Binance Founder CZ Refutes $92 Billion Fiat Wealth Claim

CZ reiterated that Forbes’ valuation is based on asset holdings, rejecting claims he sold user funds or company equity, and affirmed preference for holding Bitcoin and BNB.

BTC

BNB

42d ago

Summary

On January 31, Binance founder Changpeng Zhao rejected online allegations that he sold user assets to reach a $92 billion net worth, clarifying that Forbes’ figure represents an asset-based estimate rather than actual cash holdings. He stated he has not liquidated company equity or cryptocurrency into fiat currency, emphasizing a preference for holding Bitcoin and Binance Coin (BNB) instead of stablecoins.

Terms & Concepts

Net Worth Estimate: An approximate calculation of an individual's total assets minus liabilities, often used by publications like Forbes to rank wealthy individuals.
Fiat Currency: Government-issued currency, such as the US dollar or euro, that is not backed by a physical commodity like gold.
Binance Coin (BNB): A cryptocurrency issued by Binance used for trading fee discounts, payments, and various blockchain applications.