- BINANCE CEO CHANGPENG ZHAO THEINFORMATION FULL
- BINANCE CEO CHANGPENG ZHAO THEINFORMATION SOFTWARE
- BINANCE CEO CHANGPENG ZHAO THEINFORMATION PROFESSIONAL
He first came into professional contact with cryptocurrency when he started as OKCoin’s CTO. Despite this decline, he hasn’t sold his BTC assets to this day. The Bitcoin price was $600 at the time, but dropped to $200 not long after his investment.
BINANCE CEO CHANGPENG ZHAO THEINFORMATION FULL
This conversation intrigued him so much, that he sold his house for $1 million and invested the full amount in Bitcoin in 2013. CZ invested $1 million in Bitcoin in 2013ĬZ first encountered Bitcoin at a poker tournament in 2018 with Bobby Lee and Ron Cao. There, he founded his first company at Fusion Systems, focused on developing trading systems for brokers. Four years later, he worked as a developer at Bloomberg Tradebook until he moved to Shanghai in 2005.
BINANCE CEO CHANGPENG ZHAO THEINFORMATION SOFTWARE
His first job after graduation was at the Tokyo Stock Exchange where he developed software to match trade orders. CZ has always been active in the financial sector. He studied information science at McGill University in Montreal and received his bachelor’s degree. In this article, you will learn more about the charismatic Changpeng Zhao.Ĭhangpeng Zhao was born in 1977 in China and moved to Canada as a teenager. His charisma and good communication have helped Binance to achieve great successes. Using his Twitter channel, he keeps the community well informed of developments and updates about the crypto exchange. The largest cryptocurrency exchange in the world based on real trading volume. Binance said it would defend itself vigorously.Changpeng Zhao, also known as CZ, is the founder and CEO of Binance. Zhao, Binance and BInance.US were sued by the SEC in June 2023 for mishandling customer funds, misleading investors and regulators, and breaking securities rules. By 2018, Binance was the biggest cryptocurrency exchange in the world. He later downloaded the Bitcoin white paper and began learning about the technology.Īfter about a year at beginning in late 2013, Zhao founded a startup that provided systems and software to exchanges before starting Binance in 2017. An interest in cryptocurrency began in 2013 following a discussion at a poker game. He moved to Shanghai in 2005 to develop high-frequency trading software at Fusion Systems. An internship in Japan was followed by a stint at Bloomberg's Tradebook in New York starting in 2001. Zhao started coding at about 16 and later completed a computer science degree in Montreal at McGill University. The family moved to Canada in the late 1980s after his father got a job at the University of British Columbia. The company didn't respond to a request for comment in February 2023.īorn in Jiangsu, China in 1977, Zhao's mother was a teacher and his father an academic. Hazel Watts, a spokesperson for Binance, said in January 2022 that valuation estimates for Binance were "incorrect and far off" without providing further details. Cryptocurrency held directly by the billionaire isn't included because the amount is unknown. The billionaire has said that he's also invested in Bitcoin and Binance Coin.
Following these actions its value was reduced to zero, causing a $1 billion drop in Zhao's fortune. After it was sued by the Securities & Exchange Commission in June 2023 it announced it would be transitioning to a crypto-only model and would no longer be supporting dollar transactions. He's calculated to own an 86% stake in the firm based on the firm's fundraising history. He also owns Binance.US, a related US exchange, that was valued at $4.7 billion in a March 2022 fundraising round. Zhao is credited with 90% of Binance based on his public statements and filings in regions where ownership is publicly disclosed. The valuation is discounted by 50% due to institutional, regulatory and related risks.
It's valued using the average enterprise value-to-sales multiple of publicly-traded peers Coinbase Global Inc, Galaxy Digital Holdings Ltd and Riot Platforms Inc. 26, 2023, and the average of transaction fees disclosed on Binance's website, calculated separately for spot and derivative volumes. Binance is the world's largest cryptocurrency-exchange by trading volume, according to its website, and had more than 120 million users at the end of 2022.īinance's revenue of $12.6 billion is calculated using the average of the company's annual spot and derivative trading volumes as tracked by research sites and through Feb. Zhao's fortune is derived from his controlling stake in Binance, a crypto exchange.
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