- Binance’s native coin, BNB, is utilized for incentives and fees on the Binance platform.
- There is a current supply of more than 153 million BNB tokens.
Around 94 million Binance Coin (BNB) tokens, or 64% of the total supply, are reportedly owned by Changpeng Zhao (CZ), the former CEO of Binance, according to a Forbes article.
A forensic investigation by Gray Wolf Analytics and the news platform showed that the Binance founding team received 80 million BNB tokens, with the remaining 46 million tokens being controlled by the firm.
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Moreover, Binance and CZ own 71% of the 147 million BNB that are in circulation, according to the research. Also, with an estimated net worth of $61 billion. Zhao has risen to the position of 24th wealthiest person in the world. Thanks to his 90% ownership interest in Binance and the value of his cryptocurrency holdings.
Binance’s native coin, BNB, is utilized for incentives and fees on the Binance platform. There is a current supply of more than 153 million BNB tokens, out of a possible 200 million, of the utility token.
Furthermore, the current market worth of BNB is around $91 billion, with a token price of $593. Binance and Zhao were indicted in 2023 by the U.S. Department of Justice (DOJ) for alleged violations of money laundering and sanctions laws. Also, the CEO at the time, Zhao, agreed to plead guilty to charges brought by American authorities.
Moreover, CZ was replaced as CEO of Binance by Richard Teng. This was after he pled guilty to a violation of the Bank Secrecy Act and agreed to resign from his position. Binance was fined an enormous $4.3 billion, and the previous CEO was fined $50 million as part of the settlement. U.S. federal judge Richard Jones handed down a lenient sentence of four months on April 30 and CZ is currently serving jail time in prison.
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