Fortunes are rapidly made and lost in the world of crypto. One crypto bro who has made a fortune over a short period of time is Changpeng Zhao (widely known as “CZ”), the founder of crypto exchange Binance.
What’s his background?
CZ was born in Jiangsu province, China and his parents were educators. In the late 1980s his family immigrated to Canada, and he went on to study computer science at McGill University in the Canadian city of Montreal. Early in his career CZ worked on financial software and trading systems, putting him in a great position for his next move. The gamechanger came when he became CTO at OKCoin (a crypto exchange) before leaving to build his own exchange, Binance, which he launched in 2017.
How did he become famous?
The timing was perfect. Binance grew extremely fast, and within months it became one of the top exchanges by volume. And CZ’s name became synonymous with cryptocurrency exchanges and “crypto billionaires” status. You could say he was one of the crypto OGs.
What was his first “real” job?
As a youth he did odd jobs. In Canada, he worked at McDonald’s and at gas stations to support family finances. Following these roles, he stepped up and was one of the early adopters of blockchain technology. In fact, one of his first roles in fintech was building trading infrastructure as part of firms handling exchange software.
How have the last five years been?
In a word – phenomenal. Since Binance was set up, the crypto sector has enjoyed explosive growth, which has been great news for Binance and for CZ’s net worth. But it’s not all been plain sailing. Regulatory scrutiny increased as the sector has grown. By 2023, U.S. authorities charged Binance (and CZ) with failing to implement adequate anti-money laundering controls.
What happened to CZ?
In November 2023 he pleaded guilty to some U.S. charges and resigned as CEO. In April last year, he was sentenced to four months in prison and was released in September 2024. Once released he did not return to take the helm of Binance, instead taking a backseat role.
How’s it doing now (Binance)?
In 2024, Binance reported revenue of about $16.8 billion, up around 40 % over prior year. The crypto exchange, along with the sector as a whole, faces heavy regulatory pressure globally, and has invested in compliance, licensing, and managing legal risk. The new CEO Richard Teng is a former regulator with a strong focus on compliance.
How much is he worth?
Good question. Estimates vary but Forbes puts CZ’s net worth at $87.3 billion. Bloomberg has a lower figure of $60.8 billion. But let’s just say he’s a very wealthy man. But CZ has said he plans to donate up to 99% of his wealth, following in the footsteps of other global business magnates and philanthropists including Bill Gates and Warren Buffett. “I intend to donate most of my wealth, as many other entrepreneurs or founders have done, from Peabody to today. I intend to donate 90%, 95%, or 99% of my wealth,” he has said previously.
And what is he doing now?
After stepping down from the Binance hot seat, CZ decided to focus on education and investments. This involved working on his educational platform Giggle Academy, and investing in blockchain, AI, and biotech projects. He is also advising governments on crypto regulation and has transformed Binance’s venture arm into a new entity called YZi Labs.