JUST IN – CZ Binance is out of prison

Changpeng Zhao, commonly known as CZ, is a prominent figure in the cryptocurrency industry, recognized for founding and leading Binance, which has grown to become the world’s largest cryptocurrency exchange by trading volume as of 2024. Here are some key points about his life and career:

– **Early Life and Education:** Born in 1977 in China, Zhao moved to Canada with his family in 1989 following the Tiananmen Square protests. He studied computer science at McGill University in Montreal, Canada.

– **Career Before Binance:** After graduating, Zhao worked on developing trading software. He was a developer for the Tokyo Stock Exchange and then worked at Bloomberg Tradebook where he developed software for futures trading. In 2005, he moved to Shanghai to start Fusion Systems, known for building some of the fastest high-frequency trading systems for brokers.

– **Binance Founding:** In 2017, Zhao founded Binance. The platform quickly rose to prominence due to its high liquidity, wide range of available cryptocurrencies, and innovative services like the Binance Coin (BNB) and the Binance Smart Chain.

– **Legal Issues:** In November 2023, CZ pleaded guilty to money laundering violations in the United States. This was part of a coordinated resolution with several U.S. federal agencies. He stepped down as CEO of Binance as part of the plea deal. In April 2024, he was sentenced to four months in prison for failing to maintain an effective anti-money laundering program at Binance. Despite the legal challenges, he agreed to pay significant fines, and Binance itself settled with a multi-billion dollar fine.

– **Wealth:** Despite these setbacks, Zhao remains one of the wealthiest figures in the crypto industry. As of May 2024, his net worth was estimated at $37.3 billion by the Bloomberg Billionaires Index, making him one of the richest Canadians and a significant player in the global finance scene.

– **Personal Life:** Zhao has been described as a work-focused individual. He has mentioned in interviews his intention to donate most of his wealth, following in the footsteps of other global business magnates like Bill Gates and Warren Buffett. He has been in a long-term relationship with Yi He, a co-founder of Binance, although he’s also cited as still being married to someone else.

– **Philosophy and Influence:** CZ is known for his philosophy of “work hard, stay humble,” and he’s been a major advocate for blockchain and cryptocurrency adoption. His influence extends beyond Binance through his active presence on social media platforms, where he engages with the community and discusses industry trends.

– **Current Status:** As of mid-2024, after serving his sentence, CZ has moved to a halfway house with expectations for a full release in September 2024. His movements and activities continue to be of interest to both the crypto community and regulatory bodies due to his significant impact on the industry.