Changpeng Zhao, also known as “CZ,” is a Chinese-Canadian entrepreneur who founded and formerly served as the CEO of Binance, the world’s largest cryptocurrency exchange. He was convicted of violating U.S. money laundering laws, served a four-month prison sentence in 2024, and was pardoned by President Donald Trump in October 2025.
Professional career and Binance
- Zhao was born in Jiangsu, China, and immigrated to Vancouver, Canada, with his family as a child. He worked various jobs, including at McDonald’s, before earning a degree in computer science from McGill University.
- He developed trading software for the Tokyo Stock Exchange and Bloomberg Tradebook before founding Fusion Systems in 2005.
- Inspired by Bitcoin, he founded Binance in 2017. Under his leadership, it became the largest cryptocurrency exchange by trading volume.
Legal issues and presidential pardon
- In 2023, Zhao and Binance were charged with violating U.S. anti-money laundering laws.
- He pleaded guilty and stepped down as CEO as part of a $4.3 billion settlement with the U.S. Department of Justice.
- After serving a four-month prison sentence in 2024, he was pardoned by President Donald Trump on October 23, 2025.
- The pardon has raised concerns about potential conflicts of interest, particularly regarding business ties between Binance and the Trump family’s cryptocurrency firm, World Liberty Financial.
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