Changpeng Zhao (CZ)
Changpeng Zhao, also known as CZ, is a Chinese-Canadian entrepreneur best known as the founder and former chief executive officer of Binance, the world's largest cryptocurrency exchange.[5] After pleading guilty in the United States in 2023 to a Bank Secrecy Act violation related to Binance’s compliance controls, he resigned as CEO, was sentenced to four months in federal prison in 2024, and received a full presidential pardon from U.S. President Donald Trump on October 23, 2025.[31][30][36][44][51] Zhao remains Binance’s largest shareholder but is no longer involved in its management, focusing instead on venture investing through his family office and related vehicles, his nonprofit online education initiative Giggle Academy, and promoting his 2026 memoir Freedom of Money.[51][52][50]
Early Life & Education
CZ was born on September 10, 1977, in Jiangsu province, China to his Chinese parents, who were both teachers in China. His father was a professor in China before he was branded "pro-bourgeoisie intellect" and exiled from his country. When he was 12 years old, CZ moved with his family to Vancouver, Canada where they settled.[5]
During his teenage years, Zhao helped support his family by working several service industry jobs, including at a Chevron gas station, at McDonald’s, and as a referee at volleyball games.[1]
While in Canada, CZ attended McGill University in Montreal, Canada where he earned a computer science degree.[1]
Career
After college, CZ began working for the Tokyo Stock Exchange, developing software for matching trade orders. He also worked at Bloomberg Tradebook, a developer of futures trading software. In 2005, CZ quit his role as head of the Bloomberg Tradebook Futures Research & Development team and moved to Shanghai to start Fusion Systems, known for building "some of the fastest high-frequency trading systems for brokers."[1][2]
CZ learned about Bitcoin in early 2013 while playing poker with his friends. Bitcoin then was new and CZ had no idea about it but found it to be interesting so he decided to learn more. He read the whole Bitcoin whitepaper to get more understanding of the new technology.[7]
He fully got invested into the cryptocurrency industry in December 2013. While attending a conference in Las Vegas, he had the opportunity to meet Vitalik Buterin, one of the co-founders of Ethereum. During this encounter, CZ also met someone who was quite influential in his journey into the world of crypto. This individual demonstrated Ripple to CZ and even transferred $500 worth of Ripple's token, XRP, to him, encouraging him to use it to teach others about the technology.[26]
This encounter had a profound impact on CZ, and he eventually quit his job and sold his house to fully immerse himself in the world of crypto. He faced criticism from his friends and family who said he was foolish for making such a decision. Two months later, Bitcoin crashed by 70% and CZ lost over $700,000.[7][26]
Later, Zhao also worked on various cryptocurrency projects including Blockchain.com, and served as chief technology officer of OKCoin, attempting to spread his vision of integrating blockchain technology and cryptocurrencies into businesses and everyday life.[1][27]
“If you pick one business, and integrate [it] with crypto, I fully believe cryptocurrencies will give a much stronger financial funding power.”
On March 19th, 2024, Changpeng Zhao unveiled Giggle Academy, a nonprofit online education platform, focusing on grades 1 to 12. It aims to offer a gamified curriculum covering traditional subjects and advanced topics like blockchain and AI, all free and online. Zhao clarified that the project is non-crypto related, emphasizing its educational mission.[40][34][35]
Binance
In 2017, CZ left OKCoin to start a cryptocurrency exchange called Binance. Its name was a combination of two words: “binary,” as in the ones and zeros of computer code, and “finance.” He launched the exchange on July 14, 2017, following an initial coin offering (ICO) that raised about $15 million worth of cryptocurrency.[8]
In August 2018, Binance made their first public acquisition, buying Trust Wallet, a secure Ethereum wallet app, to enhance its services and improve user safety. The acquisition added an on-chain mobile wallet to Binance's offerings while giving the Trust Wallet team the freedom to continue developing their product. Binance aimed to offer better security, services, and support to users with this acquisition, and also expected to pave the way for future integrations with other services.[12][13]
In January 2019, Binance partnered with Simplex to offer crypto purchases with a debit or credit card. In September, the company began offering perpetual futures contracts allowing for 125x leveraging on the contracts. Additionally, Binance.us was launched in nearly all of the United States.[8]
In March 2020, Binance acquired the well-known cryptocurrency data tracking platform CoinMarketCap for a sum of $400 million. CZ aimed to further develop CoinMarketCap and increase Binance's exposure to CoinMarketCap's large following.[14][15]
In September 2020, Binance launched their Binance Smart Chain (BSC), a blockchain network developed by Binance that allows for the creation and management of decentralized applications (DApps) through smart contracts. It was created to overcome the programmability limitations of the initial Binance Chain and offers high transaction capacity through its integration with the Ethereum Virtual Machine. [16][17]
“Right now it is one of our larger businesses that support our growth. But over the long term, we want to push decentralization.”
On February 15th 2022, Binance Chain and Binance Smart Chain merged into BNB Chain. BNB Chain comprises BNB Beacon Chain and BNB Smart Chain. BNB, which stands for "Build and Build" is a gas token that powers transactions on the chain. The change brings advancements to benefit users, projects, and developers, including scaling to multi-chain, boosting throughput, introducing on-chain governance, and expanding the validator set. The BNB Chain will support large-scale applications, such as GameFi, SocialFi, and the Metaverse.[28]
In June 2021, Binance launched Binance NFT, an non-fungible token (NFT) marketplace offering curated exhibitions, global auctions, and fee-based trading. It offers two categories: "Premium Event" for sought-after collaborations and "Trading Market" for low-cost NFT creation. Changpeng Zhao’s main goal was to open up the NFT space to the massive Binance community.[18]
However, in November of 2023, Changpeng Zhao stepped down as the CEO of Binance.
Awards & Recognition
In 2018, Zhao won the Golden Token "CEO of the Year" award, while his crypto exchange Binance received the Best in Trading/DEX award.[3]
In 2020, CZ was recognized in the Bloomberg 50 as one of the most influential people of the year.[11]
In December 2022, CoinDesk announced Changpeng Zhao as CoinDesk’s Most Influential 2022. On December 5, 2022, CoinDesk highlighted Binance’s support following the downfall of rival cryptocurrency exchange FTX, including a commitment of $1 billion to a recovery fund, leading some media outlets, including Bloomberg, to portray him as a potential "savior" of the crypto world, as reflected in a Bloomberg article headlined, “Binance’s Billionaire CEO Casts Himself as Crypto’s New Savior”.[11]
Investments
According to later media reports, Binance and related entities have invested roughly $1 billion across venture deals, and Zhao personally committed $500 million in equity funding as part of a $7 billion financing pledge to support Elon Musk's acquisition of Twitter.[9]
As the major head of Binance Lab, In June 2022, Binance Labs, the venture capital and incubation arm of Binance, reported closing more than $140 million of investments across 73 different projects in 2021.[6]
Philanthropy
COVID-19 Relief Efforts
On April 3rd 2020, Changpeng Zhao, committed at least $2 million more to provide essential medical supplies such as masks and ventilators directly to hospitals in need. BCF has already donated $200,000 in cryptocurrency from the public. Zhao estimates Binance's total contributions will add up to approximately $5 million, with a focus on delivering PPE to hospitals in severely impacted countries such as Italy, the United States, and Germany.[19][20]
“The pandemic has changed the world as we know it; it will never be the same again. And in this new world, we believe crypto will play an ever increasing role.”“It has always been our ethos to help others. It’s human nature to feel good when helping others. It gives us a strong sense of satisfaction, a purpose of being. “
Pledge to Donate Most of His Wealth
In November 2021 Changpeng Zhao revealed his plan to donate up to ninety nine percent of his wealth in an interview with The Associated Press. Like other business magnates such as John D. Rockefeller, Zhao intends to give away most of his wealth. Although his net worth is around 200 billion if Binance exits near its current valuation of $300 billion. However, Zhao stated that he is financially free and doesn't need a lot of money. He holds only bitcoin and Binance coin (BNB), and the majority of his net worth is in BNB.[21]
"I do intend to give away most of my wealth, like many wealthy entrepreneurs or founders did from Rockefeller until today. I do intend to give away 90, 95, or 99% of my wealth,"
Partnership With Jokkolabs
In July 2022, Changpeng Zhao visited Ivory Coast and Senegal to connect with people and policymakers. CZ emphasized the significance of blockchain for the financial economy and expressed the company's commitment to collaborating with African policymakers. CZ announced Binance's partnership with Jokkolabs, through which Binance will launch blockchain awareness and education programs in communities across Francophone Africa. The partnership aimed to reinforce the region as a hub of blockchain innovation and entrepreneurship, with monetary donation used to fund community education workshops that will increase blockchain literacy and skills.[4][25]
CZ's visit followed Binance's previous partnerships with Senegalese TikTok creator Khaby Lame and AFCON, the biggest international football championship in Africa, indicating Binance's dedication to driving blockchain adoption in the region.[4]
Later Career and Public Role
As Binance matured, Zhao increasingly took on advisory roles, made public interventions on policy and industry infrastructure, and engaged in writing and public speaking about cryptocurrencies and digital finance. The following subsections outline these later-career activities, including his advisory work with government-linked bodies, his comments on crypto inheritance and platform design, and his post-incarceration public profile.
CZ Joins Pakistan Crypto Council as Advisor
On April 7, 2025, Changpeng “CZ” Zhao, was named Strategic Advisor to the Pakistan Crypto Council (PCC).[49]
The appointment was announced during a Monday meeting with top Pakistani officials, including Finance Minister Senator Muhammad Aurangzeb, SECP Chairman, State Bank Governor, and Federal Secretaries for Law and IT. CZ Zhao also met with Pakistan’s Prime Minister and Deputy Prime Minister.
Commenting on the move, Senator Muhammad Aurangzeb, Finance Minister of Pakistan and Chairman of PCC, said that CZ’s appointment plays a key role in Pakistan’s ongoing push to accelerate its digital finance transformation.[49]
CZ Comments on Crypto Inheritance & Platform Resilience
On June 19, 2025, Changpeng Zhao (CZ) publicly argued that crypto platforms should prepare for scenarios in which users may pass away. In a post on X, CZ encouraged platforms to implement or improve inheritance features, stating:
“This is a topic people avoid, but the fact is, humans cannot live forever yet. Every platform should have a ‘will function’—so that when someone is no longer around, their assets can be distributed to designated accounts according to specified proportions. Regulatory frameworks should also allow minors to have accounts (they can be restricted from trading, but should be allowed to receive funds).”[39]
His remarks highlighted that, in his view, the growing maturity of the crypto industry requires better inheritance planning and user asset continuity, particularly in the context of decentralized finance longevity.[39][46]
Legal Issues and Regulatory Actions
Zhao and Binance have been involved in several high-profile legal disputes and regulatory actions across multiple jurisdictions. These include defamation litigation, market-rescue talks during the collapse of rival exchange FTX, and criminal and civil enforcement actions by U.S. authorities.
Bloomberg Case & Settlement Details
In July 2024, two years after a lawsuit was filed, Bloomberg's Chinese-language franchisee published a formal apology to Zhao, settling the case. The publisher retracted the "false and baseless" headline, "Changpeng Zhao's Ponzi Scheme," without reservation and apologized for any harm caused to Zhao and Binance. As part of the settlement, an agreed sum was donated to the Songzi, Hubei Province Special Education Foundation in lieu of damages, and the case was dismissed.[47]
The lawsuit originated on July 26th 2022, when Changpeng Zhao initiated a lawsuit against Modern Media, the Hong Kong publisher of Bloomberg Business week, for defamation. The lawsuit was a result of a translated version of a Bloomberg Business week article, which carried a headline that portrayed Zhao as running a "Ponzi scheme." In response, Zhao demanded a retraction from Modern Media, as well as removal of the edition from circulation and a restraining order to prevent further dissemination of the portrayal.[10][41]
Binance and FTX
In November 2022, a series of events involving Binance and FTX took place in the span of 3 days. First, Binance announced it was selling its remaining $580 million worth of FTT tokens, citing "recent revelations." Binance's CEO, Changpeng Zhao, said the move was part of a risk management strategy and not directed against a competitor.[42][22]
Next, Binance agreed to acquire FTX for an undisclosed sum, after FTX suffered a liquidity crisis.[43][23]
However, a day after the non-binding deal was announced, Binance reversed course and abandoned its plans to purchase FTX's non-US businesses. Binance stated that the decision was made as a result of corporate due diligence, as well as news reports regarding mishandled customer funds and alleged U.S. agency investigations, concluding that the issues were "beyond our control or ability to help."[24]
Binance and CZ Settle Federal Charges
On November 21, 2023, Binance and Changpeng Zhao reached a settlement with the U.S. Department of Justice and other agencies. Binance agreed to plead guilty to anti‑money‑laundering and sanctions violations and pay about $4.3 billion in penalties, while Zhao pleaded guilty to violating the Bank Secrecy Act, agreed to step down as CEO, and accepted a $50 million personal fine. Richard Teng succeeded him as CEO. The deals were approved by a U.S. district judge in December 2023.[31][29][32][33]
Zhao was subsequently sentenced to four months in prison. He began serving his sentence on June 1, 2024, and was released on September 27, 2024.[36][37][38]
Presidential Pardon
On October 23, 2025, U.S. President Donald Trump issued a presidential pardon for Changpeng Zhao.[44]
In a statement on X, Zhao's lawyer, Teresa Goody Guillén, expressed "profound gratitude" to President Trump, stating his "courage and moral clarity made this day possible." She added that the decision was a "reclamation of justice" after what she described as "years of relentless lawfare" and "prosecutions driven by a political war on crypto and innovation."[48]
Following the pardon, Teresa Goody Guillén also commented that the pardon was for a "single charge of failure to have an effective compliance program," emphasizing that the case involved no fraud, no victims, no criminal history, and no money laundering. She also noted that the judge found no evidence that Zhao was aware of any illicit transactions.[45]
Freedom of Money Book
Former Binance CEO Changpeng Zhao (CZ) announced the launch of his book, Freedom of Money, in which he recounts building the world's largest crypto exchange, regulatory challenges, and the future of the financial system.
The book is already available in select countries and received a global release on April 8, 2026.[50] Commentators such as New York Post columnist Charles Gasparino have described Freedom of Money as a key text for understanding the business of digital assets and the future of crypto, while also highlighting Zhao's controversial position within the cryptocurrency industry.[53]
The book Freedom of Money is live in some countries already.It seems the book will be available to everyone on April 8th at 12:00 AM in their own time zone. If you have trouble falling asleep at midnight today, grab a copy today. All proceeds go to charity.[50]
