Changpeng Zhao, widely known as "CZ," is a Chinese-born Canadian entrepreneur who founded Binance, the world's largest cryptocurrency exchange by trading volume. His journey from humble beginnings to becoming a crypto billionaire is marked by resilience, strategic risk-taking, and significant challenges.
🧒 Early Life and Education
Birthplace: Lianyungang, Jiangsu, China
Year of Birth: 1977
Nationality: Canadian and UAE
Current Residence: Dubai, United Arab Emirates
Zhao's father, a university instructor, was labeled a "pro-bourgeois intellect" and exiled to rural areas shortly after Zhao's birth. In the late 1980s, at the age of 12, Zhao immigrated with his family to Vancouver, Canada. To support his family during his teenage years, he worked various service jobs, including stints at McDonald's and a gas station.
He pursued higher education at McGill University in Montreal, Quebec, where he majored in computer science.
💼 Early Career
After graduating from McGill, Zhao began his career in Tokyo, developing software for the Tokyo Stock Exchange. He later joined Bloomberg Tradebook, where he spent four years developing futures trading software.
In 2005, Zhao moved to Shanghai and founded Fusion Systems, a company known for creating high-frequency trading platforms for stockbrokers.
🚀 Entry into Cryptocurrency
Zhao was introduced to Bitcoin in 2013 during a poker game with Bobby Lee, a prominent figure in the crypto space. Inspired by the potential of cryptocurrencies, he sold his Shanghai apartment and invested all his wealth into Bitcoin.
He joined Blockchain.info as part of the development team and later served as Chief Technology Officer at OKCoin.
🏗️ Founding of Binance
In 2017, Zhao founded Binance, raising $15 million through an initial coin offering (ICO). The platform quickly gained popularity due to its user-friendly interface and extensive range of cryptocurrencies. By 2023, Binance facilitated approximately half of all spot trades processed by centralized crypto exchanges.
⚖️ Legal Challenges
In November 2023, Zhao and Binance faced legal action from U.S. authorities. Zhao pleaded guilty to violating the Bank Secrecy Act, admitting to prioritizing Binance's growth over compliance with anti-money laundering requirements. He resigned as CEO and was sentenced to four months in prison in April 2024. Binance agreed to pay a $4.3 billion fine for operating an unlicensed money transmission business and other violations.
🌐 Post-Binance Endeavors
After completing his prison sentence in September 2024, Zhao expressed a desire to take a break and consider future opportunities. In April 2025, he was appointed as a strategic adviser to the Pakistan Crypto Council, aiming to oversee and promote blockchain technology and digital assets within #Pakistan.
👨👩👧👦 Personal Life
Zhao is married 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.
💰 Net Worth
As of March 2025, Zhao's estimated net worth is $61 billion, making him the 24th richest person globally. He retains an estimated 90% stake in Binance.
📌 Summary
Name: Changpeng Zhao (CZ)
Born: 1977, Lianyungang, Jiangsu, China
Nationality: Canadian and UAE
Education: BSc in Computer Science, McGill University
Notable Roles: Founder and former CEO of Binance
Current Residence: Dubai, United Arab Emirates
Net Worth (2025): $61 billion💸💸
