Binance founder CZ's wealth falls about $12 billion as trading revenue slumps

Binance founder Changpeng "CZ" Zhao's wealth probably fell $11.9 billion as revenue at the world's largest crypto exchange slid 38%, Bloomberg Billionaires Index calculated.

The drop would see CZ's wealth drop to $17.2 billion, Bloomberg reported on Friday. His net worth hit a peak of $96 billion in January 2022, Bloomberg said.

The Bloomberg Billionaires Index calculates Binance's revenue based on trading data from the spot and derivatives markets using data tracking sites such as CoinGecko and CCData.

From a peak of 62% of crypto trading in the first quarter, thanks to a zero-fee promotion, Binance's market share slipped to 51% by the end of the third quarter, according to CCData.

Binance did not immediately respond to CoinDesk's request for comment.