Binance co-founder Zhao set to keep on growing his $33 billion fortune even as he heads to prison for four months
Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022.
Staff | Reuters
Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is expected to see his mammoth wealth remain intact and likely continue to climb even as he faces time behind bars after his sentencing in a Seattle court.
Zhao, who is commonly referred to as “CZ” in crypto circles, was sentenced to four months in prison on Tuesday, after pleading guilty to charges of enabling money laundering at his crypto exchange.
The sentence handed down to Zhao in Seattle federal court was significantly less than the three years that federal prosecutors had been seeking for him. The defense had asked for five months of probation. Sentencing guidelines called for a prison term of 12 to 18 months.
A Binance spokesperson said in a statement to CNBC the crypto exchange has made “considerable compliance enhancements,” including with regards to anti-money laundering detection and “hiring key compliance personnel.”
A lawyer for Zhao did not immediately respond to CNBC’s request for comment.
In November, Zhao struck a deal with the U.S. government to resolve a multiyear investigation into Binance. As part of Binance’s $4.3 billion settlement with the U.S. Department of Justice, Zhao stepped down as the company’s CEO, and the exchange agreed to form a board of directors with independent members, as well as compliance and audit committees.
Of the seven total directors recently named to the since-formed board of directors, three were designated as being “independent” — and five of them, including all of the board’s independent members, submitted letters to the judge in Zhao’s criminal case asking for leniency in sentencing.
Gabriel Abed, the board’s chairman and one of its independent members, told U.S. District Judge Richard Jones that Zhao was “distinguished by a stoic composure and genuine humility” and that “despite his significant achievements,” he maintained a lifestyle marked by simplicity including dressing in clothes bought on Amazon, driving a Toyota and wearing an Apple watch.
Despite Zhao now facing time in prison, industry experts and lawyers who spoke with CNBC say his tremendous personal wealth will remain unaffected and, if anything, is likely to rise.
Los Angeles corporate law attorney Tre Lovell tells CNBC that the government is only entitled to any restitution or fines imposed and not to Zhao’s assets or wealth as a whole. Former federal prosecutor Neama Rahmani agrees, adding that Zhao’s personal wealth won’t be affected by his sentence.
“Because Zhao and the government came to an agreement, the government didn’t get a judgment or restitution order against Zhao and do discovery into his assets,” said Rahmani. “He’ll have significant wealth when he is released from prison.”
Changpeng Zhao, former CEO of Binance, arrives at federal court in Seattle, Washington, April 30, 2024.
David Ryder | Bloomberg | Getty Images
CZ’s wealth is unaffected
Zhao took Binance, the cryptocurrency exchange he co-founded in 2017, from a relatively obscure company to one of the most formidable players in the booming digital currency space.
Despite the fact that Zhao is being put behind bars, his controlling stake in Binance means that he will continue being one of the wealthiest people in crypto today.
Notably, because Zhao pleaded guilty to only one count of violation of the U.S. Bank Secrecy Act (BSA), he is regarded as a first-time offender, and thus reached a settlement with federal authorities to step down as CEO and not relinquish his interest in the company or have assets frozen.
“Typically, personal assets that are not directly linked to the criminal activity might remain unaffected,” said Braden Perry, a former senior trial lawyer for the Commodity Futures Trading Commission. “His assets could also be managed on his behalf while he is incarcerated.”
That’s a different siutation from Sam Bankman-Fried, the controversial ex-CEO and founder of crypto exchange FTX. Bankman-Fried, who’s commonly referred to as “SBF,” saw his wealth reduced to zero after his crypto empire collapsed into bankruptcy in 2022.
“In relation to CZ’s personal wealth … he would still be able to retain his share in Binance, as well as maintain his crypto holdings which also contribute an unknown, yet material, amount to his overall wealth and net worth,” Joshua de Vos, research lead at CCData, told CNBC via email.
“Since there is no misappropriation or bankruptcy proceedings, it is highly unlikely that CZ would see his wealth reduced to zero as was the case with SBF,” de Vos said.
What’s more, Zhao has gotten off much easier in sentencing than former crypto rival Bankman-Fried. Bankman-Fried received a 25-year prison term for crimes connected to the operation of his crypto exchange.
Unlike Zhao and the charges brought against Binance, Bankman-Fried’s bankrupt exchange faced allegations of fraud and misuse of customers’ funds.
Crypto rally offers Zhao a boost
Experts say that Zhao’s net worth is likely to continue rising as buoyant crypto prices, which tend to support trading activity on Binance, boost his own personal fortune.
“CZ will now be one of the wealthiest people in prison,” said Yesha Yadav, law professor and associate dean at Vanderbilt University.
That’s even after a litany of legal troubles, including the Department of Justice’s case against it, and several other high-profile lawsuits — including one from the Securities and Exchange Commission which remains ongoing.
The SEC has accused Binance of making multiple unregistered offers and sales of crypto asset securities. It is not yet clear when that case will reach a conclusion.
Zhao had an estimated personal net worth of $33 billion on March 8, 2024, up from $10.5 billion the same time last year, according to Forbes’ World’s Billionaires list, which ranks the richest peopole using stock prices and exchange rates.
Bloomberg’s Billionaires Index, a separate measure of the world’s wealthiest, pegs Zhao’s net worth at an even higher sum, $42.9 billion.
CNBC was unable to independently verify Zhao’s overall net worth.
But Zhao is widely reported to have an estimated 90% stake in Binance, and his fortune is largely derived from his equity ownership in the company.
Binance is by far the world’s largest cryptocurrency exchange by trading volume, processing $18.1 trillion worth of trading volume in 2023, according to data from crypto market data firm CCData.
Around 80% — or $14.4 trillion — of that came from derivatives products like futures contracts, while the remaining $3.7 trillion came from spot trading. Derivatives trading is a key part of Binance’s business.
And even though Binance has seen its market share drop to 41.6% since Zhao stepped down as CEO in November 2023, the company remains the dominant player overall — leagues ahead of South Korean exchange Upbit, Dubai-headquartered Bybit, and U.S. giant Coinbase.
Zhao has said previously he has personal investments in bitcoin and Binance’s own BNB token, however he’s not disclosed the value of those holdings. Binance Coin, or BNB, is up 83% so far this year to $576.
Lucas Kiely, chief investment officer of digital wealth platform Yield App, said that Zhao’s “significant stake in the world’s largest cryptocurrency exchange by volume positions him to potentially benefit from the overall growth of the crypto market.”
The recent approval of a spot bitcoin exchange-traded fund in the U.S. has led to renewed interest in the crypto market, and helped trigger a wave of fresh institutional investment, according to Kiely — and that’s sure to be a boon to Binance.
“Such developments could contribute to the growth of Binance and, by extension, CZ’s wealth,” he told CNBC.
Zhao has been hit with a partial knock to his overall fortune — he was forced to pay a $50 million fine, in addition to the $4.3 billion in fines and forfeiture Binance was ordered to pay for violating the U.S. Bank Secrecy Act and sanctions on Iran. Yadav noted that it’s also possible Zhao makes some contribution to the billions Binance owes to the government.
Yadav tells CNBC that even though CZ’s vast wealth is not directly under threat by virtue of his conviction and the sentencing today, there may still be some indirect effects.
“Negative long-term impact on Binance will diminish the value of CZ’s investment in the crypto exchange,” said Yadav. “Conversely, however, CZ may even benefit if Binance begins a path to recovery following today’s sentencing, the plea deal and monitorship arrangement, and regains its market share over time as a result.”
Amazon is adding over 200 Mercedes-Benz eActros 600 electric semi trucks to its fleet later this year – its largest-ever order of electric heavy goods vehicles (eHGVs).
Amazon’s new electric semi trucks
These electric trucks will handle high-mileage routes across the UK and Germany, moving trailers between Amazon’s fulfillment centers, sorting centers, and delivery stations.
The new eHGVs are expected to transport more than 350 million packages annually once fully operational.
Amazon is installing 360kW charging stations at key sites capable of powering the 40-tonne trucks from 20-80% in just over an hour. The company is also working with stakeholders to establish external charging locations to support longer routes.
The eActros 600 is Mercedes-Benz Trucks’ flagship electric long-hauler, with a battery capacity of more than 600 kWh and a range of 310 miles (500 km). Production of the eActros 600s recently began at Mercedes-Benz’s factory in Wörth, Germany.
Sustainable delivery across Europe
In the UK, Amazon has begun using the electric rail network for package transport at scale. It’s also rolling out on-foot delivery options in London, with associates using carts that can be restocked from nearby vans. In Germany, Amazon doubled its fleet of Rivian electric delivery vans to over 600, and electric cargo bikes delivered more than 1.5 million packages in Berlin alone last year.
By the end of 2024, Amazon plans to expand its micromobility hubs – locations supporting deliveries by foot and cargo bike – to Germany’s five largest cities and beyond. Across Europe, the company is investing more than €1 billion to further electrify and decarbonize its transportation network.
Amazon’s European network already includes 38 eHGVs, with 50 electric semis recently deployed in California. The company’s fleet of electric delivery vans in Europe has grown to over 3,000 and is expected to surpass 10,000 by the end of 2025. Micromobility hubs have also expanded from 20 cities in 2022 to more than 45 by the end of 2024, including new additions in Belfast, Madrid, Rome, and Vienna.
Electrek’s Take
Amazon says its latest electric semi truck order aligns with The Climate Pledge it announced in 2019, in which the company committed to achieving net zero across its operations by 2040. While The Climate Pledge initiative has garnered praise, it has also faced criticism and skepticism regarding its effectiveness and transparency.
In 2020, Amazon faced allegations of retaliating against employees who spoke out about the company’s environmental policies. The National Labor Relations Board found that Amazon had illegally fired workers who advocated for climate action and better safety measures.
Amazon is also donating $1 million to President-elect Donald Trump’s inaugural fund. Trump is a climate change denier who actively opposes renewables, and not just in the US. Earlier this month Trump demanded that the British government open up the North Sea to fossil fuel drilling and get rid of “windmills.”
Read more: It begins: Mercedes eActros 600 electric semi truck enters production
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![Check out the new Genesis GV60 interior, it looks even more luxurious in blue [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2025/01/Genesis-new-GV60-interior.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
If you thought the current GV60 looked pretty inside, wait until you see the updated model. Genesis unveiled the new GV60 earlier this month, its first major redesign since launching in 2021. Here’s our first look at the interior of the new Genesis GV60.
Genesis GV60 interior gets an upgrade in the new model
Genesis launched the GV60 in October 2021 as its first dedicated EV. Less than four years later, the luxury electric SUV is already getting a new look.
The luxury brand unveiled the new GV60 last week for the first time. One of the biggest updates is to the front end.
Although the GV60 is already a sporty-looking EV, the redesigned front bumper with a new 3-D shape takes it up another level. Then, add the signature Genesis Two Line headlamps with Micro Lens Array (MLA) tech, and the refreshed GV60 is a head turner.
The revamped model now features 21″ wheels with a new five-spoke design, complementing its wide, low stance.
Inside, the upgraded GV60 features its new 27″ connected car Integrated Cockpit (ccIC) infotainment system. The design “eliminates the bezel” between the driver display and infotainment screens.
The new Genesis GV60 interior also gains a redesigned three-spoke steering wheel for an even more sporty feel while you’re in the cockpit. Other popular features from the outgoing model, like the Crystal Sphere shift-by-wire system, are still included.
After revealing the updated model for the first time last week, we are already getting a look at the redesigned interior.
A new video from Korea’s HealerTV gives us our first look at the Genesis GV60 interior in a new blue color. Although the reporter initially thought it was a performance model, he noted it was just a new color option. Other added design elements, like the large quilting pattern on the side panels, give it that Bentley or Rolls-Royce feel.
Last week, HealerTV posted a video revealing the first look at the updated Genesis GV60 exterior design. You can see the redesigned front and rear bumpers add to the GV60’s already impressive look.
In the US, the 2025 Genesis GV60 starts at $52,350. A new AWD trim was introduced this year, starting at $55,850.
The current mode gets up to 294 miles driving range, but a bigger battery is expected to push that number closer to 300 miles in the 2025MY. It’s expected to feature the same 84 kWh battery as the updated 2025 IONIQ 5, which provides up to 318 miles range. That’s up from 303 miles in the previous model with a 77.4 kWh battery.
| 2025 Genesis GV60 trim | Range (EPA-est) |
Starting Price* |
| Standard RWD | 294 miles | $52,350 |
| Standard AWD | 264 miles | $55,850 |
| Advanced AWD | 248 miles | $60,900 |
| Performance AWD | 235 miles | $69,900 |
Genesis will launch the updated GV60 in Korea in the first quarter of the year, with overseas markets following shortly after. Check back for more info, including prices and specs, closer to launch.
What do you think about the new GV60 design? Do you like the changes? What would you change? Let us know in the comments below.
Ready to check out the electric luxury SUV for yourself? With the 2025 models here, Genesis is offering clearance prices on the 2024 lineup while they are still in stock. You can use our link to find offers on 2024 and 2025 Genesis GV60 models at a dealer near you today.
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