Who is Changpeng Zhao (CZ)?
Changpeng Zhao, also known as CZ, is a Chinese-Canadian business executive and entrepreneur who is the founder and CEO of Binance, one of the world's largest cryptocurrency exchanges. Born in Jiangsu, China in 1977, Zhao moved to Canada at a young age and later attended McGill University, where he studied computer science.
After graduation, Zhao worked as a software developer for various companies, including Bloomberg and Fusion Systems. He later moved to Shanghai and founded his own company, Fusion Systems, which provided high-frequency trading systems for brokers. In 2013, he sold the company and joined blockchain.info, a blockchain wallet provider.
In 2017, Zhao founded Binance, a cryptocurrency exchange that quickly became one of the largest in the world. Binance offers trading in a wide range of cryptocurrencies, including Bitcoin, Ethereum, and more, and has expanded into other areas of the cryptocurrency ecosystem, such as blockchain infrastructure and decentralized finance.
Under Zhao's leadership, Binance has grown rapidly, with the company reporting over $1 billion in profit in 2018, just one year after its launch. In 2019, Binance announced the launch of Binance US, a separate exchange that would operate under US regulations, as well as Binance DEX, a decentralized exchange built on the Binance Chain.
Zhao has become a prominent figure in the cryptocurrency industry, known for his outspokenness on social media and his innovative approach to business. He has been named one of the world's wealthiest cryptocurrency billionaires by Forbes, and has been a vocal advocate for the growth and development of the cryptocurrency industry.
Despite his success, Zhao has faced criticism and controversy in the industry. In 2019, Binance suffered a major security breach in which hackers stole over $40 million in cryptocurrency from the exchange. Zhao responded quickly to the incident, reassuring customers that their funds would be safe and offering a large reward for information leading to the arrest of the hackers.
In November 2023, Zhao made the unexpected decision to step down as CEO of Binance, citing a desire to focus on other initiatives within the cryptocurrency ecosystem. His departure marked a significant transition for the exchange, which had become synonymous with his leadership.
Despite stepping down from his executive role, Zhao remains actively involved in Binance's growth and strategy. He continues to serve as a board advisor and maintains a significant ownership stake in the company. His decision to transition away from day-to-day operations signals a shift towards a more decentralized governance structure for Binance, aligning with the broader principles of blockchain technology.
Simplified Example
Changpeng Zhao, also known as CZ, is a famous entrepreneur in the cryptocurrency industry who founded and runs Binance, one of the world's largest cryptocurrency exchanges.
To put it simply, you can think of CZ as a restaurant owner who created a new type of cuisine that became really popular. Binance is like the restaurant where people can go and trade different types of cryptocurrencies, just like how customers would go to a restaurant to order different dishes. CZ is the chef who came up with the recipe for this new type of cuisine, and he manages the kitchen and the restaurant to make sure everything runs smoothly.
Examples
Binance: This is the cryptocurrency exchange that CZ founded in 2017. It quickly became one of the largest exchanges in the world in terms of trading volume, and it offers a wide range of trading pairs and features, including margin trading and futures contracts.
Binance Coin (BNB): This is the native token of the Binance exchange, which can be used to pay for trading fees and other services on the platform. BNB has become one of the most popular cryptocurrencies in the world, and it has seen significant price appreciation since its launch.
CZ's Twitter account: Changpeng Zhao is an active user of Twitter, where he frequently posts updates and commentary on the cryptocurrency market and the industry as a whole. His Twitter account has become a popular source of information and analysis for many crypto enthusiasts and investors.