Introduction
Changpeng Zhao—known simply as CZ—transformed from a McDonald’s employee and coder to one of the world’s most influential fintech entrepreneurs. By building Binance, CZ not only amassed an $80 billion fortune, but also democratized cryptocurrency trading worldwide, enabling millions to join the crypto economy and reshaping global finance. This is the story of how he built, scaled, and battled for the world’s largest crypto exchange.
Humble Beginnings and Bold Decisions
Born in Jiangsu, China, in 1977, Zhao’s family moved to Canada when he was 12, seeking better opportunities after his educator father was deemed “pro-bourgeois” by authorities. Immigrating meant sacrifice, and young CZ washed dishes at McDonald’s to support his family. After earning a computer science degree at McGill, Zhao started his career developing trading software for the Tokyo Stock Exchange and then Bloomberg, mastering high-frequency trading systems and building financial technology acumen.
CZ discovered Bitcoin in 2013—smitten by its potential, he invested the proceeds from selling his Shanghai apartment in crypto, a gutsy leap that foreshadowed bigger risks ahead.
From OKCoin to Binance: A Leap of Faith
By 2015, CZ had climbed the crypto ladder, leading teams at OKCoin, a prominent exchange. But clashes over values and vision prompted his exit, paving the way for a new beginning. He launched Bijie Tech, supplying trading systems for collectibles, but the allure of digital assets and exchanges pulled him back.
In 2017, sensing opportunity in the surging crypto market, CZ founded Binance. The launch was audacious—a 10-day ICO (Initial Coin Offering) generated $15 million in capital, in just weeks attracting millions of new crypto enthusiasts.
The Binance Blueprint: Making Crypto Trading Universal
What made Binance so explosive and revolutionary? CZ designed the platform for speed, simplicity, and inclusion:
Ultra-low trading fees: Binance slashed costs, making it vastly cheaper than competitors, fueling retail adoption.
Lightning-fast execution: CZ’s background in high-frequency trade tech ensured Binance could process trades with minimal wait, supporting millions of simultaneous orders.
Wide crypto selection: From Bitcoin and Ethereum to obscure altcoins, Binance became the go-to platform for every kind of trader, supporting hundreds of digital assets.
Native coin innovation: Launching Binance Coin (BNB) allowed users to access cheaper trading and participate in Binance’s growing ecosystem, evolving from a discount token to a decentralized finance (DeFi) platform supporting payments, staking, and more.
Within a year, Binance hit over a million users, regularly processing trading volumes in excess of $1 billion daily. By 2018, it was the largest exchange in the world by volume, and CZ’s relentless product innovation—adding spot, futures, margin, staking, and NFT marketplaces—solidified its dominance.
Democratizing Global Finance
CZ’s greatest achievement is turning Binance into a portal for ordinary people across both established markets and countries underserved by traditional banking. Binance lowered investment barriers, giving access to crypto markets to millions who had been excluded from financial systems.
By 2025, Binance reported 275 million users in 180+ countries—adding 80 million new accounts in just five months, averaging 156,000 new signups daily. With integrations like Binance Pay allowing swift crypto-to-cash transactions in even remote regions (Brazil, Kenya, India), the platform became a backbone for payments, cross-border remittances, and financial inclusion. Real-world impacts include blockchain-based aid deliveries, climate insurance for farmers, and new earning models for marginalized communities.
As CZ put it, crypto was designed to “democratize financial access,” providing “a lifeline for the 1.4 billion unbanked and billions more underserved by incumbent systems”.
Overcoming Legal Storms and Going Global
Binance faced—and still faces—intense regulatory scrutiny. From shifting headquarters out of mainland China, to navigating licensing battles in Europe, Japan, and the US, CZ’s ability to pivot geographically and legally became a hallmark of his style.
In 2023, CZ stepped down as Binance CEO following a $4.3 billion settlement with US regulators, promising stricter compliance. Despite headline setbacks, Binance retained dominance, with over $11.8 billion in revenue and daily volumes toppling $40 billion during the crypto boom.
Binance’s structure benefits from being “asset-light”—it doesn’t directly own most of the tokens traded, nor the networks used, but acts as a technologically advanced intermediary, collecting fees, listing new projects, and operating decentralized finance products.
Financials and Scale
Revenues: Binance’s estimated annual revenue is in excess of $11.8 billion (2023), primarily from trading fees.
Valuation: CZ’s net worth surpassed $80 billion in 2025, making him a fixture on global billionaire lists.
Market share: Binance easily leads almost all global metrics for both retail and institutional digital asset trading, sometimes holding over 60% of centralized crypto trade volume.
Token Ecosystem: Binance Coin (BNB) now ranks among the ten largest cryptocurrencies by market capitalization, with broad utility in the Binance ecosystem and beyond.
Innovating for the Next Generation
CZ’s entrepreneurial spirit kept Binance innovating and expanding:
Binance Smart Chain: Launched in 2020, supporting dApps, DeFi, and a vibrant developer community.
Binance Academy, Earn, Staking: Providing education and new earning opportunities, especially in the growing world of “web3.”
NFTs and Cross-border Payments: Adding products for the next wave of digital finance and creator economies.
CZ’s leadership helped crypto move from speculative trading to empowering communities and individuals everywhere.
Legacy and Vision
From coder to crypto king, Changpeng Zhao’s journey is emblematic of fintech’s power to upend the status quo. What began with a failed bank deal and a modest ICO swiftly grew into a $80 billion empire changing how money moves globally. Binance’s real victory is democratizing finance—lowering barriers, increasing access, and enabling millions worldwide to join the digital economy.
For CZ, the mission remains clear: “Our aim at Binance has always been to provide everyone, everywhere, the financial tools needed to prosper in a digital world”. Despite volatility and regulatory challenge, his platform continues to lead, innovate, and inspire a new era where opportunity knows no borders.
