The CEOs of Coinbase and Binance have seen their rankings tumble down Forbes and Bloomberg’s rich lists following lawsuits by the SEC.
Zhao — the richest man in the crypto industry and the 54th richest person overall — had his net worthThe SEC’s lawsuit against Binance has contributed to Zhao falling two spots in Bloomberg's Billionaire Index. Source: Bloomberg
While the Binance CEO’s net worth has rebounded by over 106% this year, he is still down over 73% from his highest net worth of $96.9 billion in January 2022. Zhao’s net worth has fallen from nearly $100 billion to $26 billion since January 2022. Source: Bloombergas the 1,409th richest person by Forbes and took the bigger hit from the SEC’s latest action with his net worth falling 11.8% to $2.2 billion.The Coinbase CEO has managed to reap the rewards of a market rebound this year, with a 61% increase in net worth over that time.
Despite the recent fall, Zhao and Armstrong have seen net worth increases well above the 9% year-to-date returns for others on Bloomberg's rich list.The SEC sued both Binance and Coinbase alleging the exchanges broke various securities rules, most notably for purportedly offering cryptocurrencies that the regulator considers to be unregistered securities.
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