CZ faces an $11.9 billion drop in his personal wealth due to a 38% decline in Binance revenue.
Binance founder Changpeng “CZ” Zhao has seen a notable decline in his fortune, estimated at around $11.9 billion. This, as the revenue of the world’s largest cryptocurrency platform has fallen by 38%. This data comes from the Bloomberg Billionaires Index, which has been monitoring the finances of CZ and other influential leaders in the cryptocurrency space.
Binance founder CZ’s fortune has reduced his net worth to about $17.2 billion, as reported by Bloomberg on Friday. It is relevant to note that at the beginning of 2022, his wealth reached an impressive maximum of $96 billion, as documented by Bloomberg. This drastic drop highlights the characteristic volatility of the cryptocurrency market and how it can substantially affect the valuation of fortunes linked to this industry.
US Lawmakers Ask the Justice Department to Investigate Binance and Tether for Allegedly Funding Hamas
US lawmakers called on the Department of Justice to continue an investigation into Binance and Tether to determine whether these cryptocurrency companies facilitate financing for Hamas.
In a joint letter, Senator Cynthia Lummis (R-WY) and Representative French Hill (R-AR) urged the Department of Justice to “make a charging decision on Binance that reflects its level of culpability. And, quickly conclude the ongoing investigations into illicit activities related to Tether.”
This request comes in the wake of a Wall Street Journal report that alleged Hamas had used Binance accounts and Tether’s USDT stablecoin to finance its attack on Israel earlier this month. Blockchain data company Elliptic later denied the WSJ’s information, claiming it was inaccurate.
Taiwan Moves Forward in Digital Asset Regulation with Bill Presented
Taiwan has taken a significant step in the direction of digital asset regulation by submitting a cryptocurrency bill to the Legislative Yuan for its first reading.
The bill, called “Virtual Asset Management Ordinance,” aims to define virtual assets. Establish operational standards for entities working with these assets, ensure customer protection, and require membership in industry associations and obtaining regulatory permits.
So far, Taiwan had maintained a relatively hands-off and laissez-faire approach to the cryptocurrency sector. Applying regulations solely in line with existing know-your-customer and anti-money laundering laws.
Max Keizer and Stacy Herbert, Close to Obtaining Salvadoran Nationality in Their Support of Bitcoinization
Recently, it was announced that Max Keiser, a prominent figure in the world of Bitcoin, and his partner Stacy Herbert, are about to obtain Salvadoran nationality. This represents a significant step in their support for Bitcoin adoption in El Salvador.
After two years of effort and dedication, it seems that Max Keizer and Stacy Herbert are about to achieve their goal of obtaining Salvadoran citizenship. Confirmation of this progress comes from a publication by the government of El Salvador in English, which recalls a crucial moment in its process.
On December 8, 2021, El Salvador’s ambassador to the United States, Milena Mayorga, shared a video that captured the moment Max Keiser and Stacy Herbert delivered the necessary documentation to begin the process of obtaining their Salvadoran citizenship. This gesture symbolizes his constant commitment to the nation and his support for the Salvadoran president’s vision of granting citizenship to those who invest in the country. Especially Bitcoin enthusiasts.
By Audy Castaneda
