The Bloomberg Billionaires Index cut its revenue forecast at crypto exchange Binance by 38 percent after the latest data showed volume at the company declined this year.

Reporting from Yahoo Finance, Monday (30/10/2023), this wiped out USD 11.9 billion or the equivalent of IDR 189.5 trillion from the wealth of Binance founder Changpeng Zhao, known as CZ, reducing it to USD 17.2 billion or equivalent to IDR 273.9 trillion.

The index calculates Binance’s earnings using spot and derivatives trading data from crypto tracking services Coingecko and Coinpaprika.

Binance gained market share earlier this year, peaking at 62 percent of total crypto trades on the exchange in the first quarter, thanks to a no-fee promotion for popular trading pairs.

After the offering ended, Binance’s stake fell to 51 percent at the end of the third quarter, according to research firm CCData. In recent months, crypto exchanges have become increasingly isolated from the traditional financial system.

The Securities and Exchange Commission sued Binance in June, and the Commodity Futures Trading Commission sued it earlier this year for ignoring rules that allowed US users to access Binance.

Regulatory officials claimed the company lacked adequate money laundering controls, increased trading volumes and mishandled client assets. Binance denied the allegations and fought them in court.

In June, the Bloomberg wealth index slashed the value of US exchange Binance to zero after announcing it would no longer transact in dollars, reducing volume dramatically.

Binance US was valued at USD 4.7 billion or equivalent to IDR 74.8 trillion in the March 2022 funding round, while CZ’s net worth peaked at USD 96 billion or equivalent to IDR 1,528 trillion in January that year.