Meet Binance CEO From Petrol Attendant to World's Richest Crypro Billionaire
- Binance CEO Changpeng Zhao began his early life in China before emigrating to Canada with his parents
- His parents were teachers, and his father was exiled by the Chinese government when he worked as a university lecturer
- Zhao did some menial jobs such as petrol attendant and working at McDonald's to support his family before going to the university
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The early life of the founder and CEO of Binance, Changpeng Zhao, cannot be classified as inspiring for someone who emigrated from China to Canada.
Zhao moved from China to Canada with his parents at 12 and settled in Vancouver, British Columbia.
Source: Getty Images
Odd beginning
Reports say his parents were both teachers in China. His father worked as a university lecturer before the Chinese authorities exiled him to the rural areas shortly after Zhao was born.
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Zhao supported his family by working in several jobs, as well as at McDonald's and as a petrol attendant,
He attended the McGill University of Montreal, Quebec, where he studied computer science.
History of exchanges
After he graduated from the university, he got an internship in Tokyo, where he worked as a sub-conductor for the Tokyo Stock Exchange, developing software for matching trade orders.
He also worked full-time for four years at Bloomberg Tradebook as a developer of futures trading software.
The Binance boss moved to Shanghai, where he founded a trading system, Fusion Systems, for stock brokers and some fast-rising frequency trading systems for brokers.
He also worked on various cryptocurrency projects and served as the CTC of OKChain.
He sold his apartment in Shanghai for $1 million to purchase Bitcoin.
Instant success
After he launched a crypto exchange, Binance platform, in July 2017, the company raised $15 million in an initial coin offering, and trading started on the exchange 11 days later.
Zhao's Binance became the world's largest cryptocurrency exchange platform by trading volume in less than eight months.
He also launched a Binance-exclusive coin in 2017 with a utility token that gives owners various perks like discounts on trading fees.
By April 2019, the company launched Binance Smart Chain with smart contract features, an Ethereum competitor.
Forbes ranked Zhao as the third-richest person in crypto, with a net worth of $1.1 billion.
Hope for crypto and the Elon Musk connection
He launched the Binance US affiliate, Binance.US and went on to invest $500 million via Binance to Finance the acquisition of Twitter by Elon Musk.
In an interview, Zhao told the New York Times that people were going into crypto because of its growth and stated that the current crypto crash would self-correct.
He told Bloomberg in 2021 that almost 100 per cent of his net worth is in crypto and that he plans to donate about 99 per cent of his wealth to follow in the steps of other billionaires.
The world's biggest cryptocurrency exchange, Binance, appoints Ibukun Awosika to global Advisory Board
Legit.ng reported that the world’s biggest cryptocurrency, Binance, has appointed former First Bank Director Ibukun Awosika to its board advisory board to help it manage some of the most urgent regulatory problems in the industry.
A statement by Binance said the exchange had been prodding countries to take the initiative and adopt an economic future in which crypto and blockchain will play an important role.
Awosika said that Binance’s transparency and accountability in its seeking to deliver service to its clients are commendable, saying the platform must continue to evolve as a future company and find solutions in real time.
Source: Legit.ng
