Changpeng Zhao (CZ)

Changpeng Zhao, commonly referred to as CZ, is a Chinese-Canadian entrepreneur best known for founding and serving as the CEO of Binance, the largest cryptocurrency exchange in the world. He is currently regarded as one of the most influential figures in the cryptocurrency industry.

Born in Jiangsu, China in 1977, CZ hails from a family of educators. In 1989, at the age of 12, he immigrated to Vancouver, Canada with his family. He attended McGill University in Montreal, Quebec, one of Canada's top universities, where he studied computer science.

After graduating in 2001, CZ traveled extensively before taking an internship in Tokyo, Japan, with the Tokyo Stock Exchange, where he developed software for matching trade orders. He worked at the TSE for four years, which eventually led him to a full-time position at Bloomberg Tradebook in New York, a brokerage firm that provides global financial services to investment advisors, hedge funds, proprietary desks, and other broker-dealers. At Bloomberg Tradebook, CZ focused on developing futures trading software.

Following his time at Bloomberg and in New York, CZ relocated to Shanghai, where he founded Fusion Systems, a company that created high-frequency trading software for brokers and global banks.

By 2013, he joined Blockchain.info (now known as Blockchain.com), which began as a blockchain explorer and later expanded to offer a crypto wallet, a cryptocurrency exchange, and institutional investor services such as lending, borrowing, trading, and custody. CZ served as Head of Development at Blockchain.com from December 2013 to May 2014.

During this period, CZ collaborated closely with Ben Reeves, the founder of Blockchain.info, and Roger Ver, known as Bitcoin Jesus, who was an early investor in several bitcoin-related startups, including Blockchain.info.

In June 2014, CZ left Blockchain.info to become the CTO of the China-based OkCoin bitcoin exchange. While there, OkCoin introduced advanced features like futures trading, establishing itself as the leading exchange in China. However, he only remained in the role for about nine months, resigning in February 2015 due to differing visions with the executive team. At that time, OkCoin aimed to expand internationally, considering a headquarters in the U.S. or Hong Kong, and sought to enhance consumer services to attract more users to the bitcoin ecosystem.

With different ambitions, CZ aimed to launch his own exchange. Before that, he founded Bijie Technology, which developed cloud-based exchange software. In a short time, Bijie Technology provided its software to 30 exchanges.

Fast forward to 2017, while dining with fellow crypto entrepreneurs Da Hongfei, founder of Neo, and Kris Marszalek, founder of Crypto.com, the conversation shifted to ICOs as a means to fund startup ideas. Inspired, CZ returned home and began drafting a whitepaper for a new cryptocurrency exchange focused solely on crypto-to-crypto trading, avoiding fiat currencies. He named the project Binance, a blend of “binary” and “finance.”

Binance became the first crypto exchange built using Bijie Technology’s cloud-based exchange software. The rest is history.

In November 2022, reports emerged that CZ and Binance had reached a deal to acquire the struggling FTX exchange, which was facing a crisis in meeting customer withdrawals after a Coindesk investigation raised concerns about its financial stability. FTX had already seen $6 billion in withdrawals within a 72-hour period.

CZ announced the acquisition on Twitter but later withdrew from the letter of intent, citing “latest news reports regarding mishandled customer funds and alleged U.S. agency investigations.” Following the collapse of FTX, CZ and Binance committed to providing $2 billion in BUSD to a recovery fund aimed at purchasing distressed assets and supporting the broader crypto industry.

In 2022, Coindesk recognized CZ as “Coindesk’s Most Influential.”