CZ's Net Worth Soars to $110 Billion After Stepping Down, Binance Remains Core Driver

After paying a $4.3 billion fine, pleading guilty, and stepping down as CEO a year ago, Changpeng Zhao (CZ)'s net worth has surged to $110 billion, ranking him 17th on Forbes' global rich list. This remarkable rebound is almost entirely driven by Binance's continued strong performance.

Although CZ completed his sentence in September 2024 and, according to the agreement with the U.S. Department of Justice, no longer participates in the actual operation of Binance, he still maintains economic interests in the company through equity holdings. Data shows that between 2024 and 2025, Binance achieved approximately $16 billion to $17 billion in revenue, with annual trading volume exceeding $30 trillion. It consistently holds a 38% market share in the global crypto exchange market, and its perpetual contract trading volume reached $13.6 trillion, exceeding the total of the four platforms ranked second to fifth.

Based on the current valuation of approximately $100 billion, Binance's price-to-sales ratio is about 6x. In comparison, publicly listed Coinbase has a market capitalization of approximately $44.5 billion and lower revenue than Binance, but a higher price-to-sales ratio—mainly due to its public market attributes, regulatory transparency, and U.S. listing premium. As a private company, Binance's valuation is limited by unaudited financial statements, multi-national compliance risks, and liquidity discounts, making a 6x price-to-sales ratio conservative. If calculated based on Coinbase's valuation level, its potential value far exceeds the current figure. More noteworthy is that even after CZ stepped down from day-to-day management, Binance continues to lead the market with its mature system, massive user base, and technological barriers. This not only confirms the strong self-driving force of its business model but also highlights the structural advantages of leading platforms in the crypto industry. CZ's wealth recovery is the result of the combined effect of personal capital and platform resilience, making it a rare "profitable even after relinquishing control" case in financial history.