Zhao has said he plans to donate up to 99% of his wealth, following the philanthropic examples of other global business magnates and investors. He is currently based in Dubai, United Arab Emirates. Zhao stayed in China until the Chinese government banned crypto exchanges in late 2017. In 2015, he sold his Shanghai apartment and used the funds to purchase Bitcoin. In 2005, he moved back to China, eventually owning an apartment in Shanghai.
In 2022, Zhao said that he had acquired Canadian citizenship some 30 years before, around 1992. Zhao has said that he is "a Canadian citizen, period." Born in China in 1977, Zhao acquired a Canadian visa in 1989 and left China that same year after the events of the Tiananmen Square. In 2022, Zhao invested $500 million through Binance to finance the acquisition of Twitter by Elon Musk. On April 6, 2021, Zhao told Bloomberg Markets that nearly 100% of his liquid net worth was in the form of cryptocurrency.
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.
Securities and Exchange Commission (SEC) said it was suing Zhao and Binance on 13 charges for alleged violations of US securities rules. The agency accused Binance of breaking rules intended to thwart money laundering operations, pointing to internal communications describing transactions by Palestinian militant organization Hamas, and suspected criminals. On 27 March 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. Binance withdrew its application to run a Singapore-based crypto exchange in 2021. 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. In April 2019, Binance launched Binance Smart Chain, which has smart contract functionality and is an Ethereum competitor. Zhao also launched Binance Coin in 2017 this is a utility token that gives its owners various benefits, such as discounts on trading fees. In less than eight months, Zhao grew Binance into the world's largest cryptocurrency exchange by trading volume (as of April 2018). Binance Īfter 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. In 2013, Zhao was a member of the team that developed and he also served as Chief Technology Officer of OKCoin. Zhao instead "went all in" and sold his apartment in Shanghai and invested all in Bitcoin, to his family's dismay. Bobby Lee advised Zhao to put 10% of his money into bitcoin. In 2005, Zhao moved to Shanghai to establish his technology startup company, Fusion Systems, which was known for "some of the fastest automated high-frequency trading platforms and systems for stockbrokers." 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 (company). He then worked full-time for four years at Bloomberg Tradebook where he was a developer of futures trading software.
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Early career Īfter 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. Zhao attended McGill University in Montreal, Quebec, where he majored in computer science. During his teenage years in Canada, Zhao helped to support his family by holding down a number of menial service jobs, including working as a fast-food clerk at a McDonald's restaurant and a gas station. 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. His parents were both schoolteachers in China. In the late 1980s, when he was 12 years old, he immigrated with his family to Canada, settling down in Vancouver, British Columbia. Zhao was born in Qing Kou in China's Jiangsu province. Īccording to Bloomberg Billionaires Index, Zhao was ranked the 136th-richest person in the world, with a net worth estimated at $13.1 billion as of December 2022. Zhao is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022. Changpeng Zhao ( Chinese: 赵长鹏 pinyin: Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman, investor, and software engineer.
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