In a quiet corner of a luxury London hotel, a lean man in a navy-blue suit sipped his coffee, barely acknowledged by the waitstaff. To them, he was just another guest. But this unassuming figure is one of the most influential entrepreneurs of the digital age—Zhao Changpeng, better known as C.Z., the founder and CEO of Binance, the world’s largest cryptocurrency exchange.
With an estimated net worth approaching $100 billion at its peak, C.Z. has risen from humble beginnings in rural China to become a central figure in the global crypto revolution. His journey is not just a rags-to-riches tale—it’s a reflection of how quickly innovation, ambition, and timing can redefine wealth and power in the 21st century.
The Rise of Binance: Speed, Scale, and Strategy
Launched in 2017, Binance exploded onto the scene at a pivotal moment. Cryptocurrency was gaining traction, but trading platforms were slow, complex, and often unreliable. C.Z., a former software developer with experience at Bloomberg, saw an opportunity: build a platform that was fast, user-friendly, and globally accessible.
His vision paid off. Within months, Binance attracted millions of users. By 2021, it boasted 100 million users, processed $34.1 trillion in annual trading volume**, and generated an estimated **$20 billion in revenue, primarily from transaction fees. Analysts credit its success to superior technology, deep liquidity, and aggressive expansion—often ahead of regulatory frameworks.
“Binance has everything: the best platform, the best execution,” says Chris Brendler, senior fintech analyst at D.A. Davidson. “It’s no accident they dominate.”
Unlike Coinbase, which prioritized U.S. compliance from the start, Binance operated with a “move fast and ask forgiveness later” mentality. It launched services like stock tokens—crypto derivatives tied to real-world equities—before regulators could respond. This boldness fueled growth but also attracted scrutiny.
A New Look for a New Era
Today, C.Z. is no longer wearing hoodies or Binance-branded polos. During a March 2025 interview with Fortune in London, he appeared in a tailored suit—a symbolic shift from rebel innovator to corporate leader.
This transformation isn’t just about image. As crypto enters the mainstream, so does regulation. In early March 2025, President Joe Biden issued an executive order directing U.S. agencies to integrate digital assets into the financial system responsibly. The message was clear: crypto is here to stay—but oversight is coming.
For C.Z., this means proving Binance can be both innovative and compliant. The company has hired hundreds of compliance officers, brought on former U.S. Treasury investigators to combat money laundering risks, and appointed its first head of external communications.
“We’re engaging with regulators worldwide,” C.Z. says. “We’re fixing past issues—right now.”
In March 2025, Binance secured its first virtual asset licenses in Bahrain and Dubai, signaling a move toward formal recognition. C.Z. himself relocated to Dubai in 2021, citing favorable conditions for innovation and business.
“We’re not avoiding anyone,” he insists. “We’re everywhere.”
How Simple Is It to Use Binance?
Extremely. Take Hadrien Giral-Ghattas, a 15-year-old from Paris who started investing at age 13. With €500 borrowed from his parents—and using his mother’s ID—he bought Bitcoin and other cryptos. Two years later, his portfolio had grown dramatically as Bitcoin surged nearly 700%.
Hadrien now uses a Binance Card, spending crypto like cash with 2% cashback—a feature gaining popularity across Europe.
“I don’t use regular money anymore,” he says. “Crypto is magic.”
C.Z.’s own journey began far from such luxury. Born in Jiangsu Province, China, he grew up under rationing systems where meat required coupons. In 1989, his family moved to Vancouver when he was 12.
“That was my first time drinking fresh milk,” he recalls.
He worked multiple jobs—McDonald’s cashier, Chevron night attendant, volleyball referee—earning his first dollars and learning the value of hustle.
After years in tech—including developing trading systems for Bloomberg—he entered crypto in 2013 after selling his Shanghai apartment for $1 million to invest in Bitcoin.
When he launched Binance in July 2017, it was registered in Hong Kong. Weeks later, China banned crypto trading. So he moved—to Japan, then Singapore, eventually settling operations under Binance Holdings Ltd. in the Cayman Islands.
This borderless model allowed rapid global expansion but drew criticism for evading oversight.
Regulatory Crosshairs: The Cost of Being Everywhere
Because crypto operates without borders or central control, regulators have struggled to keep pace. Concerns over illicit use—money laundering, ransomware payments, fraud—are real.
Amy Lynch, president of FrontLine Compliance, notes that “Ponzi-like schemes are disturbingly common” in unregulated corners of the space.
Binance has faced warnings from the UK, Japan, and Thailand, where it was hit with criminal charges. Several countries ban it from marketing services locally.
Critics point to its shifting base as a tactic to exploit regulatory gaps. Aija Lejniece, a Paris-based arbitration lawyer representing investors who lost millions during a 2020 platform crash, argues that Binance’s lack of a clear headquarters makes accountability nearly impossible.
“Their terms force disputes to be settled in Hong Kong—it’s inconvenient and costly,” she says.
Binance responds that technical strain during volatile markets is unavoidable and disclosed in its terms.
Still, the pressure is mounting—and shaping C.Z.’s evolution.
Beyond Speculation: Building Real-World Utility
C.Z. knows crypto must evolve beyond speculation to survive.
“People invest because it feels new and cool,” he admits over breakfast. “But this is like the internet 20 years ago—slow, limited, undeveloped.”
To bridge that gap, Binance invested $200 million in Forbes in February 2025—a strategic move to demonstrate crypto’s practical applications.
The plan? Launch NFT versions of articles, reward subscribers with tokens, and potentially eliminate ads through blockchain-based monetization.
“If this works,” C.Z. says, “every media company will have to follow.”
It’s also a redemption play: Binance once sued Forbes over negative coverage. Now, it’s betting on collaboration.
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Crypto in War: The Ukraine Test
The Russia-Ukraine war became crypto’s first real-world stress test.
While Western nations imposed sanctions on Russian elites, concerns grew that crypto could be used to bypass them. Indeed, ruble-denominated Bitcoin trades spiked after the invasion began.
Yet crypto also empowered Ukraine. Within weeks, the government received over $65 million in crypto donations—fast, transparent, and uncensorable.
Binance contributed $10 million via UN humanitarian channels but stopped short of banning all Russian users—a decision criticized by Ukrainian leaders.
“We can’t freeze innocent people’s assets,” C.Z. explains. “Imagine someone walking into this restaurant—they shouldn’t lose everything just because of their passport.”
Binance says it reviewed nearly 6,000 accounts and suspended about 150 linked to sanctioned individuals—far fewer than Coinbase’s 25,000 blocked accounts.
For C.Z., blockchain’s greatest promise lies in transparency and decentralization.
“We can collectively maintain a record—no single authority controls it,” he says. “That’s never happened before in human history.”
Wealth, Wisdom, and What Matters
Despite his staggering net worth—estimated at $96 billion before market corrections—C.Z. remains grounded.
“This wealth? It’s algorithmic fiction,” he says. His watch is an Apple Watch; his suit cost $300 four years ago.
The death of his father from leukemia deepened his perspective: “Life is fragile. We should use our abilities to make a positive impact.”
FAQ: Your Questions Answered
Q: What is C.Z.’s real name?
A: Zhao Changpeng. He goes by C.Z., derived from his initials.
Q: How did Binance grow so fast?
A: By focusing on speed, low fees, global access, and launching before competitors could react—all while operating in regulatory gray zones.
Q: Is Binance safe?
A: It has improved compliance significantly since 2021 but still faces regulatory challenges in several countries.
Q: Where is Binance headquartered?
A: Officially incorporated in the Cayman Islands; licensed operations now exist in Dubai and Bahrain.
Q: Does C.Z. own most of Binance?
A: While exact ownership isn’t public, estimates suggest he holds up to 90%, giving him full control.
Q: Can crypto help during crises?
A: Yes—Ukraine received tens of millions in crypto aid within weeks, showcasing its potential for fast, borderless humanitarian support.
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