Changpeng Zhao, a legendary figure in the cryptocurrency world, is more commonly known by his abbreviation CZ. He is the founder and former CEO of Binance, a story of rising from obscurity to becoming a leading figure in the global cryptocurrency space 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 experiences and innovations. His story is filled with adventure, wisdom, perseverance, and complex challenges.
1. From Rural Jiangsu to Canadian Immigration: The Beginning of a Journey
Changpeng Zhao was born in 1977 in a regular family in Lianyungang, Jiangsu, China. His father was a professor who was labeled as a "bourgeois intellectual" during the Cultural Revolution, leading the Zhao family to suffer many hardships. At the age of 10, CZ immigrated to Canada with his parents, living in a university dormitory area in Vancouver. Compared to local students, his family was not wealthy, and his parents' income was barely enough to cover daily expenses.
The early poverty did not hinder CZ's growth. To ease the family burden, young CZ worked at McDonald's and took night shifts at a Chevron gas station. These experiences not only honed his perseverance but also taught him how to grow in adversity. He showed a strong interest in computers and programming from a young age, learning programming on a computer that his father bought at a high price, which laid a solid foundation for his future career.
2. Internship in Tokyo: Early Career Development
CZ was admitted to McGill University in Montreal, Canada, majoring in computer science. During his time at school, he demonstrated a strong interest in technology, especially in artificial intelligence and programming. However, a book he read during college, "Rich Dad Poor Dad," had a profound impact on his worldview. The book's descriptions of wealth and assets made CZ realize that true wealth could not be achieved through a stable job alone, and he began to entertain the idea of entrepreneurship.
In 2000, Changpeng Zhao obtained an internship opportunity at the Tokyo Stock Exchange, assisting in the development of a trading 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, managing multiple international teams. Despite a bright career outlook, CZ felt that this was not the future he wanted. He wanted to return to China, a rapidly rising emerging market, to pursue his ambitions.
3. Entrepreneurship in Shanghai: A Tentative First Step
In 2005, Changpeng Zhao (CZ) returned to China and founded Fusion Systems in Shanghai, a fintech company focused on providing high-frequency trading systems. The company quickly gained widespread recognition in the industry for its technological advantages, providing high-performance software solutions to several international investment banks. However, despite the company's considerable profits, CZ yearned for a more groundbreaking venture that could have a more profound impact on the world.
In 2013, a chance encounter completely changed CZ's life trajectory. During a poker game with friends, they began discussing Bitcoin—a brand new concept of digital currency. At that time, Bitcoin had not yet gained widespread popularity globally, but CZ developed a strong interest in this new phenomenon. After hearing the discussion, he printed out the 9-page white paper on Bitcoin and studied it repeatedly. The white paper deeply shocked him, and he felt it was a technology with disruptive potential. He firmly believed that this would be the direction of future finance and technology.
Driven by a strong belief in Bitcoin, CZ made a bold decision: he sold his property in Shanghai and invested all his assets into Bitcoin. He also resigned from his stable job at Fusion Systems to fully immerse himself in the cryptocurrency field. However, this choice initially faced significant setbacks. The price of Bitcoin subsequently plummeted by 70%, causing his assets to shrink to nearly one-third of their original value. CZ's mother was perplexed by his choice and even scolded him, calling him a "stupid boy." Nevertheless, CZ remained undeterred. He was convinced that while Bitcoin's price was highly volatile, the potential of blockchain technology was indisputable.
To gain a deeper understanding of the blockchain industry, CZ joined the blockchain startup Blockchain.info, where he was responsible for core development work. Here, he had the opportunity to collaborate with several 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 regarding blockchain technology and its ecosystem. These experiences laid important groundwork for his future entrepreneurial journey and solidified his belief in carving out a career in this emerging field.
Despite the tumultuous early experiences, CZ never regretted his choices. He firmly believed that short-term pain was a necessary path to growth and that the future of blockchain would bring him greater rewards.
4. Joining OKCoin (now OKX) and Meeting He Yi: Like-Minded Partners
In the spring of 2014, CZ met He Yi for the first time at a public blockchain industry event. This event attracted early evangelists and technology enthusiasts in the Chinese blockchain field, and CZ impressed the audience with his profound insights into the future of Bitcoin and blockchain, as well as his technical enthusiasm. He Yi, a highly influential figure in the industry, possessed excellent marketing skills and precise industry insights, and she was deeply attracted by CZ's passion and vision.
The two quickly hit it off and engaged in in-depth discussions about their views on the blockchain industry and future visions. He Yi later recalled, "I greatly admire his dedication to blockchain and his courage to 'go all in'." CZ admitted that he was impressed by He Yi's talent in marketing and communication. This mutual admiration and recognition laid a solid foundation for their future collaboration.
At He Yi's recommendation, CZ joined OKCoin (now OKX) as Chief Technology Officer (CTO). He led the team in developing the platform's core technology system, optimizing the exchange's technical architecture, and significantly enhancing 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 the business model of exchanges. However, as he became more involved in the operational model, CZ and the OKCoin management team had ideological differences regarding user rights, platform transparency, and long-term strategic direction. Ultimately, CZ chose to leave and began planning a truly user-centered, global, and technology-driven trading platform.
This brief yet significant experience further solidified his professional partnership with He Yi. Three years later, when CZ decided to establish his own cryptocurrency trading platform—Binance—he immediately invited He Yi to join the team. As the Chief Marketing Officer (CMO) of Binance, He Yi injected excellent marketing strategies and strong resource integration capabilities into the platform's rapid rise.
The collaboration between CZ and He Yi is a perfect combination of technology and marketing. One side drives innovation through technology, while the other supports with marketing wisdom. Together, they transformed Binance from scratch into one of the most influential cryptocurrency exchanges in the world, ushering in an era in the blockchain industry. It was this shared vision and mutual trust that allowed them to leave a significant mark in the history of blockchain.
5. The Rise of Binance: From Zero to Peak
In 2017, Changpeng Zhao officially founded Binance. Binance quickly attracted a large number of users with low trading fees, a diverse selection of cryptocurrencies, and an efficient user experience. CZ infused his experience and innovative spirit into Binance, rapidly growing it from initial cryptocurrency trading to later contract trading and leveraged trading, making it the largest cryptocurrency exchange in the world.
More critically, CZ launched Binance Coin (BNB), a platform token that not only serves as a fee discount but gradually became the core of the entire Binance ecosystem. The innovative mechanism of BNB and its continuously growing use cases caused its market value to soar, making it one of the top five cryptocurrencies by market capitalization globally.
Within less than six months of Binance's establishment, the platform's trading volume surpassed that of its competitors, ranking first in the world. During this process, CZ demonstrated remarkable execution ability and global strategic planning. He led Binance to establish operations in Malta, Singapore, Japan, and other locations while actively embracing local regulatory environments, paving the way for Binance's long-term development.
6. Challenges and Crises: Regulation and Trust
With the rise of Binance, CZ also had to face challenges from global regulatory agencies. From China's ICO ban in 2017 to subsequent stringent scrutiny from the U.S. and several European countries, Binance was forced to adjust its strategies multiple times, relocating its business from one country to another. However, CZ did not retreat; instead, he accelerated Binance's globalization efforts.
Binance has also been embroiled in controversies, such as user security issues and insufficient anti-money laundering policies. Despite facing these criticisms, CZ has always responded with a calm demeanor. He emphasized that Binance would strive to cooperate with regulatory agencies while safeguarding user rights.
By the end of 2023, Changpeng Zhao pleaded guilty to charges from the U.S. Department of Justice that Binance failed to effectively implement anti-money laundering measures. He paid a hefty fine and resigned as CEO. However, this crisis did not cause CZ to lose hope. He reflected on his management model and decision-making while in prison, re-planning 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 adheres to the principle of "rejecting the unnecessary," focusing his time on the most core tasks. He rarely participates in unnecessary social activities and prefers to manage his team through clear goals and results-oriented approaches.
His leadership principles include:
Fairness and Long-Term Relationships: He emphasizes that all transactions must be win-win, as only fair cooperation can last long.
Decentralization and Innovation: He believes that overly structured companies are prone to bureaucracy, while a moderate degree of "ordered chaos" can stimulate more innovation.
User-Centric: No matter how great the crisis, he always prioritizes user rights, which is one of the reasons Binance has remained resilient through numerous challenges.
8. A New Beginning: CZ's Vision for the Future
In 2024, during a speech at the Binance Blockchain Week in Dubai, CZ stated that he would dedicate himself to education and mentorship in the blockchain industry while exploring the integration of artificial intelligence and cryptocurrency technology. He firmly believes that cryptocurrency remains one of the core technologies of the future, and his mission is to promote the continuous development of this field.
Although he has resigned as CEO of Binance, CZ still holds a passion for the industry. He plans to invest in emerging technologies and mentor young entrepreneurs, passing on his experience and wisdom to the next generation. He stated, "My journey is far from over; I am just continuing in a different way."
9. Conclusion: CZ's Influence and Insights
Changpeng Zhao's story is not just a legend of rising from poverty to becoming a billionaire; it is also a real-life textbook on courage, wisdom, and resilience. He has proven through his efforts that regardless of one's background, seizing opportunities and continuously innovating can leave a mark on the global stage.
His experiences remind us that success is never achieved overnight but is realized through constant challenges and perseverance. In the future blockchain world, CZ's name will continue to be remembered; he has not only defined the past but also laid the foundation for the industry's future.
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