Changpeng Zhao
 |
Changpeng Zhao Co-Founder and former CEO of Binance; Founder of Giggle Academy |
Changpeng Zhao, widely known as CZ, is a Chinese-born Canadian entrepreneur, software engineer and one of the most influential figures in the cryptocurrency industry. He co-founded Binance in 2017 and led the exchange as CEO until November 2023, overseeing its rapid expansion into one of the world's largest digital-asset trading platforms. After leaving Binance's executive leadership and serving a four-month federal prison sentence in the United States, Zhao's career entered a new phase focused on education, investment, Web3, artificial intelligence and biotechnology. In October 2025, U.S. President Donald Trump granted Zhao a presidential pardon following his 2023 guilty plea over Binance's failure to maintain an effective anti-money-laundering program.
Background
Changpeng Zhao was born in 1977 in Jiangsu Province, China, and moved with his family to Canada during his youth. He later studied computer science at McGill University in Montreal.
His early life and education provided the technical foundation for a career that would eventually connect traditional financial markets with cryptocurrency. Before entering the digital-asset industry, Zhao worked on financial trading infrastructure in Tokyo and New York, gaining experience in order-matching systems, futures trading software and high-frequency trading technology.
Zhao has described his background as heavily technical rather than financial. That distinction became important when he eventually built Binance around high-performance trading infrastructure and a rapidly scalable exchange platform.
Education and Early Career
After graduating from McGill University, Zhao began his professional career working on software related to trading systems in Tokyo. He developed software for matching trade orders for a subcontractor connected to the Tokyo Stock Exchange.
He subsequently joined Bloomberg Tradebook, where he worked on futures-trading software and became involved in the development of financial-market technology.
In 2005, Zhao moved to Shanghai and founded Fusion Systems, a technology company focused on high-performance trading systems for brokers. The company specialized in low-latency and high-frequency trading infrastructure rather than cryptocurrency.
The experience gave Zhao an understanding of how financial exchanges operate under demanding trading conditions. His later work in cryptocurrency would build on that technical background.
Fusion Systems
Fusion Systems was one of Zhao's earliest entrepreneurial ventures. Founded in Shanghai in 2005, the company developed automated and high-frequency trading systems for financial institutions and brokers.
The business was not a cryptocurrency company. Its focus was traditional financial-market infrastructure, including systems designed to process trading activity with low latency.
This period is significant in understanding Zhao's later approach to Binance. Rather than entering crypto solely as an investor, he brought experience in building trading technology and exchange infrastructure.
Entry Into Bitcoin and Cryptocurrency
Zhao's transition into cryptocurrency began in 2013 after he learned about Bitcoin through conversations with people involved in the emerging digital-asset industry.
He subsequently joined Blockchain.info, now known as Blockchain.com, where he worked as head of development or technology. He later became chief technology officer at OKCoin, a cryptocurrency exchange.
These roles gave Zhao direct experience with cryptocurrency wallets, exchange technology and digital-asset trading at a time when the industry was still relatively small.
His experience at Blockchain.info and OKCoin also helped him identify an opportunity to build an exchange designed specifically around cryptocurrency markets.
Founding Binance
Zhao co-founded Binance in 2017 alongside other members of the founding team, including Yi He. Binance launched in July 2017 following an initial coin offering that raised approximately $15 million.
The exchange expanded extremely quickly. Binance's own current corporate profile states that the platform became the world's largest digital-asset exchange by trading volume within 180 days of its launch.
Zhao's technical background was central to Binance's early development. The company emphasized a high-performance trading engine, a broad selection of cryptocurrency markets and a global operating model.
BNB was also introduced in 2017 as a utility token associated with the Binance ecosystem. Over time, Binance expanded beyond its core exchange into a broader collection of blockchain, investment, education and infrastructure businesses.
Binance and the BNB Ecosystem
Under Zhao's leadership, Binance developed into more than a cryptocurrency exchange.
The broader ecosystem eventually included Binance Exchange, Binance Labs, Launchpad, Academy, Research, Trust Wallet, Charity and other products and initiatives.
BNB also became an important component of the ecosystem. Binance Smart Chain, later developed into the BNB Chain ecosystem, expanded the platform's role from cryptocurrency trading into decentralized applications and blockchain infrastructure.
It is important to distinguish Binance's corporate exchange operations from BNB and BNB Chain. They are related components of a broader ecosystem but are not interchangeable entities.
Zhao's historical role as Binance founder and former CEO also does not mean he currently operates the exchange's daily business.
November 2023 Leadership Change
Zhao stepped down as Binance CEO in November 2023 as part of a major settlement with U.S. authorities.
Richard Teng subsequently became Binance CEO. Binance's current corporate materials continue to identify Zhao as "Co-Founder & Former CEO," confirming that the CEO position is historical rather than current.
The leadership change marked a major transition for both Zhao and Binance. The company entered a period focused more heavily on regulatory compliance and institutional development, while Zhao shifted his attention toward projects and investments outside Binance's day-to-day operations.
U.S. Criminal Case
In November 2023, Zhao pleaded guilty in U.S. federal court to violating the Bank Secrecy Act by failing to maintain an effective anti-money-laundering program at Binance.
The distinction is important. Zhao's criminal conviction was related to Binance's compliance failures under the Bank Secrecy Act and should not simply be described as a personal "money laundering conviction."
As part of the broader resolution, Binance agreed to pay approximately $4.3 billion to U.S. authorities, while Zhao agreed to a $50 million criminal fine.
Separately, the Commodity Futures Trading Commission had its own civil enforcement matter involving Zhao. That proceeding resulted in a separate consent order and a $150 million personal civil penalty.
Federal Prison Sentence
In April 2024, Zhao was sentenced to four months in federal prison.
He subsequently served the sentence and was released in September 2024.
The sentence followed his guilty plea and resignation from Binance. It represented one of the most significant personal consequences faced by a major cryptocurrency founder following the industry's regulatory crackdown in the United States.
Presidential Pardon
On October 23, 2025, U.S. President Donald Trump granted Zhao a presidential pardon.
The White House confirmed the pardon after Zhao had completed his prison sentence. The decision represented a major development in Zhao's legal history and came amid the Trump administration's more supportive stance toward the cryptocurrency industry.
The pardon should nevertheless be distinguished from separate civil regulatory proceedings. A presidential pardon of the federal criminal matter does not automatically erase every separate regulatory order or civil proceeding involving Zhao.
SEC Case
The U.S. Securities and Exchange Commission filed a civil enforcement action against Binance entities and Zhao in June 2023.
On May 29, 2025, the SEC filed a joint stipulation to dismiss the case with prejudice. The regulator said the dismissal was appropriate in the exercise of its discretion and as a matter of policy.
The dismissal ended the SEC's civil enforcement action against the Binance entities and Zhao. However, the SEC specifically stated that the decision did not necessarily reflect its position on other litigation or proceedings.
The SEC matter should therefore be considered separately from Zhao's criminal case and the CFTC's civil enforcement action.
CFTC Matter
The Commodity Futures Trading Commission pursued a separate enforcement action against Binance and Zhao.
That matter resulted in a federal consent order and a $150 million personal civil penalty for Zhao.
The CFTC proceeding is legally distinct from the criminal Bank Secrecy Act case handled by the U.S. Department of Justice and from the SEC's separate civil lawsuit.
This distinction is important when describing Zhao's legal history because the different U.S. agencies pursued different allegations and regulatory matters.
Giggle Academy
Following his departure from Binance's executive leadership, Zhao placed significant attention on education through Giggle Academy.
Giggle Academy is a free online education platform founded by Zhao for children around the world. Its stated mission is to use technology and gamification to make education accessible, engaging and free.
The platform currently provides educational content including English-learning material, storybooks, vocabulary programs, literacy resources, interactive activities and games. Giggle Academy says its core courses and features are intended to remain free.
The project represents a notable shift from Zhao's previous focus on cryptocurrency exchanges. Rather than operating as a financial platform, Giggle Academy is centered on education and technology.
The platform has also expanded its reach internationally. Its current website reports users across 164 countries and more than 125,000 learners, although such figures can change over time.
YZi Labs and Investment Activity
Zhao has also remained active in investment and technology through YZi Labs, formerly known as Binance Labs.
YZi Labs focuses on areas including Web3, artificial intelligence and biotechnology. Current YZi Labs materials describe Zhao as closely involved with the investment ecosystem, while the firm continues to make investments across cryptocurrency infrastructure and emerging technology.
In January 2026, YZi Labs announced an investment in Genius, an on-chain trading terminal, describing Zhao as an advisor to the project and linking the investment to its broader focus on decentralized financial infrastructure.
YZi Labs has also continued to pursue investments in digital-asset infrastructure during 2026, including a strategic investment related to BitGo's public-market debut.
Zhao's investment activities therefore extend beyond cryptocurrency exchanges and include broader technology sectors.
Current Relationship With Binance
Zhao is no longer Binance's CEO and does not run the exchange's daily operations.
Binance's own current corporate profile identifies him specifically as "Co-Founder & Former CEO."
Zhao continues to have a public presence in the cryptocurrency industry and has described himself as an investor, shareholder and supporter of crypto projects. His public commentary about Binance or the wider market should not automatically be interpreted as statements made on behalf of Binance management.
In 2026, Zhao has continued to appear publicly in discussions about cryptocurrency, exchange technology and the future of digital assets. A July 2026 interview, for example, focused on his experience building Binance and his views on the future of cryptocurrency.
Freedom of Money
Zhao also published a memoir in 2026 titled Freedom of Money: A Memoir of Protecting Users, Resilience, and the Founding of Binance.
The book presents Zhao's personal account of his childhood, immigration to Canada, technology career, entry into Bitcoin, creation of Binance and the legal events that led to his resignation and imprisonment.
Because the memoir is Zhao's own account, it is best treated as a primary source for his perspective rather than as an independent verification of every disputed historical or legal claim.
Public Commentary
Zhao remains an active commentator on cryptocurrency and technology.
His public discussions have covered Bitcoin, BNB, decentralized finance, centralized and decentralized exchanges, crypto regulation, security, artificial intelligence and education.
He also continues to use social media to discuss developments in the digital-asset industry. His comments represent his personal views and should not be treated as financial advice or guaranteed predictions about cryptocurrency prices.
Ownership and Management
Zhao's status as a Binance founder and shareholder should be distinguished from his former executive position.
He is no longer CEO of Binance, and the company's official profile identifies him as a former CEO.
Ownership, influence and management authority are separate concepts. For that reason, estimates of Zhao's current ownership percentage, personal crypto holdings or net worth should be treated cautiously unless supported by current corporate or regulatory documentation.
This profile does not rely on speculative estimates of Zhao's personal wealth or cryptocurrency holdings.
Why Changpeng Zhao Matters in Crypto
Changpeng Zhao's influence on cryptocurrency comes from several distinct stages of his career.
His early work in financial-market technology gave him experience with trading systems and exchange infrastructure. His transition into Bitcoin and Blockchain.com exposed him to the emerging cryptocurrency economy. His role in founding Binance then helped accelerate the development of global crypto trading infrastructure.
Binance's rapid growth made Zhao one of the industry's most recognizable founders. The company became a major gateway between users and digital assets while expanding into blockchain infrastructure, investment, education and other Web3 services.
At the same time, Zhao's career illustrates the regulatory risks associated with building a global cryptocurrency business across multiple jurisdictions. His 2023 guilty plea, resignation as Binance CEO, four-month prison sentence and subsequent 2025 presidential pardon form an important part of his professional history.
His post-Binance career has increasingly focused on education, investment and emerging technologies. Through Giggle Academy and his involvement with YZi Labs, Zhao has continued to participate in technology while no longer holding an operating executive role at Binance.
Current Role in 2026
As of September 2026, Changpeng Zhao's principal public roles are as the founder of Giggle Academy, a former Binance CEO and co-founder, and an investor and advisor involved in the broader Web3 and technology ecosystem.
His current activities extend into education, blockchain infrastructure, artificial intelligence and biotechnology. He remains one of the most recognizable figures in cryptocurrency, but his position today is fundamentally different from the period when he directly managed Binance.
Zhao's transition from exchange executive to investor, educator and technology advocate represents the latest stage of a career that has moved from traditional financial software to cryptocurrency infrastructure and, increasingly, to projects beyond the crypto exchange business.
X Account @cz_binance