**From McDonald’s to Binance: The Journey of Changpeng Zhao in the Crypto World**
**Roots and Early Years**
Changpeng Zhao, also known as “CZ,” has become a prominent figure in the cryptocurrency world as the founder and leader of Binance, the world’s leading cryptocurrency exchange. Born in Jiangsu province, China, his life took an international turn when his family moved to Vancouver, British Columbia, Canada, in the late 1980s, following his father’s exile from China. Despite financial hardships, Zhao showed resilience by working in various service sector jobs, including McDonald’s, to support his family.
**Academic and Corporate Ventures**
Zhao’s journey led him to McGill University in Montreal, where he studied computer science. He began his career in stock trading, developing software for the Tokyo Stock Exchange, and further improved his skills at Bloomberg Tradebook, contributing significantly to futures trading software. In 2005, he founded Fusion Systems in Shanghai, which is known for creating some of the fastest high-frequency trading systems for brokers.
**Entry into Cryptocurrency**
Zhao’s involvement in cryptocurrency began in 2013, holding key positions in projects like Blockchain.info and serving as the CTO of OKCoin. In 2017, he left OKCoin to start Binance, which raised $15 million through a successful initial coin offering. This lead Binance to quickly become the top cryptocurrency exchange globally by April 2018.
**Recognition and Impact**
Forbes Magazine recognized Zhao’s achievements in the crypto sector in February 2018, ranking him third on their “The Richest People In Cryptocurrency” list. By September 2018, his estimated net worth was around $1.4 billion.
**Legal Challenges and Resignation**
In a significant turn of events, Zhao stepped down as Binance CEO after pleading guilty to money laundering charges in November 2023. He agreed to pay a $50 million fine as part of a plea deal, separate from Binance’s $4.3 billion settlement with the DOJ. Prosecutors are seeking an 18-month prison sentence for Zhao.
**Zhao’s Departure and Leadership Transition**
Reflecting on his departure, Zhao acknowledged his responsibility for his actions and expressed his intention to remain a passive investor in blockchain and other areas. He confirmed his ongoing involvement with Binance in a consultative capacity and revealed plans to stay as a shareholder. Following Zhao’s resignation, Binance’s former Global Head of Regional Markets, Richard Teng, took over as CEO.
**Legacy in the Crypto Industry**
Zhao’s legacy in the cryptocurrency industry remains significant, marked by his technological contributions and the rapid growth of Binance, albeit overshadowed by recent legal challenges and his departure from the company’s leadership.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
