The founder of the cryptocurrency exchange Binance is Changpeng Zhao, also known as CZ.
Brief information about Changpeng Zhao:
Born in China, but emigrated with his family to Canada during his teenage years.
Before founding Binance, he worked at several financial technology companies, including Bloomberg and Fusion Systems.
In 2017, he launched Binance, which quickly became one of the largest cryptocurrency exchanges in the world.
In 2023, Zhao resigned as CEO of Binance and pleaded guilty in a case related to violations of U.S. anti-money laundering laws. He also agreed to pay a large fine and no longer manages the company.
⚖️ Legal issues
From 2021 to 2023, Binance became the subject of investigations in the U.S. and other countries regarding:
-Violations of KYC/AML rules (user identification).
-Illegal access of U.S. citizens to unlicensed products.
-Potential market manipulation.
In 2023:
Binance agreed to pay a $4.3 billion fine to the U.S. government.
CZ stepped down as CEO, admitting to violations of anti-money laundering laws.
The new CEO is Richard Teng
🤖 CZ today
He no longer manages Binance but remains an influential figure in the crypto industry.
As part of the deal with the U.S. Department of Justice, he cannot hold executive positions in the company for a certain period.
His net worth is estimated in the billions of dollars despite legal issues.
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