Changpeng Zhao – From McDonald’s to Crypto Billionaire

Changpeng Zhao, better known as CZ, is one of the most influential figures in the world of cryptocurrencies and the founder of Binance, the largest crypto exchange globally. His journey is filled with remarkable twists, entrepreneurial flair, and ambition, propelling him from a low-paying job to the pinnacle of the global crypto elite.

From China to Canada

Born in 1977 in Jiangsu Province, China, Zhao grew up in a family of educators. In the 1980s, when CZ was about 12, his family emigrated to Canada. Life wasn’t easy at first—young Zhao had to help support his family by working long hours at McDonald’s. These early hardships helped him build resilience and discipline, which were crucial to his later success.

First Steps in the Tech World

After graduating with a degree in computer science from McGill University in Montreal, CZ began his career in financial markets. He worked for the Tokyo Stock Exchange, developing trading software systems. Later, he moved to New York, joining Bloomberg to work on futures trading systems. In 2005, he founded his own company, Fusion Systems, specializing in high-frequency trading (HFT) technologies.

Encounter with Crypto and a Bold Decision

Changpeng Zhao was introduced to Bitcoin in 2013 during a friendly poker game with Bobby Lee, then CEO of BTC China, and investor Ron Cao. Lee advised CZ to invest 10% of his capital in Bitcoin. Inspired by the potential of cryptocurrencies, CZ made a bold move: he sold his apartment in Shanghai and invested all the proceeds in Bitcoin.

Following this investment, CZ worked on various crypto projects. He joined Blockchain.info as head of development and later became the Chief Technology Officer at OKCoin. In 2017, recognizing the growing potential of the crypto market, CZ decided to create his own exchange—Binance. He founded the company alongside Yi He, whom he met while working at OKCoin.

Binance – The Birth of a Giant

Binance launched in July 2017 after a successful Initial Coin Offering (ICO) that raised approximately $15 million. Just eight months later, Binance became the world’s largest crypto exchange by trading volume. Its success was driven by aggressive expansion, low fees, and robust technical infrastructure.

Binance continually expanded the utility of its native token, $BNB, creating an ecosystem where it serves real functions. In 2020, during the DeFi boom and rising Ethereum gas fees, the company launched the Binance Smart Chain (BSC)—a proprietary blockchain designed to address high transaction costs. This increased the value of $BNB, which became widely used for transactions, fees, and decentralized applications within the new network. These innovations attracted millions of users and significantly boosted revenue.

Legal Challenges

Despite its success, Binance and CZ faced legal challenges. In November 2023, CZ pleaded guilty to charges of violating U.S. anti-money laundering laws and agreed to pay a $50 million fine, as well as step down as Binance’s CEO. The company also agreed to pay $4.3 billion as part of a settlement with U.S. authorities.

On April 30, 2024, CZ was sentenced to four months in prison for the violations related to money laundering. Although prosecutors sought a three-year sentence, the judge considered CZ’s cooperation with authorities and willingness to take responsibility, resulting in a lighter sentence.

Following CZ’s departure, Richard Teng took over as Binance’s CEO in November 2023. Teng, a former regulator in Singapore and the United Arab Emirates, focused on improving the company’s compliance with regulatory requirements and strengthening its reputation. Under his leadership, Binance secured regulatory approvals in over 20 jurisdictions and expanded its user base to 240 million users.

Fascinating Facts About CZ

Minimalist Lifestyle: Despite being a billionaire, CZ is often described as a minimalist. He travels light and has no fixed residence, preferring to move frequently.

Philanthropy and Future Plans: In recent years, CZ has dedicated himself to charitable initiatives and has stated plans to donate up to 99% of his wealth.

Curiosity for New Technologies: His interests extend beyond cryptocurrencies—he actively invests in artificial intelligence and biotechnology, believing in their power to shape humanity’s future.

Legacy and Vision for the Future

CZ remains one of the most iconic figures in the crypto revolution. His journey from a McDonald’s kitchen to a crypto billionaire is not just a story of personal success but a testament to how bold ideas and risk-taking can change the world.

Today, Binance continues to grow and influence the future of finance and the digital economy, while CZ has solidified his place as one of the most respected figures in the crypto community, consistently demonstrating the power of entrepreneurial spirit and innovation.