After the introduction of cryptocurrencies to many millionaires around the world, one of the leaders of its sites became one of the richest in the world.

According to Bloomberg Billionaires Index, Cheng Zhao, CEO of Cryptocurrency Exchange Binance, has become the richest man in the world after his fortune reached $ 96 billion.

Zhao’s appraised assets are in competition with billionaire Larry Ellison, the founder of Oracle Corporation, and have surpassed the wealth of Indian businessman Mukesh Ambani, whose property value has increased over the past two years, according to a CNN report.

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After studying computer science at McGill University, Zhao worked on the Tokyo Stock Exchange and trading software for Bloomberg, before launching Binance in 2017, gradually developing it into one of the largest cryptocurrency exchanges in the world.

In a tweet on Twitter on Monday, Zhao acknowledged the announcement: “Don’t worry about the arrangement. Focus on how many people you can help.”

The largest currency platform

Binance seeks to expand its regional presence in the region, and in late December 2021, the crypto-asset exchange received initial approval from Binance, the central bank of Bahrain, to become a provider of crypto assets in the country.

Binance, the world’s largest crypto-asset exchange by trade size, said the approval came after the company applied for a license from the central bank to operate the cryptocurrency as a fully regulated central exchange.

The company has not yet completed the application process and expects it to be completed on time.

Abdullah Haji, Licensing Director of the Central Bank of Bahrain, said that licensing would be a formality once Binance completes its consolidation requirements and that Bahrain is the best place to set up headquarters for the digital stock market.

Rain Financial, the region’s first licensed crypto-property site, was approved by Bahrain’s central bank in 2019, and another license was granted by finance authorities to Manama-based Coinmena.

Binance’s latest trends underscore its growing focus on the Middle East region, which last week signed an agreement with a Dubai World Trade Center official to coordinate the regulation of virtual assets.

Emirates News Agency WAM said the Dubai World Trade Center Authority had at one time signed a cooperation agreement with Binance, a leading global provider of infrastructure for blockchain technology and cryptocurrencies, with the aim of establishing an integrated structure for the virtual assets sector. Contributes to strengthening Dubai’s position as a global hub, achieving long-term economic growth through pioneering and digital innovations in this promising sector.

The move follows the announcement of the transformation of Dubai into an integrated part of the World Trade Center, supporting the control and regulation of virtual and encrypted assets, their products, digital transactions and operators within the emirate. Technologies in various fields.

The cooperation agreement signed by the Dubai World Trade Center Commission with Binance is one of the key pillars of this new organization, which aims to strike a balance between creating value added and controlling risks by providing investment opportunities in a secure and decent environment.

The agreement states that the Binance platform will support the Dubai World Trade Center in establishing the best system to regulate the digital assets sector in the world.

Binance is one of the leading companies in the industry, with a daily trading volume of over $ 80 billion on its platform, and its number of users worldwide reaches 28 million, while the amount of cryptocurrencies traded. By 2021, the operating system will be worth $ 7.7 trillion.