Changpeng Zhao

Changpeng Zhao, widely known as CZ, is a Canadian Chinese entrepreneur and the founder of Binance, one of the world’s largest cryptocurrency exchanges by trading volume. A former software engineer turned exchange operator, Zhao became one of the most prominent and wealthiest figures in the digital asset industry, while also becoming a central figure in some of its most significant regulatory and enforcement actions.

Overview

Born in 1977 in Jiangsu, China, Zhao emigrated to Canada as a teenager and later studied computer science at McGill University. After beginning his career in traditional finance and trading technology, he moved into the crypto sector and helped build infrastructure that enabled high speed global trading in digital assets. Through Binance, he oversaw the launch of spot markets, futures and options, staking services, and the BNB ecosystem, positioning the platform at the center of retail and professional crypto markets.

Alongside rapid growth, Binance and Zhao have faced extensive scrutiny from regulators and law enforcement, culminating in multi billion dollar settlements, a criminal guilty plea, and his resignation as CEO. Despite these outcomes, Zhao remains an influential shareholder and reference point in discussions about compliance, offshore exchanges, and the future structure of global crypto markets.

Early Life and Career

Zhao grew up in China before moving with his family to Vancouver, Canada, where he worked various service jobs while studying. His technical trajectory began with roles developing trading systems. Early in his career, he worked for a firm connected to the Tokyo Stock Exchange on order matching software, then spent several years at Bloomberg Tradebook building futures trading tools. Those roles exposed him to market structure, latency sensitive trading, and institutional requirements for reliability and throughput.

He later joined the emerging crypto industry, including roles at Blockchain.info and as Chief Technology Officer at OKCoin. These positions gave him experience with exchange operations and the specific challenges of handling crypto order flow, custody, and risk management across multiple jurisdictions.

Founding and Growth of Binance

In 2017, Zhao founded Binance and launched the platform following an initial coin offering of the BNB utility token. The exchange focused on a broad selection of trading pairs, competitive fees, and a matching engine designed for high volume activity. Binance rapidly grew to dominate spot and derivatives volumes, offering centralized exchange services alongside a growing ecosystem that included Binance Chain, Binance Smart Chain (later BNB Chain), and a wide range of ancillary products.

Binance’s ascent was closely tied to global retail adoption of crypto, as well as to the rise of token launches, yield products, and structured instruments. For several years, the platform often led the market in listing new assets and responding quickly to emerging trends in decentralized finance and non fungible tokens.

Legal Issues and Regulatory Scrutiny

As Binance expanded, regulators in multiple jurisdictions scrutinized its approach to licensing, anti money laundering controls, and sanctions compliance. In 2023, United States authorities brought criminal and civil cases alleging that Binance and Zhao had failed to maintain an adequate anti money laundering program and had allowed users, including those in sanctioned jurisdictions, to transact without appropriate controls.

In November 2023, Binance agreed to a multi billion dollar resolution with U.S. agencies, and Zhao personally pleaded guilty to a criminal charge related to anti money laundering violations. As part of the settlement, Binance committed to enhanced compliance obligations and external monitoring, while Zhao agreed to pay substantial fines and step down as CEO. A new leadership structure took shape under Richard Teng, who became CEO and focused on formalizing governance, strengthening regulatory relationships, and clarifying the exchange’s global footprint.

In April 2024, Zhao was sentenced to a four month prison term and additional financial penalties. He served his sentence and later received a presidential pardon in 2025, a development that drew both political and industry attention, particularly given ongoing debates about enforcement consistency and the relationship between large crypto platforms and policymakers.

Post CEO Role and Advisory Activities

Following his resignation, Zhao remained a major shareholder in Binance but was restricted from holding key management roles for a period specified in the settlement. Public reporting and industry commentary have indicated that he shifted focus toward investment, advisory work, and strategic roles in digital asset initiatives outside day to day exchange operations.

He has been associated with advisory positions related to digital asset policy and adoption, reflecting an ongoing role in shaping how governments and institutions think about crypto infrastructure, tokenization, and regulatory frameworks. Even without an executive title at Binance, his views on market structure, regulation, and technology continue to be followed closely by participants across the industry.

Significance for the Digital Asset Ecosystem

Changpeng Zhao’s impact on crypto markets is substantial. Binance’s growth reshaped the competitive landscape for exchanges, set expectations for liquidity and product breadth, and influenced how tokens were launched and traded globally. The BNB ecosystem and associated blockchains helped establish exchange backed networks as important components of the broader Web3 infrastructure.

At the same time, the enforcement actions against Binance and Zhao underscored the risks of aggressive expansion without fully aligned regulatory structures. For many observers, the case became a turning point that signaled a shift from loosely regulated offshore venues toward more formalized compliance, clearer licensing, and closer monitoring by authorities. It also highlighted the systemic importance of large centralized exchanges for market stability and user protection.

Risks and Considerations

Zhao’s story illustrates both the promise and the vulnerabilities of rapid innovation in digital assets. Binance’s rise demonstrated how quickly technology and market demand can create new financial infrastructures. The subsequent legal outcomes show that exchanges and their leaders are subject to evolving standards in anti money laundering, sanctions enforcement, and investor protection.

For the wider ecosystem, his trajectory is a case study in how founder led platforms can drive global adoption, but also how regulatory alignment, governance, and transparency are critical for long term resilience. Changpeng Zhao remains a key reference point in discussions about the future of centralized exchanges, the balance between innovation and compliance, and the role of individual founders in shaping the structure of the crypto industry.

• Binance Former CEO & Co-Founder