Changpeng Zhao

Changpeng Zhao (赵长鹏; pinyin: Zhào Chángpéng; born 1977), commonly known as CZ, is a Chinese-Canadian businessman and entrepreneur who co-founded Binance, the world's largest cryptocurrency exchange by trading volume. He served as chief executive officer of Binance from its founding in 2017 until November 2023, when he resigned and pleaded guilty to violating U.S. Anti-money laundering laws. In April 2024, he was sentenced to four months in federal prison, which he completed in September 2024. In October 2025, he received a presidential pardon from Donald Trump. As of October 2025, Forbes estimates Zhao's net worth at US$88 billion, making him the richest Canadian and one of the 25 wealthiest people in the world.

Early life and education

Changpeng Zhao was born in 1977 in Lianyungang, a coastal city in China's Jiangsu province. His parents were both schoolteachers. His father, Zhao Shengkai, worked as a professor at the University of Science and Technology of China in Hefei - one of China's leading educational institutions - before being branded a "pro-bourgeois intellect" and exiled to rural areas during one of the post-Cultural Revolution political campaigns shortly after Zhao's birth.

In 1984, Zhao Shengkai emigrated to Vancouver, Canada, where he began doctoral studies at the University of British Columbia. Five years later, following the Tiananmen Square protests in June 1989, the rest of the family joined him. Zhao, then 12 years old, later recalled the experience: "I remember the line outside the Canadian embassy was three days long. We had to take shifts at night to keep our position in the queue."

The family settled in Vancouver and lived modestly in university housing while Shengkai's academic salary proved insufficient to cover living expenses. During his teenage years, Zhao took on numerous part-time jobs to help support his family, including working as a crew member at McDonald's and as an attendant at a gas station.

Zhao developed an interest in programming during his teenage years, beginning to code at approximately age 16. He later attended McGill University in Montreal, Quebec, where he earned a bachelor's degree in computer science.

Career

Early career

After graduating from McGill University, Zhao was selected for an internship in Tokyo, working for a subcontractor of the Tokyo Stock Exchange, where he developed software for matching trade orders. He remained in Tokyo for approximately four years, gaining extensive experience in financial technology and trading systems.

From 2001 to 2005, Zhao worked at Bloomberg's Tradebook division in New York City, where he served as head of Tradebook futures development. He developed futures trading software and quickly demonstrated his abilities, receiving three promotions in less than two years and eventually managing teams in New Jersey, London, and Tokyo.

Fusion Systems and entry into cryptocurrency

In 2005, Zhao relocated to Shanghai to launch his entrepreneurial career. He founded Fusion Systems, a startup that developed high-frequency trading platforms and systems for stockbrokers. The company became known for building some of the fastest automated trading systems available to brokers at the time, establishing Zhao's reputation in the fintech industry.

Zhao's introduction to Bitcoin came in 2013 when Bobby Lee, then CEO of BTC China, introduced him to the cryptocurrency. Convinced of Bitcoin's potential, Zhao made a significant bet on the technology, reportedly selling his Shanghai apartment to invest in Bitcoin.

In December 2013, Zhao took his first position in the cryptocurrency industry as head of development at Blockchain.info (now Blockchain.com), a cryptocurrency wallet company. He remained there until May 2014.

OKCoin and Bijie Tech

In mid-2014, Zhao joined OKCoin as chief technology officer after being recruited by Yi He, who worked in marketing at the exchange. At OKCoin - then the largest Chinese cryptocurrency-to-fiat exchange - Zhao led the launch of the platform's futures trading capabilities.

His tenure at OKCoin ended abruptly in February 2015. Details emerged later when venture investor Roger Ver sued OKCoin. In statements about his time at the company, Zhao alleged that OKCoin operated self-dealing trading bots that artificially inflated reported trading volumes, and he hinted at other financial improprieties.

After leaving OKCoin, Zhao founded Bijie Tech, a company that provided cloud-based cryptocurrency exchange technology to various Asian exchanges. The venture operated from 2015 to 2017 but was ultimately short-lived.

Founding Binance

In mid-2017, Zhao reconnected with Yi He, who had left OKCoin in 2015 to work in marketing for live-streaming company Yixia Technology. Together with a team that included Roger Wang as chief technology officer, they co-founded Binance.

Binance launched in July 2017 after raising US$15 million through an initial coin offering (ICO). Trading began on the exchange just eleven days after launch. The timing proved fortuitous - China's ban on domestic cryptocurrency exchanges in September 2017 prompted Zhao to quickly relocate Binance's operations to Tokyo, then to other markets including Singapore, Malta, and eventually Dubai. Within eight months of launch, Binance had become the world's largest cryptocurrency exchange by trading volume.

Zhao deliberately operated Binance without a fixed headquarters, describing the approach as "decentralized." Critics characterized this strategy as regulatory arbitrage - deliberately avoiding jurisdictions with stringent regulatory oversight. The exchange moved its nominal headquarters from China to Japan to Malta and eventually claimed to have no headquarters at all, complicating efforts by regulators worldwide to exercise jurisdiction over its operations.

Under Zhao's leadership, Binance expanded into numerous products and services, including Binance Coin (BNB), futures trading, staking services, Binance Labs venture capital arm, and the acquisition of Trust Wallet. By 2023, Binance claimed more than 150 million users worldwide.

Legal troubles and guilty plea

In November 2023, Zhao pleaded guilty in U.S. Federal court in Seattle to failing to implement an adequate anti-money laundering program at Binance. The U.S. Department of Justice alleged he had violated the Bank Secrecy Act and the International Emergency Economic Powers Act by allowing the exchange to process transactions for criminal enterprises, including terrorist organizations, ransomware operators, and individuals evading U.S. sanctions.

As part of his plea agreement, Zhao resigned as Binance's CEO and agreed to personally pay a US$50 million fine. Richard Teng, a former Singaporean financial regulator, replaced him as CEO. Binance itself pleaded guilty and agreed to pay US$4.3 billion in penalties to various federal regulators - one of the largest corporate penalties in American history.

Prison sentence

In April 2024, U.S. Prosecutors sought a three-year prison sentence for Zhao, while his defense team requested probation with no jail time. The presiding judge agreed that Zhao's conduct did not warrant a three-year term but sentenced him to four months in federal prison.

Zhao served his sentence at the Federal Correctional Institution, Lompoc I in California. According to records with the Federal Bureau of Prisons, Zhao was released from custody on September 27, 2024.

Presidential pardon

In May 2025, Zhao confirmed he had applied for a presidential pardon from Donald Trump.

On October 23, 2025, President Trump granted Zhao a full presidential pardon. White House press secretary Karoline Leavitt stated: "President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency."

The pardon generated controversy due to extensive business dealings between Binance and World Liberty Financial, a cryptocurrency venture owned by the Trump family. The Wall Street Journal had reported two months earlier that the Trump family's crypto venture, which generated approximately US$4.5 billion following the 2024 election, had been assisted by "a partnership with an under-the-radar trading platform quietly administered by Binance."

In an interview with 60 Minutes on October 31, 2025, Trump stated he had "no idea who [Zhao] is," adding: "I know he got a four-month sentence or something like that. And I heard it was a Biden witch hunt." Senator Elizabeth Warren criticized the pardon as "corruption," stating: "First, Changpeng Zhao pleaded guilty to a criminal money laundering charge. Then he boosted one of Donald Trump's crypto ventures and lobbied for a pardon."

The pardon erased Zhao's conviction, restored his civil rights, and allows him to resume business operations in the United States.

Post-prison activities

Following his release from prison, Zhao has taken on several advisory roles in the cryptocurrency sector. In April 2024, he was appointed as a strategic advisor to the Pakistan Crypto Council by the Pakistani Ministry of Finance.

In May 2025, Zhao was appointed as an advisor to Sadyr Japarov, president of Kyrgyzstan, on matters related to digital asset development.

In December 2025, Binance named Yi He as co-CEO alongside Richard Teng, though Zhao is prohibited from managing Binance's daily operations under the terms of his plea agreement.

Controversies

Money laundering and sanctions violations

Zhao's most significant controversy centers on Binance's failure to implement adequate anti-money laundering controls. U.S. Regulators alleged that under his leadership, Binance deliberately allowed the exchange to process transactions for sanctioned entities, including those connected to Iran, Cuba, and Syria, as well as for terrorist organizations and ransomware operators. The US$4.3 billion penalty paid by Binance represents one of the largest corporate settlements in American history.

Twitter investment

In 2022, Zhao invested US$500 million through Binance to finance Elon Musk's acquisition of Twitter (later renamed X). The investment drew scrutiny given the platform's role in cryptocurrency promotion and the potential conflicts of interest involved.

Trump pardon controversy

The presidential pardon Zhao received in October 2025 generated significant criticism due to the Trump family's financial interests in cryptocurrency ventures that benefited from Binance's support. Critics, including Senator Elizabeth Warren, characterized the pardon as evidence of corruption and a quid pro quo arrangement.

Personal life

Zhao has been in a long-term relationship with Yi He, his business partner and Binance co-founder, since they met in 2014. Yi He has publicly described herself as Zhao's "life partner" and "the mother of his three children." The couple has three children together, though they maintain significant privacy around their family life.

Yi He addressed her relationship with Zhao in public statements, emphasizing her professional independence: "My achievements and capabilities as co-founder are often overlooked due to personal associations."

Zhao holds dual Canadian and Emirati citizenship and currently resides in Dubai, United Arab Emirates.

Known for his frugal lifestyle despite his enormous wealth, Zhao has stated he does not own expensive cars and typically rents apartments rather than owning property. He is an avid user of social media, particularly Twitter/X, where he has cultivated a significant following and frequently engages with the cryptocurrency community.

Net worth

As of October 2025, Forbes estimates Zhao's net worth at US$88 billion, making him the richest Canadian and the 21st wealthiest person in the world. His net worth increased by approximately US$13 billion from 2024, when it was estimated at US$65.69 billion.

Zhao's fortune derives primarily from his controlling stake in Binance. Based on his public statements and regulatory filings in jurisdictions that require ownership disclosure, Zhao is credited with owning approximately 90% of Binance. The company remains the world's largest cryptocurrency exchange by trading volume, with more than 150 million users as of 2023.

External links

• Changpeng Zhao on X (Twitter)
• Binance official website
• Bloomberg Billionaires Profile