Changpeng Zhao, widely known as CZ, is a Chinese-Canadian entrepreneur who founded Binance, the world’s largest cryptocurrency exchange by trading volume. According to Forbes estimates, he currently holds a US$ 63 billion net worth.
Born in 1977 in Jiangsu, China, Zhao’s early life was marked by political upheaval. His father, a university professor, was labeled a “pro-bourgeois intellect” and exiled shortly after Zhao’s birth. In the late 1980s, the family immigrated to Vancouver, Canada.
Zhao pursued higher education at McGill University in Montreal, earning a degree in computer science, after working in service jobs during his teenage years to support his family. His professional corporate journey began with an internship in Tokyo, developing software for the Tokyo Stock Exchange. He later joined Bloomberg Tradebook in New York, where he worked on futures trading software.
In 2005, Zhao returned to China and founded Fusion Systems in Shanghai, specializing in high-frequency trading platforms. His interest in cryptocurrency was piqued in 2013 after a poker game discussion, leading him to invest heavily in Bitcoin. He subsequently joined Blockchain.info and served as CTO at OKCoin.
Zhao launched Binance in July 2017, raising US$ 15 million through an initial coin offering. The platform rapidly ascended to become the leading cryptocurrency exchange globally within eight months. Binance introduced its own utility token, Binance Coin (BNB), and later developed Binance Smart Chain to support decentralized applications.
Despite its success, Binance faced significant regulatory challenges. In 2023, Zhao and Binance pleaded guilty to U.S. federal charges, including violations of anti-money laundering laws and operating an unlicensed money transmission business. Zhao resigned as CEO, paid a $50 million fine, and was sentenced to four months in prison.
In addition to criminal charges, Zhao and Binance were involved in civil litigation. The US Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) filed lawsuits alleging regulatory violations. Furthermore, FTX sued Binance and Zhao for $1.8 billion, claiming a fraudulent 2021 share deal.
Following his release from prison in September 2024, Zhao has maintained a low profile. He currently resides in Dubai, United Arab Emirates, and holds Canadian citizenship. Zhao has expressed intentions to donate up to 99% of his wealth, aligning with philanthropic examples set by other prominent entrepreneurs.
Zhao’s personal life includes a marriage to Yang Weiqing, with whom he has two children. Since 2014, he has been in a partnership with He Yi, a fellow Binance co-founder, and they have three children together.
