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WuBlockchain Interviews CZ (Changpeng Zhao): Discussing Childhood, Binance’s Founding, Most Important Article, Solana’s Surge, Vitalik’s Challenges, and CEX Listing Dilemmas
Original by WuBlockchain | Published: January 27, 2025*
*The views expressed in this interview are those of the interviewee and do not represent the stance of WuBlockchain.*
In this interview, WuBlockchain’s Colin engages with Binance founder Changpeng Zhao (CZ) on a wide range of topics. CZ reflects on his happy childhood in China before immigrating to Canada at age 12, his family’s struggles after relocation, and his decision to drop out of college for a job offer. He also discusses Binance’s rapid rise, its early challenges, and the evolving crypto regulatory landscape.
Childhood in China & Immigration to Canada
**Colin**: Welcome, CZ. First question: What memories do you have of your childhood in China before age 12?
**CZ**: I remember it fondly. My parents were teachers, and we lived on school campuses—elementary, middle school, and later USTC. Life was simple but happy. We weren’t wealthy, but as a kid, I never felt deprived.
**Colin**: After moving to Canada, your family faced financial struggles. What jobs did your parents take? Did you work part-time?
**CZ**: In Canada, our social status dropped. My mom, due to language barriers, worked in a garment factory, sewing clothes daily. The job was physically taxing. My dad was a teaching assistant in geophysics, earning a modest salary. We lived in subsidized university housing—small but better than our home in China.
**Colin**: Why did you drop out of college?
**CZ**: I deferred graduation after receiving a lucrative job offer during an internship in Tokyo. The project needed continuity, so I postponed returning to school. Eventually, I earned a degree remotely but never completed my original program.
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### **Binance’s Early Success**
**Colin**: Binance exploded within a year. What drove this growth?
**CZ**: It wasn’t overnight—it built on 20+ years of industry experience. Timing and luck played roles too. In 2017, most exchanges focused on Bitcoin, but Binance quickly listed ERC-20 tokens like BNB. Our user-first ethos also set us apart. During China’s 2017 crypto ban, we reimbursed users $6M for failed ICOs—40% of our assets at the time. We prioritized 24/7 customer support, which built trust.
**Colin**: How did you handle security and system pressures early on?
**CZ**: Security was paramount. For the first four months, withdrawals were manually reviewed to prevent hacks. Scaling infrastructure was tougher—user growth overwhelmed systems. We spent months optimizing performance.
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### **FTX’s Collapse & CEX Challenges**
**Colin**: Could FTX have been saved?
**CZ**: By late 2022, it was too late. Even if assets covered liabilities at bankruptcy prices, users lost potential gains from holding coins like BTC/ETH. It’s like Mt. Gox—creditors get pennies compared to current valuations.
**Colin**: Why are CEX listings now seen as “peak signals” compared to early days?
**CZ**: Large exchanges like Binance can’t risk listing tiny-cap tokens due to volatility. Meanwhile, memecoins thrive onchain (e.g., Solana). Regulatory uncertainty pushes projects toward “security-free” memes. We’re adapting by supporting smaller tokens via innovation zones or Web3 wallets.
**Colin**: Must all CEXs go compliant?
**CZ**: Yes. Large platforms face inevitable scrutiny. Binance’s compliance limits flexibility, but regulated frameworks attract mainstream users. The U.S. is shifting positively—clearer rules will benefit compliant players long-term.
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### **Hong Kong vs. U.S. Crypto Policies**
**Colin**: Thoughts on Hong Kong’s crypto policies?
**CZ**: Hong Kong lags behind Japan’s relaxed approach but is improving. With U.S. momentum, Hong Kong must stay competitive. I expect looser regulations soon.
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### **CZ’s Principles & Future Plans**
**Colin**: Your article *Principles* is widely shared. What’s its core message?
**CZ**: It took years to write, inspired by Ray Dalio. Key ideas: Prefer asynchronous communication (text > calls > meetings), collaborate with proactive partners. I’m expanding it into a memoir but hit delays.
**Colin**: Future focus?
**CZ**: Advising startups via Yzi Labs (formerly Binance Labs). I enjoy mentoring founders in AI, biotech, and blockchain.
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### **On Vitalik, Solana, and Industry Trends**
**CZ**: Vitalik’s a genius—ERC-20, NFTs, and soul-bound tokens reshaped crypto. Ethereum’s PR issues don’t negate its strength. Solana’s memecoin surge? Post-FTX, some communities turned to pump-and-dump schemes. Memes avoid SEC scrutiny, so they thrive.
**Colin**: Advice for crypto entrepreneurs?
**CZ**: Endless opportunities exist beyond finance. Improve DEX scalability, wallet UX, or tokenize R&D. Long-term thinking beats short-term hype.
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### **Personal Life & Final Message**
**Colin**: Daily routine? Six-pack abs progress? Favorite city?
**CZ**: Semi-retired life: Meetings, kite-surfing, skiing. Briefly had abs in prison (bad food helped). Now in Dubai/Abu Dhabi—great for crypto and safety.
**Colin**: New Year wishes for China’s crypto community?
**CZ**: Stay patient and strategic. 2024 will be strong. Happy Lunar New Year!