At least on paper, Binance founder Changpeng Zhao is among the world’s richest people.
The 44-year-old runs the largest crypto exchange, worth an estimated $300 billion, nearly six times the market cap of its nearest U.S.-based competitor, Coinbase. In just five years since starting Binance, Bloomberg says Zhao’s net worth has grown to $74 billion, nearly the same as Meta CEO Mark Zuckerberg. At No. 15 on the Bloomberg Billionaires Index, he’s worth more than Dell founder Michael Dell or each of Sam Walton’s three children, the heirs to the Walmart fortune.
But as Zhao told Fortune’s Vivienne Walt, he was far from wealthy growing up.
Zhao was raised in a rural village in China’s Jiangsu province after his father was banished from a bigger city for his “bourgeois leanings.” In his youth he experienced food rationing, he told Fortune.
“You get a ticket to buy meat,” he said. “We were not starving.”
Later, a move to Canada following the Tiananmen Square student uprising and subsequent government crackdown gave 12-year-old Zhaoa different perspective. He started earning money by working at McDonald’s flipping burgers and refereeing volleyball games. He later went on to study software development and spent years working in Tokyo and New York before starting Binance.
Now, seemingly overnight, he is a billionaire—the leader of a cryptocurrency exchange that last year facilitated $34.1 trillion in transactions.
To Zhao, the switch from startup entrepreneur to crypto titan came all at once, he told Fortune.
“I went from being an entrepreneur to somebody telling me I have tens of billions,” he said.
Yet, just because he’s rich, doesn’t mean he has a taste for flashy clothes. Known for his signature style of mostly Binance-branded hoodies and t-shirts, he has been adjusting his image to make a good impression on regulators, which are increasingly scrutinizing his company. Still, after a night of advocating for his company to London regulators, he showed up to an interview with Fortune’s Walt, not donning luxury attire but rather a $300 suit and an Apple Watch.
For all his riches, Zhao recognizes that most of it exists only on paper. And based on Binance’s full-speed worldwide expansion, his wealth doesn’t seem to be top of mind.
“If they think I am worth that much, that is what they think,” he told Fortune. “It’s fictitious pricing.”
FAQs
Changpeng Zhao, who goes by CZ, is the founder and former CEO of Binance, the largest cryptocurrency exchange in the world. The Chinese-Canadian coder cut his teeth building high-frequency trading systems for Wall Street's flash boys.
Who is the billionaire founder of crypto exchange Binance? ›
Changpeng Zhao (Chinese: 赵长鹏; pinyin: Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2024.
What happened to CZ Binance CEO? ›
A US judge has sentenced crypto kingpin Changpeng Zhao, also known as CZ, to four months in prison for breaking anti-money-laundering rules. Changpeng Zhao, founder of Binance, the world's largest cryptocurrency exchange, has been sentenced to four months in prison.
How much is Cheng Peng Zhao worth? ›
Still, Zhao will enter the history books as the richest person ever to do time in US federal lockup since his ownership of Binance — and an estimated $43 billion personal fortune tied to it — remain intact. His wealth is likely to grow even bigger as Binance's business accelerates amid crypto's latest bull run.
Will Binance CEO go to jail? ›
Changpeng “CZ” Zhao once sat atop the crypto industry as the founder and CEO of Binance, the world's leading crypto exchange. On Tuesday, a judge in Seattle federal court sentenced Zhao to four months in prison as part of a plea deal—but the multibillionaire will still retain most of his wealth.
Who is the richest prisoner in the world? ›
This techie is the world's richest prisoner, with a net worth of $43 billion. Binance founder Changpeng Zhao sentenced to 4 months for failing to prevent cybercriminals. Guilty of US laws violations. Assets remain untouched.
Who is the real owner of Binance? ›
Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software.
Who owns the most Bitcoin? ›
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Is Binance legit? ›
Binance is generally considered a reputable and reliable cryptocurrency exchange. However, potential users should carefully consider their individual needs and risk toleance before deciding to use the platform.
Why is CZ being jailed? ›
Changpeng Zhao reported to a prison in California on Tuesday to begin a four-month sentence for failing to properly safeguard the world's largest crypto exchange against money laundering.
Who Are the Biggest Individual Bitcoin Billionaires?
- Satoshi Nakamoto. Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is more a legend than a person we can pinpoint. ...
- Cameron and Tyler Winklevoss. ...
- Changpeng Zhao (CZ) ...
- Tim Draper. ...
- Michael J. ...
- Others. ...
- MicroStrategy. ...
- Galaxy Digital Holdings.
How much did Binance CEO lose? ›
Binance Founder CZ Loses $12 Billion on Crypto-Trading Slump
That wiped $11.9 billion from the fortune of Binance's founder, Changpeng Zhao, known as CZ, dropping him to $17.2 billion. CZ, 46, played a role in the events that landed Bankman-Fried in federal court.
What percentage of Binance does CZ own? ›
Zhao's 90% equity stake in Binance and the value of his crypto holdings have catapulted him to become the 24th richest individual on the planet, with an estimated $61 billion net worth.
How did Changpeng Zhao make money? ›
Zhao founded Binance in 2017 and powered it to become the biggest cryptocurrency exchange by trading volume. The exchange handles some $76 billion in daily trading volume, Protocol previously reported. In 2021 alone, Binance generated over $20 billion in revenue, according to Bloomberg.
What companies does Changpeng Zhao own? ›
Binance
Company type | Private |
---|
Industry | Cryptocurrency |
Founded | July 2017 |
Founders | Changpeng Zhao Yi He |
Headquarters | Unknown |
8 more rows
Who has made the most money from crypto? ›
For the third year running, Changpeng Zhao, founder and former CEO of crypto exchange Binance, is crypto's wealthiest person. Despite pleading guilty to U.S. money laundering charges in November, CZ, as he's known, is now worth an estimated $33 billion, up from $10.5 billion last year.
How much is Brian Armstrong worth? ›