Changpeng Zhao, also known as “CZ,” has become a prominent figure in the world of cryptocurrency through his leadership at Binance, the world’s foremost cryptocurrency exchange trading volume. Zhao’s journey from humble beginnings to a leading position in the crypto industry is well-documented.
Born in Jiangsu province, China, Zhao’s life took an international turn when his family moved to Vancouver, British Columbia, Canada, in the late 1980s, following his father’s exile from China. Despite facing difficulties, Zhao displayed resilience from a young age, taking on various service sector jobs, including at McDonald’s, to support his family.
Zhao’s academic journey led him to McGill University in Montreal, where he studied computer science. He began his career in stock trading, developing software for the Tokyo Stock Exchange, and then went on to make significant contributions to futures trading software at Bloomberg Tradebook. In 2005, he founded Fusion Systems in Shanghai, known for creating some of the fastest high-frequency trading systems for brokers.
Zhao’s venture into cryptocurrency began in 2013, when he held key positions in projects like Blockchain.info and served as the CTO of OKCoin. In 2017, he left OKCoin to start Binance, which quickly became the world’s top cryptocurrency exchange April 2018 after a successful initial coin offering raised $15 million.
Zhao’s achievements in the crypto sector led Forbes Magazine to rank him third on their “The Richest People In Cryptocurrency” list in February 2018, with an estimated net worth of around $1.4 billion September 2018.
However, Zhao stepped down as Binance CEO after pleading guilty to money laundering charges in November 2023. He agreed to pay a $50 million fine as part of a plea deal, separate from Binance’s $4.3 billion settlement with the DOJ. Prosecutors are seeking an 18-month prison sentence for Zhao.
Reflecting on his departure, Zhao acknowledged his responsibility for his actions and expressed his intention to remain a passive investor in blockchain and other areas. He confirmed his ongoing involvement with Binance in a consultative capacity and revealed plans to stay as a shareholder. However, The New York Times reports that Zhao is barred from active involvement in Binance for three years following the appointment of a monitor.
Following Zhao’s resignation, Binance’s former Global Head of Regional Markets, Richard Teng, took over as CEO. Teng, with extensive experience in traditional financial markets, including executive roles at Dhabi Global Market, the Singapore Exchange, and the Monetary Authority of Singapore, expressed his commitment to leading Binance in his new role.
Despite his recent legal challenges, Zhao’s legacy in the cryptocurrency industry remains significant, marked his technological contributions and the rapid growth of Binance.
I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
