Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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Binance Hits $100 Trillion as CZ Set for Early Release
Crypto | Sep 27, 2024
Image from Binance website
Binance Founder, Changpeng Zhao, Set for Early Prison Release Today
Changpeng Zhao (CZ) is anticipated to be released from prison today two days ahead of schedule because his original release date of Sept 29, 2024 falls on a weekend. Even while he will not be able to take on a leadership position at Binance for at least three years, his $60 billion fortune is still dependent on the platform's success because he is its biggest shareholder. CZ completed a four-month term including 2 months in a light security jail before being sent to a halfway home. What will CZ do next? While in prison he launched an Educational Platform Giggle Academy
Binance New CEO Announces $100 Trillion Total Trading Volume
When CZ was sent to prison, Richard Teng took over Binance as the new CEO, a former financial regulator who was overseeing compliance and regulatory partnerships. He has made it his mission to keep Binance focused on innovation and development while guiding it toward stricter regulatory compliance since taking the helm. This week, Teng announced that Binance exchange had surpassed a $100 trillion in total trading volume since launching in 2017 and under his leadership the company has now surpassed 230 million users via global expansion to jurisdictions like Indonesia, India, Kazakhstan, Thailand, and Dubai.
IPO on the Horizon?
In a recent interview with Coindesk, Teng made it clear that Binance does not have plans for an Initial Public Offering. Due to it's huge trading volume and rapid user growth, the company is profitably stable as it moves from a founder-led to a board-led sustainable enterprise.
Teng admits the complexities of managing a global crypto exchange with different laws in different countries. With 19 licenses worldwide including recent approvals in emerging regions.
Conclusion
Whether CZ moves into philanthropy, invests, or launches other new ventures, he will be influential in shaping the future of Binance's future path and the overall crypto landscape.
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