Canada’s Richest Add Billions as Binance’s Changpeng Zhao Surges to Second Place

Despite serving a four-month prison sentence, Changpeng Zhao, co-founder of cryptocurrency giant Binance, continues to see his fortune rise, gaining billions in under a year. Maclean’s magazine, in its latest top 10 list of Canada’s richest individuals, now places Zhao as the country’s second-wealthiest person.

Zhao’s net worth currently stands at $61.02 billion, marking a $20.72 billion increase from $40.3 billion in early May. At that time, his net worth positioned him as the wealthiest crypto entrepreneur, the richest Canadian on the list, and the 34th richest person globally.

Born in Jiangsu, China, Zhao—known widely as CZ—moved with his family to Vancouver in the late 1980s after his father secured a position at the University of British Columbia. He later earned a degree in computer science from McGill University in Montreal. His interest in cryptocurrency began in 2013 after a conversation during a poker game, eventually leading him to establish Binance in 2017. By the following year, Binance had become the largest cryptocurrency exchange worldwide.

In 2023, Zhao pled guilty to charges related to the absence of anti-money laundering controls at Binance. He served a four-month prison term, after which he was released on September 27. Additionally, he stepped down as CEO, and Binance faced a US$4.3 billion fine.

Maclean’s list of Canada’s wealthiest also includes prominent figures from the grocery, technology, development, and investment sectors. According to the report, the collective wealth of the ten richest Canadians has soared, reaching $261 billion—up from $60 billion in 2004.

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