Changpeng Zhao: The Man Behind Binance Changpeng Zhao, commonly known as CZ, is a Chinese-born Canadian businessman, investor, and software engineer. He is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022. Zhao was born on February 5, 1977, in Jiangsu, China. He moved to Vancouver, Canada, with his family when he was a teenager. Zhao graduated from McGill University in Montreal, Canada, with a degree in computer science.
Early Career Zhao started his career in the finance industry, working for Bloomberg Tradebook, a subsidiary of Bloomberg LP. He then moved to Shanghai, China, where he worked for Fusion Systems, a financial software company. In 2013, Zhao joined the team that developed Blockchain.info, a popular Bitcoin wallet, and block explorer. He also served as the Chief Technology Officer of OKCoin, a Chinese cryptocurrency exchange.
Binance In July 2017, Zhao co-founded Binance, a cryptocurrency exchange that quickly became the largest in the world by trading volume. Binance raised $15 million in an initial coin offering (ICO) and began trading just eleven days later. In less than eight months, Zhao grew Binance into the world's largest cryptocurrency exchange by trading volume. Binance Coin, the exchange's native cryptocurrency, was also launched in 2017. Zhao's leadership and vision have been instrumental in Binance's success. He has been a vocal advocate for the cryptocurrency industry, often speaking at conferences and on social media. Zhao has also been a strong proponent of decentralization and has worked to make Binance a more decentralized exchange.
Industry Recognition In addition to his work at Binance, Zhao is also a prominent figure in the cryptocurrency industry. He has been featured in numerous publications and has been recognized for his contributions to the industry. In 2018, he was named one of Forbes' "Richest People in Cryptocurrency." In 2021, Binance had over 90 million users, according to Bloomberg.
Regulatory Challenges However, Binance has faced regulatory challenges in recent years. In March 2021, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance alleging "willful evasion" of US laws. Zhao responded to these allegations in a blog post published in September, where he clarified that Binance was never incorporated in China and said it does not "operate like a Chinese company culturally." He added that he is "a Canadian citizen, period." In December 2022, Zhao warned Binance staff to expect turbulent times ahead as the exchange saw a wave of crypto outflows. Despite these challenges, Zhao remains committed to the cryptocurrency industry and to Binance's mission of making cryptocurrency accessible to everyone.
Conclusion Changpeng Zhao, or CZ, is a prominent figure in the cryptocurrency industry. He has been instrumental in the success of Binance, the world's largest cryptocurrency exchange, and has been a vocal advocate for the industry. Despite facing regulatory challenges, Zhao remains committed to the industry and to making cryptocurrency accessible to everyone.
