Changpeng Zhao (CZ) is a Chinese-born Canadian entrepreneur best known as the co-founder and former CEO of Binance, the world’s largest cryptocurrency exchange by trading volume. He stepped down from the role in November 2023 after pleading guilty to a money laundering charge in the U.S. and later served a four-month prison sentence, which he completed in September 2024. Despite these challenges, Zhao remains one of the world’s wealthiest individuals. As of July 2024, Forbes listed him as the 26th richest person globally and the richest Canadian, with an estimated net worth of $57.3 billion.
Early Life and Education
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| Born | February 5, 1977 Lianyungang, Jiangsu, China |
| Education | McGill University (BSc.) |
| Occupations |
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| known for | Co-founder and former CEO of Binance |
| Spouse | Yang Weiqing (m. 2003) |
| Children | 5 |
| Partner | He Yi (2014–) |
Zhao was born in Lianyungang, Jiangsu province, China, in 1977. At age 12, he emigrated with his family to Vancouver, Canada, after political circumstances in China forced his father, a university lecturer, into exile. To support his family during his teenage years, Zhao worked in service jobs, including at McDonald’s and a gas station. He later studied computer science at McGill University in Montreal.
Early Career
After graduating, Zhao began his career in Tokyo, where he developed trading software for a subcontractor of the Tokyo Stock Exchange. He then spent four years at Bloomberg Tradebook building futures trading systems. In 2005, he founded Fusion Systems in Shanghai, which specialized in high-frequency trading platforms. Zhao was introduced to Bitcoin in 2013 and famously sold his Shanghai apartment to invest heavily in the cryptocurrency. That same year, he joined Blockchain.info and served as CTO of OKCoin.
Building Binance
In 2017, Zhao launched Binance, raising $15 million through an ICO. Within just eight months, Binance became the world’s largest crypto exchange. He also introduced Binance Coin (BNB) and later Binance Smart Chain, which positioned the company as a major competitor to Ethereum. Binance quickly expanded, and in 2019, Zhao launched Binance.US to cater to American users.
Legal Challenges
Zhao and Binance faced increasing scrutiny from regulators worldwide. In 2023, the CFTC and the SEC filed lawsuits accusing Binance of violating U.S. laws. Later that year, Zhao pleaded guilty to money laundering charges in the U.S. In November 2024, FTX also sued Binance and Zhao to recover $1.8 billion related to a 2021 stock repurchase deal.
Personal Life
Zhao holds dual citizenship in Canada and the UAE. He married Yang Weiqing in 2003, with whom he has two children. Since 2014, he has been in a long-term partnership with Binance co-founder He Yi, and they share three children together. Currently, Zhao resides in Dubai.
Views and Philanthropy
Politically, Zhao identifies as moderate, stating in 2021 that he does not believe society is advanced enough to function without rules. Inspired by philanthropists like Bill Gates and Warren Buffett, he has pledged to give away most of his fortune—up to 99% of his wealth—to charitable causes.
References
- Changpeng Zhao (no date) Forbes. Available at: https://www.forbes.com/profile/changpeng-zhao/?list=rtb%2F (Accessed: 09 January 2025).
- Changpeng Zhao - CEO at Binance (2022) Rest of World. Available at: https://restofworld.org/profile/changpeng-zhao/ (Accessed: 09 January 2025).
- David, O. (2025) Binance’s Changpeng Zhao says ‘price is a distraction’, The Crypto Basic - Bitcoin, Cryptocurrency, DeFi Topics And News. Available at: https://thecryptobasic.com/2025/01/06/binances-changpeng-zhao-says-price-is-a-distraction/ (Accessed: 09 January 2025).
- Wade, J. (no date) Who is Changpeng Zhao?, Investopedia. Available at: https://www.investopedia.com/who-is-changpeng-zhao-6828869 (Accessed: 09 January 2025).
