Changpeng Zhao (CZ), the former CEO of Binance, is a prominent figure in the cryptocurrency industry. Here’s a detailed overview of his background, career, and recent developments:
1. Background and Early Career
Birth and Education: Born on February 5, 1977, in Jiangsu, China, Zhao moved to Canada as a teenager. He studied computer science at McGill University in Montreal .
Early Jobs: Worked at McDonald’s and a gas station during his youth to support his family.
Professional Start: Developed trading systems for the Tokyo Stock Exchange and Bloomberg Tradebook before co-founding Fusion Systems, a high-frequency trading firm .
2. Founding Binance and Rise to Prominence
Launch of Binance: Founded Binance in 2017, which quickly became the world’s largest cryptocurrency exchange due to its low fees, fast transactions, and wide range of supported assets .
Wealth: As of June 2025, his net worth is estimated at $65.1 billion, making him one of the richest individuals globally .
3. Legal Issues and Resignation
Guilty Plea: In November 2023, Zhao pleaded guilty to failing to maintain an effective anti-money laundering (AML) program and violating U.S. sanctions laws. Binance agreed to a **$4.3 billion settlement** with U.S. authorities .
Prison Sentence: Served four months in prison (released in September 2024) after prosecutors sought a three-year term .
Stepping Down: Resigned as Binance CEO as part of the settlement, with Richard Teng succeeding him .
4. Post-Binance Activities
Giggle Academy: Founded an educational platform offering free courses in math, science, and blockchain for children in developing countries .
Investments and Advocacy: Remains active in crypto, advocating for blockchain adoption and inheritance solutions (e.g., Binance’s "will function" for crypto assets) .
Key Takeaways
- CZ’s journey from a McDonald’s employee to a crypto billionaire is a rags-to-riches story .
- Despite legal challenges, he remains influential in crypto, focusing on education and blockchain innovation .
