Changpeng Zhao, commonly known as CZ, is the founder of Binance, the world’s largest cryptocurrency exchange by trading volume.
Early Career
Born in China and raised in Canada, Zhao studied computer science at McGill University. He worked on trading systems at the Tokyo Stock Exchange and Bloomberg Tradebook before entering crypto. He served briefly as CTO of OKCoin in 2014 before founding Binance.
Binance
Zhao founded Binance in 2017, launching with an ICO that raised $15 million. The exchange grew explosively, becoming the world’s largest crypto exchange by volume within months of launch. Binance expanded into futures, options, staking, lending, launchpad token sales, and its own blockchain (BNB Chain). At its peak, Binance handled the majority of global crypto spot and derivatives trading volume.
Binance operated without a formal headquarters for years, drawing scrutiny from regulators worldwide. The exchange was banned or restricted in multiple jurisdictions including the UK, Japan, and several other countries.
Criminal Charges and Guilty Plea
In November 2023, Zhao pled guilty to one count of violating the Bank Secrecy Act by failing to maintain an effective anti-money laundering program at Binance. The company agreed to pay $4.3 billion in fines — one of the largest corporate penalties in U.S. history. Zhao stepped down as CEO as part of the settlement, with Richard Teng succeeding him. In April 2024, Zhao was sentenced to four months in federal prison, which he served at a facility in Long Beach, California.
Post-Binance
After completing his sentence, Zhao has focused on education and investment initiatives, including Giggle Academy, a free online education platform. He remains Binance’s largest shareholder.