In 2014, Zhao Changpeng sold all his properties in Shanghai and bought Bitcoin. In less than a year, the price of Bitcoin was halved. The housing prices in Shanghai increased by 100%. Despite the huge loss, he did not go bankrupt, but instead strengthened his belief in Bitcoin. Because a talented young man and industry veteran like him suffered a loss again. It shows that Bitcoin is indeed promising! Soon, in 2017, the opportunity he was waiting for came.

1. Poker Game In 2013, Shanghai. Several middle-aged men were sitting together playing cards. The room was an ordinary private room, and they were playing the usual way. No one could see anything special. Only Zhao Changpeng vaguely felt that his life might take an exciting turn here. Why? Outsiders generally don't know, but he knows it very well. Not everyone can play cards. Let's put it this way, if you throw a brick into the sky now, anyone who hits it will be an entrepreneur or founder.

Zhao Changpeng, who was a senior executive of a large company at the age of 27 and a startup boss at the age of 36, is an absolute young talent. However, in the table, he only feeds the number of cards to the previous player. At the same time, he is holding the cards tightly in his hand and pretending to think. His ears are perked up to listen to the conversation of the people next to him. Zhao Changpeng knows this big man, his name is Li Qiyuan. He is the founder of China's first Bitcoin exchange "Bitcoin China". The company's 2011 album and 2013 trading volume ranked first in the world. Love, not many ordinary people have heard of this coin, let alone making money from it.

Li Qiyuan is the absolute pioneer and enlightener of this industry in China. Zhao Changpeng dared to reserve tickets in his heart. More than half of the friends here came here to try out this new trend. Halfway through the game, Li Qiyuan suddenly smiled, his eyes swept across everyone on the table, and finally stood on Zhao Changpeng. "Xiao Zhao, I heard that you are quite interested in Bitcoin recently?" Zhao Changpeng was slightly stunned, and inadvertently asked Li Qiyuan why he would take the initiative to bring up this topic. He pondered for a moment and replied: "Yes, Mr. Li. I feel that this thing has great potential in the future." Li Qiyuan nodded, and a hint of approval flashed in his eyes. Bitcoin does have its unique advantages, decentralization, high security, global circulation... These are all incomparable to traditional finance.

However, the market is volatile and the risks are high. What do you think? "Zhao Changpeng took a deep breath, with infinite enthusiasm in his heart. "I believe that Bitcoin is not only a digital currency, but also a financial revolution. Although the price is amazing now, in the long run, it will change the world's payment methods and value storage methods. "Li Qiyuan smiled and patted Zhao Changpeng on the shoulder. "There is a long view. I hope you can go further on this road. "After the game, Zhao Changpeng returned home, and Li Qiyuan's words still echoed in his eyes. That night, he stayed up all night and began to study Bitcoin and blockchain technology in depth. As a result, his life trajectory changed completely.

2. The Wisdom of Soha After returning home, Zhao Changpeng dreamed of Li Qiyuan’s words.

Although all his understanding came from a poker game, he has firmly believed in Bitcoin. For him, entering the game now is the first step. It has to be said that Zhao Changpeng is a ruthless person. He directly gave up his startup company, started from scratch, entered the Bitcoin industry, and became a worker. At the beginning, he joined an overseas company called "Blockchain". There, Zhao Changpeng met the big names in the eye-catching virtual currency industry, and with his own abilities and agile touch, he emerged and became the third part of this company. After that, he was invited by the well-known domestic virtual currency trading platform "OKCoin" to serve as the technical director. 2014 This year, more and more people are paying attention to Bitcoin.

Zhao Changpeng has become a senior and experienced figure in the industry because of his decisiveness and strong execution. It took him less than a year to debut as a member of the "Bitcoin Sky" group. During this year, as his understanding of virtual currency deepened, Zhao Changpeng attached more and more importance to Bitcoin.

At the same time, he also felt that he had figured it out. "I've been involved in this for many years, and I've also participated in international financial transactions. Playing with coins and so on, isn't it easy?" With his confidence in himself and his belief in Bitcoin, Zhao Changpeng was overwhelmed. He made a decision that even his master called "crazy" - he sold all his properties in Shanghai and invested all his money in Bitcoin. This behavior stunned everyone in the circle. There are obviously ruthless people in the currency circle, but this is the first time that Langmie dared to bet all his wealth on a single bet. But everyone felt that there must be a reason for the big guys to take action. Could it be that the price is going to change? Everyone just waited and watched, and guess what happened? The price did change.

Less than a year after Zhao Changpeng went all-in, the price of Bitcoin was halved. And the housing prices in Shanghai have doubled. In three words, it was a loss. It is said that if you win, you will be a young model, and if you lose, you will go to the adult entertainment industry. If an ordinary guy loses as much as Zhao Changpeng, he probably won’t go to the adult entertainment industry, but will queue up to go to the rooftop to save trouble. What kind of faith is it? It’s better to die. The currency circle is all exploded. Well, the big guys are going crazy again. Zhao Changpeng is not an ordinary person. After losing so much, he didn’t go to the rooftop or go to the adult entertainment industry, but instead strengthened his belief in Bitcoin. It’s very simple. He is a genius boy and an old bird in the industry, but he has been cut off. Whose leeks can’t be cut off by Bitcoin? No matter how you think about it, there is definitely a way. Everyone knows that there is a top secret book called Sunflower Manual. If you want to practice this skill, you must castrate yourself first.

Zhao Changpeng is similar. The first cut of the leek was himself, implying the completion of the evolution of faith. Just this reverse thinking has reached the fifth level. According to the general level, if the divine power is perfected, it should be invincible. Zhao Changpeng just started praying and prepared to become bigger and stronger, and then the accident happened. Not long after he started working at "OKCoin", the "Bitcoin Team" had an internal conflict. There was a serious gap between him and the company's CEO Xu Mingxing on the future development direction. Outsiders don't know the specific reasons, they only know that the same kind of people will curse each other online when they disagree.

One said that the CEO relied on robots to fake trading volume and the performance was all exaggerated; another said that Zhao Changpeng had faked his academic qualifications and deceived the company. As the matter became more and more serious, Zhao Changpeng saw that he could not stay in the company anymore, so he simply chose to leave. After going solo, he continued to start his own business, but he did not touch Bitcoin again. It was not because he gave up his faith, but Changpeng was waiting for an opportunity to create his own Bitcoin exchange. Soon, in 2017, the opportunity came. 3. In 2017, the fire of cryptocurrency finally burned into the cognition of most people. A duck knows first when the river water warms in spring. There is no need to do research. Zhao Changpeng, an old duck, knows that this will be a crazy year.

The stories of people getting rich overnight through cryptocurrency speculation are becoming more and more common in drinking conversations. When buying vegetables, every old man and woman is talking about this coin or that coin. When a situation is discussed even in the vegetable market, it means that countless leeks have appeared. Zhao Changpeng understands that now is the best opportunity.

In July 2017, he founded Binance, a cryptocurrency exchange in Shanghai. Users can trade various virtual currencies on Binance and then withdraw them into US dollars or other currencies. What Zhao Changpeng earns is the handling fee for each transaction. The profit model looks simple, but it is actually quite difficult: Why do people come to trade with you? There are no less than three exchanges in China that are ranked among the best in the world. "Huobi", the old acquaintance "OKCoin", and "Bitcoin China" of Li Qiyuan, the enlightenment mentor at the time, are now taking advantage of the east wind and developing rapidly. Binance, which Zhao Changpeng just founded, should have to survive in the cracks.

But no one expected that Binance would start the unparalleled leeks-cutting mode as soon as it went online. No one understands the power of "belief" better than Zhao Changpeng. When he first entered the industry in 2013, he had no experience in the circle. But as long as you enter the industry early, you will become a senior in the club one day. Now that the trend has exploded in 2017, in the eyes of newcomers, Zhao Changpeng is the big boss who opened up the territory with Li Qiyuan and others. The signs that have been made are all backed by time and experience. Besides, it is really hard to find someone who talks about faith more than Zhao Changpeng.

After all, he really sold his house in 2014 and put all his money into Bitcoin this year. He is the first person in China to "hold 99% of his assets in Bitcoin". With a story to back him up, players burst into tears. Everyone knows that the leeks of the "believers" are the easiest to cut. Zhao Changpeng used his faith to bring a group of loyal fans to Binance. In just half a year, Binance attracted 6 million users. With its 1.4 million transactions per second, it has become the world's largest cryptocurrency exchange. Whether it was his previous colleagues or opponents, they were all left behind by Zhao Changpeng. This was his first peak in life, but the breath did not last long.

In July 2017, Zhao Changpeng just founded Binance. In September 2017, the People's Bank of China, the Cyberspace Administration of China and other seven ministries and commissions jointly issued an announcement. It clearly defined virtual currency issuance and financing activities as "illegal financial activities" and required all related trading platforms to clean up and close transactions before the end of the month. Cryptocurrency exchanges directly obtained illegal institutions. Several other domestic exchanges raised the restless white flag and shut down their services. Even Li Qiyuan gave up his business and switched to blockchain. Zhao Changpeng was a little shaken for the first time. Even his enlightenment mentor had abandoned Bitcoin. Is it really necessary to persist? In the end, for the belief of that year, he was still ready to fight again.

It was this different decision that made Zhao Changpeng and Li Qiyuan's fates completely different. He absorbed the lost users of his peers and resolutely left China with the server and team. But he didn't know that what he would face next would be a difficult "Wandering Earth" journey, and also a passionate road to becoming the richest Chinese. 4. Wandering Earth Zhao Changpeng wanted to find a legal place for Binance to obtain a license. The first stop was Japan. But the treatment there was not comparable to that in China.

You would never have thought that the world's largest Bitcoin exchange could not rent a large office building offline because it could not meet the tax standards. Because there was not enough space, the desk had to be moved next to the toilet. Zhao Changpeng was refreshed every day when he went to work. But he was not aware of it. The stench was overwhelming, but public opinion did not affect Binance's daily income of tens of millions. As long as the Japanese Financial Services Agency could issue a license, the future would be fine. But he was not aware of it. He had to endure it next to the toilet for 3 months, but Zhao Changpeng still had no choice but to pack his bags again and start "Wandering the Earth". It's just that other people's hiking is hiking with the earth. Zhao Changpeng's hiking really covered most of the earth. With China's strongest ban on cryptocurrencies, people and countries have begun to follow suit.

You may wonder why it is so unpopular? Zhao Changpeng was also troubled, but he soon realized that strict global regulatory requirements are a big test for the cryptocurrency circle. It is in this environment that Binance needs to find a truly global market instead of relying on a certain country. Therefore, Zhao Changpeng decided to target some countries with relatively more regulations, such as Singapore, Malta, Switzerland and other places. His team is committed to in-depth research on regulatory policies in various places, and to dialogue with local governments and financial institutions to strive for Binance to have one of the opportunities to operate legally.

Singapore's Hope As the financial center of Asia, Singapore has a relatively open financial policy. Zhao Changpeng saw the opportunity and decided to move Binance's headquarters to Singapore. After a series of applications and reviews, Binance finally obtained a digital payment license issued by the Monetary Authority of Singapore (MAS) in early 2018. This not only brought legal operation guarantees to Binance, but also paved the way for global expansion. In Singapore, Binance quickly established a strong localization, optimized user experience, and improved platform security.

At the same time, Zhao Changpeng actively participated in local blockchain and cryptocurrency community activities to establish the brand image of the Binance team. With instant products and high-quality services, Binance won the trust and support of users in a short period of time. Global expansion After acquiring Singapore, Binance must stop installation. Zhao Changpeng set his sights on the European and North American markets. In Switzerland, Binance cooperated with local financial institutions to launch a series of financial products that meet local regulatory requirements; in the United States, although the regulatory environment is complex, Binance still gradually opened up the market through compliant operations. Continuously expanding new business areas, such as decentralized finance (DeFi), non-fungible token (NFT) trading platforms, etc., further consolidated its leading position in the global cryptocurrency market.

Technological Innovation Zhao Changpeng knows that technology is the core of the industry. Therefore, Binance has invested a lot of resources in technology research and development to create a high-performance trading engine to ensure that millions of transactions per second can be surpassed without hindrance. At the same time, Binance is also actively promoting the application of blockchain technology, involving multiple open source projects, and promoting technological progress in the entire industry. In terms of security, Binance has established a risk control system, encryption verification, cold wallet storage, smart contract identity audit and other measures to ensure the security of user assets. Because of this, Binance has established a safe and reliable reputation worldwide.

5. Gorgeous counterattack As Binance continues to expand in the global market, Zhao Changpeng’s personal wealth has also grown rapidly.

He not only became the richest Chinese, but also has a pivotal position in the global cryptocurrency field. However, behind the success, there are still various challenges and pressures. With the rise of Binance, competition has intensified, and more and more competitors have come out to support it. Old exchanges such as Huobi and OKCoin have stepped up their involvement and tried to regain market share. At the same time, emerging ones are still constantly supporting, bringing new competitive pressure. Zhao Changpeng knows that only by continuous innovation can we be invincible in the fiercely competitive market. 6. After years of hard work, Binance finally realized that it has gained a foothold in the global cryptocurrency market and has become an undisputed industry leader. With his outstanding leadership and keen business sense, Zhao Changpeng's personal wealth has also risen rapidly, and he eventually became the richest Chinese. The Wandering Earth Zhao Changpeng wants to find a place where Binance can obtain a legal license.

The first stop was Japan. But the treatment there was nothing like that in China. You would never have thought that the world's largest Bitcoin exchange could not rent a large office building offline because it could not meet the tax standards. Because there was not enough space, the desk had to be moved next to the toilet. Zhao Changpeng was refreshed every day when he went to work. But he didn't care. The stench was everywhere, and the weather forecast would not affect Binance's daily income of tens of millions. As long as the Japanese Financial Services Agency could issue a license, the future would be fine. But unexpectedly, after three months of staying by the toilet, Zhao Changpeng got the same paper backpack. He had no choice but to pack his bags again and start "wandering the earth". But other people's wandering was wandering with the earth. Zhao Changpeng's wandering really covered most of the earth. As China took the lead in banning cryptocurrencies, many countries began to follow suit.

You may wonder why it is so unpopular? Zhao Changpeng was also troubled, but he soon realized that strict global regulatory requirements are a big test for the cryptocurrency circle. It is in this environment that Binance needs to find a truly global market instead of relying on a certain country. Therefore, Zhao Changpeng decided to target some countries with relatively more regulations, such as Singapore, Malta, Switzerland and other places. His team is committed to in-depth research on regulatory policies in various places, and to dialogue with local governments and financial institutions to strive for Binance to have one of the opportunities for legal operation. Singapore's hope As the financial center of Asia, Singapore has a relatively open financial policy. Zhao Changpeng saw the opportunity and decided to move Binance's headquarters to Singapore. After a series of applications and reviews, Binance finally obtained a digital payment license issued by the Monetary Authority of Singapore (MAS) in early 2018. This not only brings legal operation guarantees to Binance, but also paves the way for global expansion. In Singapore, Binance quickly established a strong localization, optimized user experience, and improved platform security.

At the same time, Zhao Changpeng actively participated in local blockchain and cryptocurrency community activities to establish the brand image of the Binance team. With instant products and high-quality services, Binance won the trust and support of users in a short period of time. Global expansion After acquiring Singapore, Binance must stop installation. Zhao Changpeng set his sights on the European and North American markets. In Switzerland, Binance cooperated with local financial institutions to launch a series of financial products that meet local regulatory requirements; in the United States, although the regulatory environment is complex, Binance still gradually opened up the market through compliant operations. Continuously expanding new business areas, such as decentralized finance (DeFi), non-fungible token (NFT) trading platforms, etc., further consolidated its leading position in the global cryptocurrency market.

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