Changpeng Zhao

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The native form of this personal name is Zhao Changpeng. This article uses Western name order when mentioning individuals.

Changpeng Zhao
Zhao in 2022
Born1977 (age 47–48)
Lianyungang, Jiangsu, China[1]
NationalityCanadian, Emirati
Other namesCZ
Alma materMcGill University (BSc.)
Occupations
  • Businessman
  • investor
  • software engineer
Known forCo-founder and former CEO of Binance
Spouse
Yang Weiqing
​
(m. 2003⁠–⁠2005)​
PartnerHe Yi (2014–)
Children5
Changpeng Zhao
Traditional Chinese趙長鵬
Simplified Chinese赵长鹏
Transcriptions
Standard Mandarin
Hanyu PinyinZhào Chángpéng

Changpeng Zhao (Chinese: 趙長鵬; pinyin: Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance.[2] He resigned as the CEO in November 2023 after pleading guilty to a money laundering charge in the United States and was sentenced to four months in prison in April 2024 and completed his sentence by September of the same year.[3][4][5]

According to Forbes, Zhao was ranked the 24th-richest person in the world, and second-richest Canadian, with a net worth estimated at $64.8 billion as of May 2025.[6]

On April 7, 2025, he was appointed by the Pakistan Ministry of Finance as a strategic advisor to the Pakistan Crypto Council. He will guide look-over and promote crypto and blockchain technology in the country[7][8][9]

On May 3, 2025, he was appointed as an advisor to the president of Kyrgyzstan, Sadyr Japarov, on the development of digital assets.[10]

Early life and education

[edit]

Zhao was born in Lianyungang in China's Jiangsu province.[1] In the late 1980s, when he was 12 years old, he immigrated with his family to Canada, settling down in Vancouver, British Columbia. His parents were both schoolteachers in China.[11] His father worked as a university instructor before he was branded a "pro-bourgeois intellect" and exiled to rural areas shortly after Zhao's birth.[12] During his teenage years in Canada, Zhao helped to support his family by holding down a number of service jobs, including working as a fast-food clerk at a McDonald's restaurant and a gas station.[13][14]

Zhao attended McGill University in Montreal, Quebec, where he majored in computer science.[13]

Early career

[edit]

After graduating from McGill, Zhao was selected for an internship in Tokyo working for a subcontractor of the Tokyo Stock Exchange, developing software for matching trade orders. He later went to work full-time for four years at Bloomberg Tradebook where he was a developer of futures trading software.[13]

Business career

[edit]

In 2005, Zhao moved to Shanghai to launch his business career, where he established his first technology startup company called Fusion Systems,[15] which was known for "some of the fastest automated high-frequency trading platforms and systems for stockbrokers."[13] Zhao first heard of bitcoin in 2013 when playing poker with Bobby Lee (brother of Charlie Lee) who would later go on to found BTCC. Lee advised Zhao to put 10% of his money into bitcoin. Zhao instead "went all in" and sold his apartment in Shanghai and invested all of his wealth in bitcoin, much to his family's dismay.[14]

In 2013, Zhao was a member of the team that developed Blockchain.info and he also served as Chief Technology Officer of OKCoin.[13]

In 2022, Zhao invested $500 million through Binance to finance the acquisition of Twitter by Elon Musk.[16]

In 2025, Zhao was appointed as strategic advisor for the Pakistan Crypto Council (PCC).[17]

Binance

[edit]

After its launch in July 2017, the Binance cryptocurrency exchange was able to raise $15 million in an initial coin offering, and trading began on the exchange eleven days later.[18] In less than eight months, Zhao grew Binance into the world's largest cryptocurrency exchange by trading volume (as of April 2018).[19][18] Zhao also launched Binance Coin in 2017, a utility token that gives its owners various benefits, such as discounts on trading fees.[20] In April 2019, Binance launched Binance Smart Chain, which has smart contract functionality and is an Ethereum competitor.

In February 2018, Forbes placed him third on their list of "The Richest People In Cryptocurrency," with an estimated net worth of $1.1-2 billion.[19][21]

In 2019, Zhao launched Binance's U.S. affiliate, Binance.US.[22] Binance withdrew its application to run a Singapore-based crypto exchange in 2021.[23]

[edit]

Civil lawsuits

[edit]

On March 27, 2023, the Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and Zhao in the United States District Court for the Northern District of Illinois, claiming willful evasion of US law and allegedly breaching derivatives rules.[24][25] The agency accused Binance of breaking rules intended to thwart money laundering operations,[26] pointing to internal communications describing transactions by Palestinian militant organization Hamas and suspected criminals.[24]

In June 2023, the U.S. Securities and Exchange Commission (SEC) sued Zhao and Binance on 13 charges for alleged violations of US securities rules.[27][28][29]

In November 2024, FTX filed a lawsuit against Binance Holdings Ltd., Zhao, and other Binance executives, seeking to recover nearly $1.8 billion that FTX alleges was fraudulently transferred. The case centers on a July 2021 stock repurchase transaction in which Binance sold its stakes—approximately 20% of FTX’s international unit and 18.4% of its U.S.-based entity—to FTX co-founder Sam Bankman-Fried.[30]

Criminal allegations and sanctions

[edit]

In November 2023, Zhao agreed to resign from Binance and pay a $50 million fine as part of a guilty plea to U.S. federal charges. Binance also agreed to plead guilty, and to pay $4.3 billion in fines.[3][31] Zhao was replaced as CEO by Richard Teng.[32]

Zhao pled guilty to violating the American Bank Secrecy Act by prioritizing Binance's growth over compliance with the Financial Crimes Enforcement Network's anti-money laundering requirements.[33] Although Zhao only personally pled guilty to a single criminal charge, as part of plea bargain negotiations, Zhao agreed for Binance to also admit to operating an unlicensed money transmitting business and to violating the International Emergency Economic Powers Act.[3]

In April 2024, Zhao was sentenced to four months in prison after pleading guilty to charges of money laundering.[4][34] Because Zhao is not a U.S. citizen, he was not eligible to serve his sentence in a minimum security prison.[35] Prosecutors had sought three years of detention.[36]

Zhao's defense attorneys noted that BitMEX founder Arthur Hayes only received probation for a similar crime and argued that Zhao's ineligibility for minimum-security imprisonment put his safety at risk.[36][37]

According to records with the United States Federal Bureau of Prisons (BOP), Zhao was released from custody on September 27, 2024.[citation needed]

In August 2025, the New York Times reported that Zhao was campaigning to receive a pardon from President Trump.[38]

Views on cryptocurrency

[edit]

In an interview with The New York Times, Zhao said people are getting into crypto as they see it grow, "trade it and make money off it as opposed to using it," but that the market will always self-correct.[39] On April 6, 2021, Zhao told Bloomberg Markets that nearly 100% of his liquid net worth was in the form of cryptocurrency.[40]

On April 7, 2025, Zhao was appointed by Pakistan's Ministry of Finance as a strategic adviser to the Pakistan Crypto Council (PCC), a regulatory body to oversee and promote blockchain technology and digital assets within Pakistan.[41][42]

Personal life

[edit]

Zhao is a Canadian and UAE citizen.[43][44] Born in China in 1977, Zhao acquired a Canadian visa in 1989 and left China that same year after the events of Tiananmen Square.[45] In 2022, Zhao said that he had acquired Canadian citizenship some 30 years before, around 1992.[46] In 2005, he moved back to China,[43] eventually owning an apartment in Shanghai.[47] In 2015, he sold his Shanghai apartment and used the funds to purchase bitcoin.[48] Zhao stayed in China until the Chinese government banned crypto exchanges in late 2017.[45] He is currently based in Dubai, United Arab Emirates.[23]

Zhao met his wife Yang Weiqing in 1999 and they married in 2003.[49] They have two children.[49][50] They divorced when their eldest daughter was two years old, around 2005.[51] Zhao has been in a "life partner" relationship with his business partner and fellow Binance co-founder, Yi He, since they met in 2014.[49][better source needed] They have three children together.[52]

Political views

[edit]

With regards to his political beliefs, Zhao stated in 2021 in Singapore, "I am not a complete libertarian, I'm not an anarchist... I don't believe human civilization is advanced enough to live in a world with no rules."[14]

Philanthropy

[edit]

Zhao has said he plans to donate up to 99% of his wealth, following the philanthropic examples of other global business magnates and investors such as Bill Gates and Warren Buffett. "I intend to donate most of my wealth, as many other entrepreneurs or founders have done, from Peabody to today. I intend to donate 90%, 95%, or 99% of my wealth."[53]

References

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  1. ^ a b Gottsegen, Will (June 3, 2023). "Crypto's Richest Man Is Waiting Out the Chaos". Rolling Stone. Archived from the original on December 2, 2023. Retrieved October 5, 2023.
  2. ^ Sigalos, MacKenzie; Browne, Ryan (November 22, 2023). "Binance users pull more than $1 billion from the exchange after CEO leaves, pleads guilty". CNBC. Archived from the original on December 5, 2023. Retrieved December 5, 2023.
  3. ^ a b c Michaels, Dave; Kowsmann, Patricia; Salama, Vivian (November 21, 2023). "WSJ News Exclusive | Binance Founder Changpeng Zhao Agrees to Step Down, Plead Guilty". WSJ. Archived from the original on November 22, 2023. Retrieved November 21, 2023.
  4. ^ a b Browne, MacKenzie Sigalos, Ryan (April 30, 2024). "Binance founder Changpeng Zhao sentenced to 4 months in prison after plea deal". CNBC. Archived from the original on April 30, 2024. Retrieved April 30, 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
  5. ^ Zeff, Maxwell (September 27, 2024). "Binance founder 'CZ' released from custody after four-month sentence". techcrunch.com.
  6. ^ "The World's Real-Time Billionaires". Forbes.
  7. ^ "Binance founder becomes advisor to president on digital asset development". Akchabar. June 9, 2025. Retrieved May 7, 2025.
  8. ^ "Основатель Binance Чанпэн Чжао стал советником Садыра Жапарова". kaktus.media (in Russian). May 3, 2025. Retrieved May 7, 2025.
  9. ^ "Основатель криптобиржи Binance стал советником президента Кыргызстана по цифровым активам". fergana.agency (in Russian). Retrieved May 7, 2025.
  10. ^ "Binance founder becomes advisor to president on digital asset development". akchabar.kg. May 3, 2025. Retrieved May 29, 2025.
  11. ^ "Who is Changpeng Zhao (CZ), the Founder of Binance?". en.coinotag.com. September 21, 2023. Archived from the original on October 13, 2023. Retrieved September 21, 2023.
  12. ^ "赵长鹏与币安的崛起". 知乎专栏 (in Chinese). Archived from the original on June 18, 2023. Retrieved November 9, 2021.
  13. ^ a b c d e Ambler, Pamela (February 28, 2018). "From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance". Forbes. Archived from the original on September 25, 2020. Retrieved March 8, 2018.
  14. ^ a b c Gura, David (August 13, 2023). "The future of crypto hinges on a fight between the SEC and a former burger flipper". NPR. Archived from the original on August 13, 2023. Retrieved August 13, 2023.
  15. ^ Russell, Jon (May 4, 2018). "Catch Binance CEO Changpeng Zhao at TechCrunch's blockchain event on July 6". TechCrunch. Archived from the original on February 26, 2021. Retrieved May 4, 2018.
  16. ^ "Crypto CEO says Elon Musk has no plan for Twitter, and reveals why he wrote him a $500 million 'blank check'". Business Insider. Archived from the original on May 6, 2022. Retrieved May 6, 2022.
  17. ^ Shariff, Jafer Ali (April 30, 2025). "Turning Crypto Ambitions Into Realities". Aurora Magazine. Retrieved May 15, 2025.
  18. ^ a b Lee, Justina; Nakamura, Yuji; Robertson, Benjamin (March 28, 2018). "How a Billionaire Crypto King Built the No. 1 Exchange in Just 8 Months". Bloomberg. Retrieved May 4, 2018.
  19. ^ a b Cao, Sissi (April 3, 2018). "Despite Bitcoin Bubble Popping, Crypto Exchanges Are Making Billionaires Richer". Observer. Archived from the original on September 25, 2020. Retrieved April 24, 2018.
  20. ^ "Fee Structure on Binance". Binance.com. Archived from the original on September 12, 2022. Retrieved September 12, 2022.
  21. ^ Ambler, Pamela; Au-Yeung, Angel; Chung, Grace; Kauflin, Jeff; Konrad, Alex; Shin, Laura; Vardi, Nathan (February 6, 2018). "The Richest People In Cryptocurrency". Forbes. Archived from the original on February 26, 2018. Retrieved March 8, 2018.
  22. ^ "Our US Partner, Binance.US, Opens for Registration and Deposits | Binance". www.binance.com. Archived from the original on July 11, 2022. Retrieved July 11, 2022.
  23. ^ a b "Profile – Changpeng Zhao". Forbes. Archived from the original on November 26, 2022. Retrieved April 12, 2023.
  24. ^ a b "Binance and Its CEO Sued by CFTC Over US Regulatory Violations". Bloomberg News. March 27, 2023. Archived from the original on November 17, 2023. Retrieved March 27, 2023.(subscription required)
  25. ^ Milmo, Dan (March 27, 2023). "US regulator sues crypto exchange Binance and boss Changpeng Zhao". The Guardian. Archived from the original on November 23, 2023. Retrieved March 27, 2023.
  26. ^ "Binance accused of breaking US financial laws". BBC News. March 27, 2023. Archived from the original on November 1, 2023. Retrieved March 28, 2023.
  27. ^ "SEC Sues Binance and CEO Zhao for Breaking US Securities Rules". Bloomberg News. June 5, 2023. Archived from the original on June 5, 2023. Retrieved June 5, 2023.(subscription required)
  28. ^ Goldstein, Matthew; Flitter, Emily; Yaffe-Bellany, David (June 5, 2023). "S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators". The New York Times. Archived from the original on June 5, 2023. Retrieved June 5, 2023.
  29. ^ Michaels, Dave; Ostroff, Caitlin; Kowsmann, Patricia (June 5, 2023). "SEC Sues Crypto Exchange Binance". Wall Street Journal. Archived from the original on June 5, 2023. Retrieved June 5, 2023 – via MSN News.
  30. ^ Nicolle, Emily (November 11, 2024). "FTX Sues Binance, Former CEO Zhao Seeking $1.8 Billion Clawback". Bloomberg. Retrieved September 6, 2025.
  31. ^ Helmore, Edward (November 21, 2023). "Crypto giant Binance admits to money laundering and agrees to pay $4.3bn". The Guardian. Archived from the original on November 21, 2023. Retrieved November 21, 2023.
  32. ^ Clayton, James (November 21, 2023). "Binance chief Changpeng Zhao pleads guilty to money laundering charges". BBC. Archived from the original on November 21, 2023. Retrieved November 21, 2023.
  33. ^ Kim, Crystal (November 23, 2023). "Binance CEO "CZ" steps down, pleads guilty to U.S. money laundering violations". Axios. Archived from the original on November 28, 2023. Retrieved November 26, 2023.
  34. ^ "Binance Founder Changpeng Zhao Gets Four Months in Prison". Bloomberg.com. April 30, 2024. Archived from the original on April 30, 2024. Retrieved May 1, 2024.
  35. ^ Johnson, Gene (April 30, 2024). "Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering". Associated Press. Archived from the original on May 14, 2024. Retrieved May 18, 2024.
  36. ^ a b "Binance crypto founder Zhao sentenced to four months in prison". Reuters. April 30, 2024. Archived from the original on April 30, 2024. Retrieved May 1, 2024.
  37. ^ Gene, Johnson (May 1, 2024). "Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering". Washington Post. Associated Press. Archived from the original on May 4, 2024. Retrieved May 1, 2024.
  38. ^ "Flattery, Lobbyists and a Business Deal: Crypto's Richest Man Campaigns for a Pardon". August 9, 2025. Retrieved August 10, 2025.
  39. ^ Lipton, Eric; Livni, Ephrat (July 23, 2021). "'I Feel Conflicted': Crypto's Offshore Trading Moguls Talk Shop". The New York Times. Archived from the original on November 25, 2021. Retrieved November 28, 2021.
  40. ^ Kharif, Olga (April 6, 2021). "Binance CEO Goes All-in on Tokens: 'I Just Want to Keep Crypto'". Bloomberg Markets. Archived from the original on June 29, 2021. Retrieved September 1, 2021.
  41. ^ Sherani, Tahir (April 7, 2025). "Binance founder Zhao appointed as strategic adviser to Pakistan Crypto Council". DAWN.COM. Retrieved April 7, 2025.
  42. ^ "Binance founder Changpeng Zhao appointed strategic adviser to Pakistan Crypto Council". The Express Tribune. April 7, 2025. Retrieved April 7, 2025.
  43. ^ a b "How China's crypto king went from McDonald's to billionaire". South China Morning Post. October 29, 2022. Archived from the original on November 30, 2022. Retrieved November 30, 2022.
  44. ^ Raymond, Nate (November 24, 2023). "Ex-Binance CEO Zhao urges judge to allow him to leave US before sentencing". Reuters. Archived from the original on November 26, 2023. Retrieved November 26, 2023.
  45. ^ a b "Who Is Changpeng Zhao? – Forbes Advisor". www.forbes.com. Archived from the original on January 9, 2023. Retrieved January 9, 2023.
  46. ^ "'Binance isn't a Chinese firm. Have to repeat it cause I look Chinese': CEO Changpeng Zhao". Moneycontrol. November 24, 2022. Archived from the original on November 30, 2022. Retrieved November 30, 2022.
  47. ^ Gomes, Ezequiel (June 4, 2021). "CZ, CEO of Binance, sold his house and bought Bitcoin in 2014". Criptoeconomia. Archived from the original on November 30, 2022. Retrieved November 30, 2022.
  48. ^ Zhao, Changpeng. "I wish I could tell you my lame story from 2015, when the btc price "crashed" to below $200, and I just sold my house and bought in at $600 a few months earlier..." Twitter. Twitter.com. Archived from the original on November 26, 2022. Retrieved September 12, 2022.
  49. ^ a b c "Archived copy" (PDF). Archived (PDF) from the original on April 24, 2024. Retrieved May 1, 2024.{{cite web}}: CS1 maint: archived copy as title (link)
  50. ^ "Seaver College Announces Fall 2023 Dean's List". Archived from the original on May 1, 2024. Retrieved May 1, 2024.
  51. ^ "The U.S. Department of Justice "changes its mind" or may increase Zhao Changpeng's imprisonment to 3 years? Defense documents reveal a compassionate side". ChainCatcher. Retrieved May 25, 2025.
  52. ^ Sor, Jennifer (April 30, 2024). "Binance's former CEO could be the richest US prison inmate ever if sentenced with his $43 billion fortune". Business Insider. Archived from the original on May 1, 2024. Retrieved May 1, 2024.
  53. ^ Shoes, Eloisa (November 17, 2021). "Bilionário da Binance vai doar quase todo seu dinheiro". Investidores Brasil - Juntos Podemos Mais (in Brazilian Portuguese). Archived from the original on November 21, 2021. Retrieved November 21, 2021.