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Changpeng Zhao, popularly called CZ, is one of the earliest crypto pioneers who has transformed the crypto industry and left an unerasable legacy through the cryptocurrency exchange Binance and the Binance blockchain ecosystem.
Changpeng Zhao (born 1977) is a Chinese-born Canadian businessman. CZ is the Founder and ex-CEO of Binance, which, as of November 2023, is the world’s largest cryptocurrency exchange by trading volume.
In November 2023, He resigned as the CEO of Binance after pleading guilty to a count of money laundering charges by the United States Justice Department.
CZ is a true crypto advocate, developer, influential figure, and leader in the cryptocurrency industry. He and the Binance team developed the Binance blockchain and have built a host of applications and utilities on this blockchain, which makes up the BNB ecosystem.
Changpeng Zhao’s (CZ) Net Worth 2023
As of November 2023, CZ’s net worth is estimated to be over $23 billion. According to Bloomberg, CZ is the 69th wealthiest person in the world, and his wealth can be attributed to his early interest and investment in crypto and his exchange, Binance.
Changpeng Zhao’s (CZ) Wife
Billionaire Changpeng Zhao has always been secretive about his personal life. He has never revealed his wife’s name publicly. Also, few know his marriage and when he tied the knot. Likewise, Zhao keeps a low profile and only shares his professional work with the public.
However, according to an investigative story about Binance by Reuters, CZ had a romantic relationship with Binance co-founder Yi He for several years, and the two have two children.
However, CZ has another son born in the United States to an unknown woman, making it a total of three children for the crypto billionaire.
Chanpeng Zhao’s House, Where He Lives
In November 2019, CZ bought his first house in the pro-crypto state of UAE, and he and his family currently live there.
However, due to his pending court case with the United States Justice Department in November 2023, he has been restricted from leaving the United States until the final court sitting in February 2024, and according to reports, he is at risk of facing a prison sentence.
CZ’s Early Life and Career
Changpeng Zhao, aka CZ, the Founder and ex-CEO of Binance, the largest crypto exchange by trading volume, is one of today’s most influential crypto figures. Still, his story is a true rags-to-riches story.
Changpeng Zhao was born in Jiangsu, Shanghai, China, and in the 1980s, his family relocated to Vancouver, Canada, when he was 12.
He studied computer science engineering at McGill University, Montreal, Quebec. After graduating, he built trading systems for famous exchanges for the next few years.
Zhao was chosen for an internship in Tokyo to work for a subcontractor at the Tokyo Stock Exchange, developing software for matching trade orders. After completing his internship, he worked full-time for four years at Bloomberg Tradebook, where he developed futures trading software.
CZ left his job at Bloomberg Tradebooks in 2005 and moved back to Shanghai to start his own business. He established his first tech company, Fusion Systems, offering some of the fastest automated high-frequency trading platforms and systems for stockbrokers.
CZ Learns About Bitcoin
In 2013, after eight years of building Fusion Systems, CZ finally heard about Bitcoin from Bobby Lee (brother of Charlie Lee ) while playing poker, who later founded BTCC, a Bitcoin exchange in China. Bobby advised CZ to invest 10% of his money in Bitcoin.
Shockingly, Zhao sold his house in Shanghai and invested all of his wealth in Bitcoin in 2014, much to his family’s dismay.
He bought Bitcoin with all his wealth at an average price of $600 per coin.
Unfortunately, Bitcoin’s price dipped to $200 at the time, but C.Z.’s belief in the tech helped him hodl (hold down long) through the bear market. After two years, the price went through the roof.
In 2017, CZ, with his years of experience in developing trading systems, decided to start his crypto exchange, launching Binance in July 2017 during the initial coin offering trend.
Five years later, Binance is the largest crypto exchange globally in terms of daily trading volume. The Binance blockchain ecosystem is considered one of the largest and most active crypto ecosystems.
CZ’s Legal Troubles
Binance and CZ have been facing strings of legal issues with the United States Department of Justice for willfully allowing illegal transactions between terrorist groups, including Hamas’ al-Qassam Brigades, the Islamic State, and al Qaeda.
Changpeng Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to US federal charges. Binance also agreed to plead guilty and to pay $4.3 billion in fines.
See full story: Binance Founder, Changpeng Zhao Pleads Guilty For Money Laundering Charges
Binance is currently run by the former head of regional markets, Richard Teng, who is now the new CEO
CZ is currently in the United States based on US Department of Justice sanctions. He is restricted from traveling out of the country until its final judgment in February 2024.
