Changpeng Zhao, a legendary figure known to everyone in the cryptocurrency world, is better known by his abbreviation CZ. He is the founder and former CEO of Binance, a story of going from obscurity to becoming a leader in the global cryptocurrency field in just a few years. CZ not only defined the rise of Binance, but also set a benchmark for the entire blockchain industry through his personal experience and innovation. His story is full of adventure, wisdom, persistence and complex challenges.
1. Immigrating from rural Jiangsu to Canada: The beginning of the journey
Zhao Changpeng was born in 1977 in an ordinary family in Lianyungang, Jiangsu, China. His father was a professor. He was labeled a "bourgeois intellectual" during the Cultural Revolution, and the Zhao family suffered many hardships. At the age of 10, CZ immigrated to Canada with his parents and lived in a university dormitory in Vancouver. Compared with local students, his family was not rich, and his parents' income was only enough to cover daily expenses.
Poverty in his early years did not stop CZ from growing up. In order to reduce the burden on his family, CZ worked at McDonald's and worked the night shift at a Chevron gas station when he was a teenager. These experiences not only honed his perseverance, but also taught him how to grow up in adversity. He showed a strong interest in computers and programming since he was a child. He learned programming on a computer that his father bought at a high price, which laid a solid foundation for his future career.
2. Tokyo Internship: Early Career
Changpeng Zhao was admitted to McGill University in Montreal, Canada, majoring in computer science. While in school, he showed a strong interest in technology, especially in the fields of artificial intelligence and programming. However, a book (Rich Dad, Poor Dad) during college had a profound impact on his outlook on life. The description of wealth and assets in the book made CZ realize that a stable job alone could not bring real wealth, and he had the idea of starting a business.
In 2000, Zhao Changpeng got an internship opportunity at the Tokyo Stock Exchange to assist in the development of a transaction matching system. This internship opened the door to the financial industry for him. After graduation, he joined Bloomberg, where he was responsible for developing futures trading software and was promoted three times in just two years to manage multiple international teams. Despite his bright career prospects, CZ still felt that this was not the future he wanted. He wanted to return to China, a rapidly emerging emerging market, to show his ambitions there.
3. Startup Shanghai: The first step of exploration
In 2005, Changpeng Zhao (CZ) returned to China and founded Fusion Systems in Shanghai, a financial technology company that focuses on providing high-frequency trading systems. With its technological advantages, the company provides high-performance software solutions to many international investment banks and quickly wins wide recognition in the industry. However, despite the company's considerable profits, CZ is eager to seek a more groundbreaking career and hopes to have a more profound impact on the world.
In 2013, an accidental opportunity completely changed CZ's life trajectory. During a poker game with friends, his friends began to discuss Bitcoin, a brand-new digital currency concept. At that time, Bitcoin had not yet been widely spread around the world, but CZ became very interested in this new thing. After hearing the discussion, he copied the 9-page white paper of Bitcoin and read it repeatedly. The white paper deeply shocked him, and he felt that this was a technology with disruptive potential. He firmly believed that this would be the direction of future finance and technology.
Out of his strong belief in Bitcoin, CZ made a bold decision: he sold his property in Shanghai and invested all his assets in Bitcoin. He also quit his stable job at Fusion Systems and devoted himself to the field of cryptocurrency. However, this choice encountered a major setback in the early stage. The price of Bitcoin subsequently fell sharply by 70%, causing his assets to shrink to almost one-third of the original value. CZ's mother was puzzled by his choice and even blamed him for being a "stupid boy". But even so, CZ remained unshakable. He firmly believed that although the price of Bitcoin fluctuated violently, the potential of blockchain technology was indisputable.
In order to gain a deeper understanding of the blockchain industry, CZ joined the blockchain startup Blockchain.info, where he was responsible for the core work of the development team. Here, he had the opportunity to work with many top figures in the industry, including Bitcoin evangelist Roger Ver and Blockchain.info co-founder Ben Reeves. During this time, CZ not only witnessed the early development of the Bitcoin network, but also accumulated valuable experience in blockchain technology and ecology. These experiences laid an important foreshadowing for his subsequent entrepreneurial journey and strengthened his belief in opening up a career in this emerging field.
Despite the ups and downs in his early years, CZ never regretted his choice. He firmly believed that short-term pain was the only way to grow, and the future of blockchain would bring him greater rewards.
4. Joining OKCoin (now OKX) and meeting He Yi: a like-minded partner
In the spring of 2014, CZ and He Yi met for the first time at a public event in the blockchain industry. The event attracted early evangelists and technology enthusiasts in the Chinese blockchain field, and CZ impressed the audience with his profound insights and technical enthusiasm for the future of Bitcoin and blockchain. As an influential leader in the industry, He Yi has excellent marketing capabilities and accurate industry insights, and was deeply attracted by CZ's passion and vision.
The two hit it off quickly and discussed in depth their views on the blockchain industry and future vision. He Yi later recalled: "I admire his persistence in blockchain and his courage to go all in." CZ admitted that he admired He Yi's talent in marketing and communication. This mutual appreciation and recognition laid a solid foundation for their future cooperation.
On He Yi's recommendation, CZ joined OKCoin (now OKX) as Chief Technology Officer (CTO). He led the team to develop the core technology system of the platform, optimized the technical architecture of the exchange, and greatly improved the user experience and trading efficiency. Here, CZ not only accumulated rich experience in exchange operations, but also deepened his understanding of the blockchain industry and exchange business models. However, with the in-depth involvement in the operating model, CZ and OKCoin management had differences in concepts on user rights, platform transparency and long-term strategic direction. In the end, CZ chose to leave and began to plan a truly user-centric, global and technology-driven trading platform.
This brief but significant experience also further solidified his professional partnership with He Yi. Three years later, when CZ decided to start his own cryptocurrency exchange, Binance, he immediately invited He Yi to join the team. As Binance's Chief Marketing Officer (CMO), He Yi injected excellent marketing strategies and strong resource integration capabilities into the platform's rapid rise.
The cooperation between CZ and He Yi is a perfect combination of technology and market. One party is driven by technological innovation, and the other party is assisted by marketing wisdom. Together, they built Binance from scratch into one of the most influential cryptocurrency exchanges in the world, creating an era in the blockchain industry. It is this tacit understanding of like-mindedness and mutual trust that has left them with a strong mark in the history of blockchain.
5. The rise of Binance: from zero to peak
In 2017, Zhao Changpeng officially founded Binance. Binance quickly attracted a large number of users with low transaction fees, diverse cryptocurrency selection and efficient user experience. CZ incorporated his experience and innovative spirit into Binance. From the initial coin-to-coin trading to the later contract trading and leveraged trading, Binance quickly grew into the world's largest cryptocurrency exchange.
More importantly, CZ launched Binance Coin (BNB), a platform token that not only serves as a fee discount, but also gradually becomes the core of the entire Binance ecosystem. BNB's innovative mechanism and growing use cases have caused its market value to soar, making it one of the top five cryptocurrencies in the world.
Less than half a year after Binance was founded, the platform's trading volume has surpassed other competitors and ranked first in the world. In the process, CZ demonstrated amazing execution and global layout capabilities. He led Binance to establish businesses in Malta, Singapore, Japan and other places, while actively embracing the regulatory environment in various places, paving the way for Binance's long-term development.
6. Challenges and crises faced: regulation and trust
With the rise of Binance, CZ has also had to face challenges from global regulators. From the ICO ban in China in 2017 to the strict scrutiny in the United States and many European countries, Binance has been forced to adjust its strategy many times and move its business from one country to another. However, CZ did not back down, but instead accelerated Binance's pace of globalization.
Binance has also been involved in controversy many times, such as user security issues and inadequate anti-money laundering policies. Despite these doubts, CZ has always responded with a calm attitude. He emphasized that Binance will strive to cooperate with regulators in various countries while protecting the rights and interests of users.
At the end of 2023, Zhao Changpeng pleaded guilty to the U.S. Department of Justice's allegation that Binance failed to effectively implement anti-money laundering measures. He paid a huge fine and resigned as CEO. However, this crisis did not make CZ lose hope. He reflected on his management model and decision-making in prison and replanned the future development direction.
7. CZ’s leadership philosophy: long-term thinking and quick decision making
CZ is known for his efficient and concise style. He insists on "rejecting unnecessary things" and focusing his time on the most core tasks. He rarely participates in unnecessary social activities and prefers to manage the team through clear goals and results.
His leadership principles include:
Fairness and long-term relationships: He stressed that all transactions must be win-win, and only fair cooperation can last long.
Decentralization and innovation: He believes that overly structured companies are prone to bureaucracy, while moderate "ordered chaos" can stimulate more innovation.
User-centric: No matter how big the crisis is, Binance always puts the rights of users first, which is one of the reasons why Binance has been able to survive many challenges.
8. A New Beginning: CZ’s Vision for the Future
In 2024, CZ said in a speech at Binance Blockchain Week Dubai that he will devote himself to the role of education and mentor in the blockchain industry, while exploring the combination of artificial intelligence and encryption technology. He firmly believes that cryptocurrency will remain one of the core technologies of the future, and his mission is to promote the continued development of this field.
Despite resigning as CEO of Binance, CZ is still passionate about the industry. He plans to pass on his experience and wisdom to the next generation by investing in emerging technologies and mentoring young entrepreneurs. He said: "My journey is far from over, I just changed another way to move forward."
9. Summary: CZ’s influence and inspiration
Changpeng Zhao's story is not only a legend of a poor immigrant who became a billionaire, but also a real-life textbook of courage, wisdom and tenacity. He has proved through his own efforts that no matter what your background is, as long as you seize opportunities and continue to innovate, you can leave your mark on the global stage.
His experience reminds us that success is never achieved overnight, but is achieved through constant challenges and persistence. In the future blockchain world, CZ's name will still be remembered by people. He not only defined the past, but also laid the foundation for the future of the industry.
