impressive journey this year, surging over 200 percent since January to flirt with its all-time high of around $700. However, despite its strong performance, this heavyweight altcoin recently dipped 8 percent, settling around $643 as of Monday.
A Story of Highs and Lows for CZ
The excitement of BNB’s recent price surge to a new all-time high of around $717 coincided with a somber event: former Binance CEO Changpeng Zhao began a four-month stint behind bars. Zhao’s US incarceration stems from Binance’s alleged disregard for US money laundering regulations since its inception. Already, Binance and Zhao have had to pay a hefty $4.3 billion fine to the US government, alongside other settlement agreements.
Ironically, the US crackdown on Binance seems to have fueled its rise. Despite regulatory challenges, the company’s valuation has surpassed the $100 billion mark. With Binance executives pocketing a hefty 80 million BNB during the initial coin offering, industry experts estimate CZ’s (Changpeng Zhao) net worth to be around $38.5 billion.
Also Read : Big Week Ahead for Bitcoin, CPI, PPI, & FOMC with Dot-Pot: Here’s What to Expect From the BTC Price Rally!
Looks like even jail time can’t stop the Binance train!
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