The Hurun Research Institute released the 2024 Hurun Global Rich List on March 25, with wealth calculations locked as of January 15, 2024. Elon Musk reclaimed the top spot with a staggering net worth of 1.67 trillion RMB (approximately $231 billion). However, one of the most notable comebacks on the list was that of Changpeng Zhao—widely known as CZ—the former CEO of Binance.
Despite Binance being fined over $4 billion by the U.S. Department of Justice for anti-money laundering violations, and the broader crypto industry still recovering from the FTX collapse, interest in digital assets has surged. As a result, CZ’s personal wealth has rebounded to 130 billion RMB ($18 billion), landing him at number 100 on the global rich list—a powerful testament to resilience, vision, and belief in blockchain’s long-term potential.
The Man Who Sold His House for Bitcoin
Born in Jiangsu in 1977, CZ moved to Canada with his family at age 12. He studied computer science in college, launching a career rooted in programming and high-performance trading systems. After graduation, he worked as a technology consultant, developing order-matching systems for financial markets—including building infrastructure for the Tokyo Stock Exchange and serving as tech director at Bloomberg in New York.
He earned three promotions in under two years but chose to leave the corporate world in 2005, relocating to Shanghai to found his first company, Fusion Systems, which specialized in ultra-fast high-frequency trading platforms for brokers.
It wasn’t until 2013—through his friend Bobby Lee, former CEO of BTC China—that CZ first learned about Bitcoin. One piece of advice stuck with him:
“If you invest 10% of your net worth in Bitcoin, and it goes up tenfold, you double your wealth. If it fails, you only lose 10%.”
That logic sparked his fascination. CZ soon joined Blockchain.info as the third employee, where he spent eight months interacting with early crypto evangelists like Roger Ver and Ben Reeves. These experiences solidified his conviction in decentralized finance.
In June 2014, he was invited by He Yi—now Binance’s CMO and a key figure in the crypto space—to become CTO of OKCoin. At that moment, CZ made a life-altering decision: he sold his house in Shanghai and invested every dollar into Bitcoin. By all accounts, he retained only his phone as a physical possession—becoming what many consider the first person to hold 99% of his assets in cryptocurrency.
While Shanghai real estate prices doubled shortly after, Bitcoin crashed. Yet CZ didn’t waver. His time at OKCoin gave him deep insight into exchange operations and industry dynamics. Eventually, cultural and philosophical differences led to his departure—an exit that would pave the way for something much bigger.
Founding Binance: A Vision Realized
After leaving OKCoin, CZ briefly launched a tech firm focused on collectibles trading platforms. But his true ambition remained: building a global cryptocurrency exchange. In July 2017, he launched Binance, introducing its native token, BNB, and setting in motion one of the fastest-growing fintech success stories in history.
Unlike other exchanges, Binance aimed to aggregate high-quality blockchain assets and offer users a seamless, secure, and accessible trading experience. Its initial coin offering raised $15 million in just one week—far below typical VC-backed launches—but demand exploded almost immediately.
With Bitcoin’s price surging from $3,000 to $20,000 between September and December 2017, global interest in crypto trading skyrocketed. At peak volumes, daily trading across all platforms hit $60 billion**, with Binance alone accounting for **$10 billion—one-sixth of the entire market.
And behind this meteoric rise stood He Yi. Often called the “Queen of Crypto,” she joined Binance after completing her non-compete clause with OKCoin. Her marketing prowess propelled Binance to the top of global trading volume rankings within months. Today, her stake in Binance—including equity and BNB holdings—is estimated to exceed $1.5 billion.
Rapid Growth and Early Challenges
Binance officially launched on July 14, 2017. BNB debuted at $0.15 per token and quickly gained traction. Despite raising only around $15 million (less than 100 million RMB), Binance faced significant early costs—including user reimbursements due to China’s September 4, 2017 ban on ICOs and domestic exchanges.
When Chinese regulators required platforms to refund investors, many projects couldn’t cover their obligations. Binance stepped in—not just refunding users at market rates (around 4 RMB), but absorbing nearly 20 million RMB in losses. At the time, this represented a massive portion of their capital.
Just two months after launch, CZ received a call from his team: several listed projects had collapsed, leaving investors stranded. The proposal? Use company funds—$6 million—to compensate them.
“Protect the users.” That was CZ’s immediate response—even while riding a moving train.
The decision cost Binance over 40% of its total funds then—but it paid off. The crypto community responded overwhelmingly positively. Within a month, user registrations hit 120,000, and Binance turned profitable—remaining so ever since.
By December 2017, Binance reached 7 million users, up from just 1 million three months earlier. It became the world’s largest crypto exchange by volume—and CZ graced the cover of Forbes with an estimated $2 billion net worth.
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Reflecting on Six Years of Innovation
In a heartfelt letter marking Binance’s sixth anniversary, CZ reflected on how far they’d come:
“Today, Binance serves over 140 million users worldwide—with potential to reach billions more. It all started as a dream.”
From launching with just five tokens and two language options to now supporting 600+ cryptocurrencies and 40+ languages, Binance has evolved into a full-stack Web3 ecosystem. Its blockchain arm, BNB Chain, powers decentralized exchanges, storage apps, and smart contracts.
Legal hurdles followed early success—including a multi-year lawsuit from a major venture capital firm (widely believed to be Sequoia). Though disruptive, Binance emerged victorious. Ironically, years later, that same firm became a limited partner in Binance Labs’ second fund.
Because of the litigation history, Binance chose not to accept traditional VC funding—a decision that preserved its independence and agility.
What’s Next for CZ?
Even amid legal proceedings in the U.S., CZ hasn’t slowed down. He recently announced his next venture: Giggle Academy, a free, open-access education platform aimed at democratizing learning globally.
His vision? To eliminate disparities caused by geography, income, race, or religion—ensuring anyone with internet access can gain high-quality knowledge.
“Every child deserves equal opportunity,” CZ stated on the project’s website.
With millions still lacking access to quality primary education—and inequality widening across regions—Giggle Academy represents a bold step toward equitable human development.
Frequently Asked Questions
Q: How did CZ regain his wealth after legal setbacks?
A: Despite regulatory fines and stepping down from Binance leadership, CZ retains significant holdings in BNB and other digital assets. The broader market recovery in 2023–2024 also contributed to his wealth rebound.
Q: Is CZ still involved with Binance?
A: No. As part of a settlement with U.S. authorities, CZ stepped down as CEO in late 2023. However, his influence on the platform’s culture and infrastructure remains profound.
Q: What is Giggle Academy’s mission?
A: To provide free, high-quality education to anyone with internet access—bridging global learning gaps through technology.
Q: Why did Binance refuse VC funding?
A: After a prolonged legal dispute with a potential investor, Binance opted for financial independence to maintain operational flexibility and avoid external control.
Q: How did BNB’s value contribute to CZ’s net worth?
A: As co-founder and early holder of BNB—the native token of Binance and BNB Chain—CZ benefited significantly from its appreciation as both an exchange utility token and blockchain ecosystem driver.
Q: What lessons can entrepreneurs learn from CZ’s journey?
A: Resilience during crises, prioritizing user trust over short-term profit, embracing decentralization principles, and pivoting toward social impact after commercial success.
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CZ’s story—from immigrant programmer to banned entrepreneur to educational innovator—isn’t just about wealth accumulation. It’s about conviction in technology’s power to transform lives—and the courage to rebuild after setbacks. As digital economies evolve, pioneers like CZ continue shaping what’s possible.