Binance founder Zhao Changpeng@CZ (Our big cousin): From ordinary to legendary, how many people truly understand this journey? This article allows everyone to understand CZ's story, and I encourage you to take some time to read it!
In the field of cryptocurrency, Zhao Changpeng @cz_binance (Changpeng Zhao, referred to as CZ) is a highly regarded figure. I'm sure everyone is quite familiar with him. The exchange he founded, Binance @binance (Binance), now holds an important position in the industry.
CZ came from an ordinary family and has experienced many challenges in his early years, transitioning from a programmer to an entrepreneur, step by step accumulating experience.
In 2017, he recognized the potential of cryptocurrency and founded Binance. With a clear positioning and efficient operations, Binance quickly became a leading trading platform globally. His story lacks much of a legendary filter; it's more about pragmatic choices and continuous investment — such as adhering to decentralization principles, promoting the implementation of blockchain technology, and simultaneously addressing industry regulations and market fluctuations.
As the founder of a leading platform in the industry, CZ rarely packages himself intentionally and prefers to let his actions speak.
From an ordinary practitioner to a well-known figure in the industry, his experience reflects the process of the cryptocurrency industry moving from the margins to the mainstream. It also shows more people that in this transformative field, solid technical accumulation and keen business judgment are far more convincing than exaggerated stories.
Growing up in a poor family, he faced a host of new challenges after immigrating abroad.
In 1977, CZ was born into an ordinary family in Lianyungang, Jiangsu. Both of his parents were teachers. Life was relatively stable until the changes of the times came. In 1989, at the age of 12, he immigrated to Vancouver, Canada with his family. Upon arrival, the family conditions were average; his father was studying for a PhD in geophysics at UBC, and his mother worked in a clothing factory. The family's income was just enough to make ends meet, and life was tight.
While in school, he encountered two difficulties: a language barrier and a different culture. There were only two Chinese students in the school, and most of his classmates came from well-off families. He often ate lunch alone and struggled to integrate. From his teenage years, he thought about helping his family and did all sorts of jobs. He pumped gas at a Chevron station, smelling of gasoline all day; he flipped burgers and took orders at McDonald's for two years. Despite the hard work, he always treated customers politely. Although these experiences were tough, they made him particularly resilient and instilled a sense of responsibility in him early on.
In 1995, at 17, he left Vancouver and traveled 5000 kilometers to Montreal, where he was accepted into McGill University. He initially studied biology but later found computer science more promising and switched majors. In college, he was particularly fascinated by technology and demonstrated considerable talent in computer science.
After graduating in 1997, he joined the Tokyo Stock Exchange as a software developer, specifically working on trading order matching systems, which marked his entry into financial technology. Gradually, he gained insight into how the financial market operates. Later, due to his strong skills, he joined Bloomberg, where he was responsible for developing futures trading software. At Bloomberg, he performed exceptionally well, getting promoted three times in two years, managing teams in New Jersey, London, and Tokyo at the age of 27. However, he always wanted to start his own business, believing that working for others wasn't a long-term solution, and began contemplating new opportunities.
In 2005, he made an important decision: he gave up his stable job at Bloomberg and the imminent U.S. green card, returning to Shanghai with savings to start a business, founding Fuxun Information, which specialized in developing high-frequency trading systems for brokerage firms. Due to its advanced technology and quality service, the company quickly gained a reputation in the industry, creating software for numerous international investment banks and earning him his first pot of gold.
In 2013, while playing poker, a friend mentioned Bitcoin, and he became immediately interested. He had previously noticed many issues in traditional finance, and the concept of Bitcoin as decentralized and borderless opened his eyes. He printed out the Bitcoin white paper and read it over and over again, increasingly convinced that this was a viable idea. He sold his house in Shanghai and invested all his money into Bitcoin, which was around $600 at the time. His family opposed this decision; his mother called him 'foolish,' but he was determined and did not look back.
Unexpectedly, the cryptocurrency market was extremely volatile, and soon Bitcoin's price plummeted by 70%, reducing his assets to only a third. But he remained undeterred, believing in the potential of blockchain technology, asserting that short-term fluctuations meant nothing. To gain a deeper understanding of the industry, he joined Blockchain, where he was responsible for the core work of the development team. There, he collaborated with top figures in the industry, such as Bitcoin evangelist Roger Ver, accumulating considerable experience in blockchain technology and ecology, laying the groundwork for his later founding of Binance.
After joining OKCoin, he encountered a partner, He Yi @heyibinance, with whom he could achieve great things.
In the spring of 2014, CZ met He Yi @heyibinance (now known as our 'sister') at a public blockchain industry event. At that time, He Yi was quite a prominent figure in the industry, excelling in marketing and possessing keen insights into industry trends. They discussed the current state and future of the blockchain industry at the event, finding that their thoughts aligned. They both felt that the other's ideas were credible, and their shared passion for the industry led to mutual admiration, setting the stage for their later collaboration.
Later, through He Yi's introduction, CZ joined OKCoin as the Chief Technology Officer (CTO). During his time at OKCoin, he fully utilized his technical background, leading the team to develop the platform's core technology systems and significantly optimizing the exchange's technical architecture, enhancing user experience and trading efficiency. This experience deepened his understanding of how exchanges operate and expanded his network within the industry.
However, unexpectedly, as he became more involved in operations, CZ and the management at OKCoin began to have differing views on user rights, platform transparency, and long-term development directions. After much contemplation, he decided that instead of just getting by, it would be better to create a truly user-first trading platform driven by technology, which later became Binance as we all know.
Founding Binance, creating an industry legend.
In 2017, CZ @cz_binance and He Yi officially@Yi He launched Binance.@币安Binance华语 At the beginning of their entrepreneurial journey, the team lacked everything and faced numerous challenges. To ensure the safety of user funds, Binance required manual review of user withdrawals for the first four months after launch, with staff manually handling each transaction. They even had to take turns monitoring at night, fearing hackers might come to disrupt and steal user funds.
Despite the harsh conditions, Zhao Changpeng's keen vision and strong leadership propelled Binance upward as if on steroids. Binance's main selling points included low fees, a wide variety of cryptocurrencies, and smooth trading experiences. Relying on these factors, it quickly attracted many users. Zhao Changpeng applied all the experience he had accumulated over the years and continuously experimented with new models, gradually expanding from cryptocurrency trading to derivatives and leveraged products.
A crucial step was his launch of Binance Coin #BNB. This BNB could not only be used for fee discounts, but as the Binance ecosystem grew, it became the core of the entire system. Today, BNB can be used in more and more places, and its market value has soared, placing it among the top five cryptocurrencies globally.
Less than six months after its establishment, Binance's trading volume surpassed that of its competitors, becoming the world's number one. During this period, Zhao Changpeng's execution was notably fierce, leading his team around the world to develop business in places like Malta, Singapore, and Japan, even proactively engaging with local regulatory authorities to pave the way for Binance's long-term growth.
Facing challenges, he actively responded to crises.
As Binance grew larger, CZ encountered strict global regulations. In 2017, China first issued an ICO ban, followed by strict scrutiny of the cryptocurrency industry in the U.S. and many European countries. Faced with regulatory pressure, Binance had to keep relocating; if one location didn't work, they would move to another, always seeking a place where they could thrive. However, Zhao Changpeng did not back down; instead, he accelerated Binance's global expansion, establishing operations wherever cryptocurrency development was favorable.
Over the years, Binance has repeatedly been embroiled in controversies, with ongoing doubts regarding user fund security and inadequate anti-money laundering measures. By the end of 2023, due to allegations from the U.S. Department of Justice about Binance's insufficient anti-money laundering measures, Zhao Changpeng admitted to the charges, paid a hefty fine, and resigned as CEO.
Yet, even in adversity, he maintained his composure, consistently emphasizing that Binance would actively cooperate with regulatory authorities in various countries to improve compliance systems and protect user rights. Even in prison, he remained engaged, reflecting on his management and decisions to plan for the future.
Leadership philosophy guiding the team forward.
CZ is particularly efficient in his work and dislikes unnecessary delays. He has his own practical approach to leading teams. He often says, 'Don't waste time on useless things.' Whether for himself or the team, time and energy must be focused on the most critical tasks. He generally avoids superficial social events, believing that rather than drinking and dining to build relationships, it’s better to set clear goals and focus on results — delegating tasks without micromanaging, only asking if they can deliver satisfactory results on time.
In his view, collaboration must be fair, allowing both parties to benefit; endeavors focused solely on self-interest won't last. He particularly dislikes companies with excessive hierarchy and rigid systems, believing that excessive structure leads to bureaucracy, making the team increasingly rigid. He prefers a state of 'order in chaos,' where people aren't overly controlled, allowing everyone to explore new ideas, which fosters innovation.
However, no matter what, he always prioritizes user concerns. Even when the company faces significant obstacles, his first thought is always about user experience and asset security. Take the various challenges Binance has encountered over the years as an example: why has it managed to endure? Simply put, it's because he has consistently adhered to the principle of 'user first,' which is the core strength of Binance.
The return of the king, looking ahead to future visions.
On April 30, 2024, CZ was sentenced to four months in prison in the U.S., and he was released from a California correctional facility on September 27. After regaining his freedom, he was not deterred by this setback and remained passionate about the cryptocurrency industry. During a speech at Binance's Blockchain Week event in Dubai, he expressed his intention to focus on educating others in the blockchain industry, mentoring people, sharing his experiences and knowledge, and cultivating more talented individuals to promote the healthy development of the entire industry.
Additionally, he is particularly interested in the integration of artificial intelligence and cryptocurrency technology, believing that this will be a significant direction for the industry's future development. Although he has resigned from the position of CEO at Binance, he does not plan to rest; he intends to continue influencing the cryptocurrency space through investments in new technologies and guiding young entrepreneurs. He also stated, 'My journey is far from over; it’s just a change in approach to keep pushing forward.'
CZ's advice for industry practitioners: Maintain a stable mindset and patiently await the bloom.
When discussing his views on the industry, CZ often tells everyone to avoid fixating on cryptocurrency and blockchain technology, waiting for something significant to happen daily. He emphasizes the need for patience and gradual progress. He frequently reminds that regardless of whether you are investing money or starting projects, it’s crucial to recognize that the industry is currently in an upward phase. Although groundbreaking breakthroughs won't occur daily, when looking at a timeline of months or a year, one can clearly feel the entire industry climbing steadily.
'Whether you're starting a business, creating coins, or investing, don’t rush; take it step by step.' This is a phrase he often repeats. He is aware that the industry's development has its own rhythm, and rushing to make quick money can lead to pitfalls. He also specifically told friends in the Chinese community, 'This year will definitely be good!' and promised to spend more time communicating with everyone, hoping to witness the industry improve together. Through recent interactions, it's evident that he is placing increasing importance on the Chinese community.
CZ's experience is, in essence, a story about dreams, courage, and persistence. He is a child from an ordinary family who has fought his way to become a big shot in the cryptocurrency industry, proving through his actions that as long as one has dreams and is willing to work hard, they can carve out their own space in the tide of the times.
CZ @cz_binance's success has not only earned him money and fame but has also set a good example for the entire blockchain industry, inspiring countless young people to boldly pursue their dreams. In the future, he will definitely continue to make waves in the cryptocurrency space, possibly bringing even more surprises. I believe CZ will continue to shine in the cryptocurrency field, bringing more surprises and changes to the industry.
I also wish everyone in 2025 can shine in this industry full of opportunities and adventures, discovering and creating their own wealth!
@币安广场
#BNB #Binance
