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Author Topic: Binance CEO Zhao Is Worth $96B Excluding Crypto Holdings  (Read 186 times)
henryvuong
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January 12, 2022, 01:57:26 AM
 #21

The nice thing about being a crypto billionaire is nobody knows exactly how much you are worth, and the government cannot tax you (unless you cash out your crypto).
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January 12, 2022, 02:14:58 AM
 #22

that's a lot of money. considering that he started it just like Mark Zuckerberg, that's a great achievement. So far, CZ can be said to be one of the most influential people in the crypto industry. even when binance became one of the favorite exchanges I think it can make a coin valuable if you list it there. however, with that much money, of course various regulations, and legal monitoring will lead to it. just found it funny to read about "he has to bring a lot of lawyers". Well, I think he should. one of the regulations that affect it is when binance requires its users to do KYC verification.

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Strongkored
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January 12, 2022, 05:43:20 AM
 #23

The nice thing about being a crypto billionaire is nobody knows exactly how much you are worth, and the government cannot tax you (unless you cash out your crypto).
If you read the news then the wealth owned by CZ does not take into account the crypto he has, meaning it will definitely be taxed. It is possible that when the price of crypto increases he is one of the people who sell his crypto and change to fiat because it understands fiat is safer than crypto that is very volatile.
Crypto makes him rich, maybe this news make Warren Buffet interested to invest in crypto.

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January 12, 2022, 10:53:20 AM
 #24

Binance’s CZ has a very impressive story as Facebook’s Mark Zuckerburg. Both of them begun with nothing and presently they are holding more financial power than their competitors.
I don't think it's right to say they begun with nothing. Mark Zuckerberg was both in the US (which is itself way more fortunate than the bast majority of the world), and he was also born in a rich family. So he had the opportunities to go to Harvard (and make ever richer friends there), and to drop out without being worried. And prior to that, his parents hired him a computer programming tutor, so that their child could pursue his passion.
Let's take a look at CZ now. He was born in China, but his family has an opportunity to move and settle in Canada when he was a teenager, which is certainly not something that most Chinese families can afford. So while he didn't come from a particularly rich family, perhaps, he still had the privilege that most don't.
I am not saying that it doesn't mean that both weren't hard-working and talented people that can take credit for their own achievements. But disregarding privileges is simply unfair.
As for the taxes, I hope that he'll just be able to pay them and everything will be okay. After all, are taxes really a problem when you are that rich? I think it would only be fair if he paid a lot in them, so that others could also benefit.

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January 12, 2022, 02:05:30 PM
 #25

~ CZ should be hiring more lawyers and begin using Monero hehehe. Remind me of this thread 3 years from now.
He's definitely aware that tax authorities are after him and his exchange. I'm pretty sure he has the top lawyers and accountants handling his finances. The good thing about him (I think) is he doesn't seem to run away from any investigation but we'll see once it gets more serious.
And how he build his empire in just matter of 4 years is really amazing.

But I think CZ is not that stupid, he probably has that in mind already when Binance starting to take off in 2018-2020 and could have consulted many tax lawyers from the US or China to help him out.

And remember that he is trying to clean up his name if preparation of an IPO if I'm not mistaken. So he is clearing the way and ironing things out.
Well yeah I think it's safe to assume that he's trying to clean up his act after authorities started going after companies he tried to setup in different countries such as the UK. He's not stupid but he was adventurous. He tried to gamble testing the waters and he was quickly slapped
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January 12, 2022, 04:46:34 PM
 #26

That's a huge sum, he is actually one of Asian richest person and that's what you get when you invest on the solution to one of the world's problem, just like those who saw what .com had to offer in the early 90's and they all smiled to the bank few years after. CZ history is a huge motivation for me
Changpeng Zhao merited having such a huge sum of money, his efforts culminated to Binance becoming the best crypto exchange globally, he continue to expand the tantacle of the exchange from Asia to other continents, he is currently entering African via various sponsorship infact Binance had partnership with CAF the organization of the ongoing African Nation Cup hosted by Cameroun, this guy will in the nearest future become one of the richest person in the world at rate in which binance is growing and expanding.

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