The price of Binance Coin (BNB), the native token of the leading crypto platform Binance, soared to a record high of $725 on June 6th. This surge coincided with the initial week of the four-month prison term for Binance’s founder, Changpeng Zhao (CZ), which has propelled him to the status of the richest individual ever incarcerated in a US federal prison.<\/p>\n
Despite legal issues, BNB’s market cap exceeded $109 billion in the recent week, based on data from CoinGecko as reported by Bloomberg.<\/p>\n
According to Bloomberg, the price surge of Binance Coin mirrors the growth of the exchange itself, with assets on the platform increasing from around $80 billion in early January to $125 billion presently. This growth reinforces Binance’s leading position in the crypto sector, despite challenges in the past, including a significant fine of $4.3 billion paid last year to resolve a case with US authorities.<\/p>\n
BNB holders enjoy trading fee discounts and use the token for fee settlements on Binance Smart Chain, a popular blockchain among various crypto applications.<\/p>\n
The recent surge in BNB’s value was anticipated by derivative market activities in late May and rising spot demand in June, with more buying than selling observed between June 2 and 5, according to Kaiko analyst Dessislava Aubert.<\/p>\n
Although BNB is traded on multiple exchanges, Binance remains the primary platform, accounting for 85% of BNB’s global trading volume.<\/p>\n
Despite facing allegations of anti-money laundering (AML) and sanctions violations, including allowing access to the exchange by groups like Hamas and Al Qaeda, Zhao settled by personally paying a $50 million fine.<\/p>\n
Nevertheless, this fine pales in comparison to Zhao’s estimated net worth of $38.5 billion, primarily held in BNB, making him the 40th wealthiest person globally, with a $4.1 billion gain in 2024, according to the Bloomberg Billionaires Index.<\/p>\n
The exact amount of BNB Zhao possesses remains undisclosed, but an ICO whitepaper from 2017 revealed that the founding team was allocated 80 million tokens, now valued at around $56 billion.<\/p>\n
Despite the challenges faced by Binance and its co-founder, the surge in BNB’s value underscores the ongoing interest and confidence in the token and its ecosystem.<\/p>\n
<\/p>\n
Currently, BNB is trading at $652, experiencing a 4% decrease in the last 24 hours but showing a notable 176% increase year-to-date.<\/p>\n
Image source: DALL-E, chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
The price of Binance Coin (BNB), the native token of the leading crypto platform Binance, soared to a record high of $725 on June 6th. This surge coincided with the initial week of the four-month prison term for Binance’s founder, Changpeng Zhao (CZ), which has propelled him to the status of the richest individual ever […]<\/p>\n","protected":false},"author":1,"featured_media":13496,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Binance Coin Price Growth Elevates Binance's CZ as Wealthiest US Prisoner Worth $38 Billion - Bitrabo","description":"The price of Binance Coin (BNB), the native token of the leading crypto platform Binance, soared to a record high of $725 on June 6th. This surge coincided with"},"footnotes":""},"categories":[316],"tags":[4718,628,4716,4357,467,994,4271,4717,819,539,1244],"class_list":["post-13495","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-38b","tag-binances","tag-bnbs","tag-net","tag-price","tag-prisoner","tag-propels","tag-richest","tag-status","tag-surge","tag-worth"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/13495","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=13495"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/13495\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/13496"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=13495"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=13495"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=13495"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}