Discover Binance CEO Changpeng Zhao Net Worth, Career, Personal Life

Changpeng Zhao Biography

Educational Background and Early Career of Changpeng Zhao

Changpeng Zhao, also known as CZ, was born in China’s Jiangsu province. His family immigrated to Canada when he was just 12 years old, after the Tiananmen Square massacre. Later, he spent his teenage years in Vancouver, Canada and worked various jobs including as a fast-food clerk at McDonald’s and at a gas station.

When his father brought a computer home, Zhao was exposed to the world of computers and got interested in software programming. Later, he enrolled in MsGill University to study computer science. After graduating from this course, Zhao interned for a subcontractor of the Tokyo Stock exchange. During his internship, he developed software for matching trade orders. After that, he worked at Bloomberg Tradebook for four years as a software developer of futures trading software.

Business Career of Changpeng Zhao as Binance CEO

Before starting Binance, Zhao moved to Shanghai and started a technology company called Fusion Systems, which developed the fastest automated high-frequency trading systems for stockbrokers. He was also one of the team members behind Blockchain.info and served as the CTO of OKCoin before launching Binance.

Changpeng Zhao first heard about Bitcoin in 2013 and when his friend advised him to invest 10% of his money into Bitcoin, Zhao sold his apartment and went all in on Bitcoin.

Later in 2017, Zhao launched Binance and just in a matter of months, it gradually rose to become the leading crypto exchange in the world. Changpeng Zhao has also launched Binance Coin (BNB), a utility token on the platform in 2017 and Binance Smart Chain which is a smart contract functionality in 2019.

Though the platform faced some issues like a hack in 2019, a ban from the UK, and regulatory concerns, none of them bothered the crypto exchange to offer crypto trading to the users.

Later in June 2023, the US SEC sued Binance and CZ alleging the exchange violated the US securities rules. As part of the proceedings, CZ stepped down as CEO of Binance and plead guilt in the US Department of Justice (DOJ). Furthermore, as per the latest updates, the US prosecutors demanded that CZ should serve 36 months in prison for violating laws and he is going to face the sentence starting from April 30, this year.

Changpeng Zhao’s Net Worth

The net worth of CZ is $33 billion as of April 2024, according to Forbes. Despite facing charges and pleading guilty to the US Department of Justice (DoJ), the net worth of CZ has not effected. The success of Binance as the best and most reliable crypto exchange has contributed significantly to his wealth. After launching the Binance, Forbes placed him third on its list of “The Richest People in Cryptocurrency.”

Apart from his equity in Binance, CZ also has significant investments in cryptocurrencies. He holds around 90% of his liquid net worth in the form of cryptocurrencies. Thus, his net worth is largely exposed to the fluctuations of the crypto market.

Personal Life of Changpeng Zhao

Changpeng Zhao prefers to be known as a Canadian citizen but he moved back to his birth country in 2015. When the Chinese government banned cryptocurrencies, Zhao left China and is currently staying in Dubai, UAE. Once, he announced his plans to donate more than 90% of his wealth for philanthropic activities.

Zhao had a romantic relationship with Chinese travel television show host and Binance co-founder, Yi He for several years and the couple gave birth to two children. He opines that people are only getting into crypto to make money off of it instead of using it.