Changpeng Zhao, founder of Binance, has become the richest prisoner in the US. This comes as Binance coin, or BNB, hit a record high of $717.48.
Zhao began a four-month suspension for failing to properly handle money laundering on the world’s largest crypto-exchange.
Despite these legal problems, Binance’s assets have increased from $80 billion in January to $125 billion today.
Zhao, whose net worth is estimated at $38.5 billion, is the richest US prisoner, and a large portion of his wealth is tied up in BNB tokens.
Launched in early June, BNB reflects strong demand in the crypto markets.
Analysts noted a strong buying trend at the end of May, with Binance accounting for 85 per cent of global BNB trading volume.
This growth is due to Binance’s strategic use of BNB, a popular platform for crypto applications, and the negotiation of reduced trading fees on its BNB smart chain.
The token’s impressive performance follows a historic $4.3 billion fine for anti-money laundering violations last year.
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