Changpeng Zhao (CZ): From McDonald's Employee to Crypto Billionaire

The Rise of CZ in the Cryptocurrency World

Changpeng Zhao—widely known as CZ—stands as a transformative figure. As the founder of Binance, the world's largest cryptocurrency exchange by trading volume, CZ revolutionized digital finance, enabling millions to access crypto markets. His journey from modest beginnings to a net worth of $64.8 billion reflects his technical brilliance and entrepreneurial vision.

CZ's path includes significant challenges, from a prison sentence to ongoing regulatory scrutiny. Today, he shapes the crypto landscape through advisory roles, investments via YZi Labs, and advocacy for BNB Chain, alongside educational initiatives like Giggle Academy. This article explores CZ's life story, the creation of Binance, and his enduring impact, revealing how a former McDonald's worker became a global financial innovator and continues to drive crypto's evolution despite controversies.

Early Years and Educational Foundation

Changpeng Zhao was born in 1977 in Jiangsu, China, to a family with limited resources. His childhood home lacked running water, and his family relied on kerosene lamps for lighting. In the late 1980s, his family immigrated to Vancouver, Canada, seeking better opportunities—a move that would significantly shape his future.

To help support his family in Canada, CZ worked various service jobs, including shifts at McDonald's and a local gas station, while maintaining a strong academic performance.

CZ's interest in technology began early. At age 12, his father, a professor, gave him a $7,000 computer that sparked his passion for coding. He later earned a computer science degree from McGill University, developing skills that would become crucial to his career. After graduation, CZ entered the financial technology sector, working on trading systems for the Tokyo Stock Exchange and Bloomberg's Tradebook.

These early professional experiences exposed him to high-frequency trading and introduced him to blockchain technology's potential. This combination of financial market knowledge and technical expertise created the foundation for his later entrepreneurial success in cryptocurrency.

Creating Binance

In 2017, during the cryptocurrency boom, CZ launched Binance with a clear vision of creating a faster, more user-friendly trading platform. Starting with just $15 million raised through an initial coin offering (ICO) for Binance Coin (BNB), he built a system focused on speed, security, and accessibility.

Binance achieved remarkable growth, becoming the world's largest cryptocurrency exchange within just 180 days of its launch. CZ attributes this rapid success to his team's ability to adapt quickly and their strong focus on customer needs.

The exchange's success stemmed from CZ's ability to anticipate market demands. He embraced decentralized finance (DeFi) early and expanded BNB's utility, making it a central element of the Binance ecosystem, including BNB Chain. By 2020, Binance was processing billions in daily trading volume and offering more than 1,000 trading pairs along with services like Binance Pay.

CZ's guiding philosophy of "freedom of money" drove his mission to make financial services more accessible worldwide. This approach attracted millions of users globally, including those in emerging markets such as Pakistan.

However, Binance's rapid expansion attracted regulatory scrutiny. CZ's willingness to operate in regulatory gray areas, combined with his public criticism of restrictive policies, established him as both an industry innovator and a target for controversy.

Navigating Legal Challenges with Determination

November 2023 marked a turning point in CZ's career when he pleaded guilty to violating U.S. anti-money laundering (AML) laws. As part of the settlement, Binance paid $4.3 billion—the largest corporate penalty in U.S. history—with CZ personally contributing $50 million.

In April 2024, CZ began serving a four-month sentence in a low-security California prison, completing his term in September 2024. The plea agreement barred him from leading Binance, ending his official leadership role at the company he founded.

Following his release, CZ sought a presidential pardon from U.S. President Donald Trump. This effort was prompted by media reports alleging connections to Binance.US equity deals—claims that CZ firmly denies. During a May 2025 podcast appearance, he explained that his pardon application was a response to inaccurate reporting rather than a planned strategy.

Despite these legal setbacks, CZ remains unapologetic about his approach to building Binance. He views his challenges as part of the broader struggle for cryptocurrency's legitimacy in global finance.

CZ's resilience is evident in his continued influence. He has dismissed rumors about Binance's potential sale, emphasizing the company's strong position. He also revealed that his personal investment portfolio is heavily weighted toward BNB (98.68%) with minimal Bitcoin holdings (1.32%), showing strong confidence in his creation.

Current Activities and Global Influence

Since stepping down as Binance's CEO, CZ has driven cryptocurrency's evolution through strategic investments, advocacy, and educational initiatives.

In January 2025, Binance Labs rebranded to YZi Labs, a venture capital and incubator firm managing approximately $10 billion in assets, with a focus on Web3, artificial intelligence, and biotechnology. While some reports initially described YZi Labs as a family office for CZ and Binance co-founder Yi He, his partner and mother of their three children, the firm clarified that it is a venture capital entity dedicated to innovation, with Yi He not directly involved in daily operations. Yi He, who played an instrumental role in Binance's early growth, lends her legacy to YZi Labs' vision. The firm is led by Ella Zhang, who co-founded Binance Labs in 2018, with CZ serving on its investment committee.

YZi Labs made its first post-rebrand investment in a $16 million funding round for Sign, a token airdrop platform, demonstrating CZ's ongoing mentorship and strategic guidance in the crypto space.

CZ's influence on BNB Chain remains pivotal despite his exit from Binance. In February 2025, he championed BNB Chain's technical updates, including AI-driven analytics and MEV protection solutions. He tweeted, "BNB Chain has been shackled for too long, it's time to break free," which helped fuel a market rally as developers migrated from Solana to BNB Chain seeking lower fees. He has specifically endorsed projects like Paimon Finance, a DeFi lending protocol, and BlackStone, a tokenized real estate platform, hinting at potential YZi Labs support.

Through his role with YZi Labs, CZ supports BNB Chain's Most Valuable Builder (MVB) program, nurturing early-stage developers and projects. In April 2025, he met with YZi Labs-funded founders in Hong Kong, exploring the development of an AI-powered "My X Agent" bot on BNB Chain, with prototypes under review by May.

Beyond his investment activities, CZ has taken on advisory roles globally. In April 2025, he became a strategic advisor to Pakistan's Crypto Council and Kyrgyzstan's National Investment Agency, where he advocates for blockchain adoption and national cryptocurrency reserves using Bitcoin and BNB.

His educational ambitions are reflected in Giggle Academy, a blockchain-based learning platform that delivers interactive STEM (Science, Engineering, Technology, and Mathematics) courses to children worldwide. In 2025, the platform launched pilot programs in Southeast Asia, with CZ personally funding teacher training as part of his goal to reach 1 billion children.

CZ has an optimistic outlook on cryptocurrency markets. In May 2025, he predicted Bitcoin could reach between $500,000 and $1 million in the current market cycle, citing increased institutional investment and pro-cryptocurrency policies under the Trump administration. He also proposed reducing BNB Chain gas fees by up to 90% to compete more effectively with Ethereum and Solana.

His investment in the X platform highlights his belief that free speech is essential for financial freedom. Speaking at Token2049 in Dubai, CZ criticized Europe's restrictive cryptocurrency regulations while praising business-friendly jurisdictions like the UAE.

Personal Approach and Business Philosophy

CZ maintains a relatively low-profile personal life, though his dog, Broccoli, sparked a meme coin frenzy in February 2025, showcasing his influence in the crypto community. He describes himself as a workaholic who values simplicity and global mobility, often engaging directly with the cryptocurrency community on X (@cz_binance).

His rural Chinese childhood and Canadian immigrant experience have shaped his philosophy of financial inclusion, summarized by his frequent statement: "To have freedom of money, you have to have freedom of speech."

CZ's philosophy balances optimism with pragmatism. He regularly warns users about security risks, as demonstrated by his May 2025 alert about a Ledger Discord hack targeting cryptocurrency holders. His vision for integrating cryptocurrency with artificial intelligence, evident in his YZi Labs' pursuit of an AI-powered bot, shows his forward-thinking approach.

His entrepreneurial mindset—rooted in iterating quickly and listening to users—drives his BNB Chain endorsements and YZi Labs investments. Reflecting on Binance's rise, CZ told Forbes in 2025, "Success comes from solving real problems, not chasing hype," a principle that guides his mentorship of MVB startups.

CZ's commitment to financial inclusion extends to Giggle Academy, where he sees blockchain as a tool for equitable education. His ability to rebound from legal setbacks, redirecting his energy into global impact through investments and advisory roles, underscores his resilience as a founder, making him a model for entrepreneurs navigating uncharted industries.

The Lasting Impact of a Cryptocurrency Pioneer

From humble beginnings to cryptocurrency pioneer, CZ has fundamentally transformed how millions of people access and interact with digital assets. Under his leadership, Binance revolutionized cryptocurrency trading and services, though the regulatory challenges he faced highlight the growing pains of this emerging financial sector.

Today, through YZi Labs' strategic investments, BNB Chain's technical evolution, and Giggle Academy's educational mission, CZ continues to drive blockchain's mainstream adoption. His advisory roles in Pakistan and Kyrgyzstan, bold Bitcoin price predictions, and fee-cut proposals for BNB Chain cement his ongoing influence on the industry he helped build.

As he navigates pardon requests and global policy discussions, his legacy as the founder who brought millions of people into cryptocurrency remains secure. His experience offers a valuable lesson for aspiring entrepreneurs: embrace adaptability and maintain a relentless focus on user needs.

Whether advocating for free speech, blockchain education, or financial inclusion, CZ remains a controversial yet influential figure in the cryptocurrency space, embodying both the opportunities and challenges of the ongoing digital finance revolution.