Changpeng Zhao (CZ) Net Worth: Still Rich After Jail?

Who is Changpeng Zhao?

Changpeng Zhao, or CZ as he is more commonly referred to as, is the mastermind behind Binance, the biggest cryptocurrency exchange globally. Born in China in 1977, he moved to Canada as a teen, where he worked odd jobs like McDonald's to help his family. He later earned a computer science degree from McGill University in Montreal, setting him up for a successful career in tech. 

He started out working on high-frequency trading systems for Bloomberg, but his real passion for crypto began around 2013 when he joined Blockchain.info and served as CTO at OKCoin. Fast forward to 2017, CZ founded Binance after raising $15 million through an initial coin offering (ICO). Within just months, Binance skyrocketed to become the largest crypto exchange in the world. 

While CZ’s rise in the crypto world was meteoric, it hasn’t been without challenges. In 2023, both he and Binance faced legal battles in the U.S. over fraud and money laundering charges. CZ pled guilty and stepped down as CEO later that year, and in 2024, he was sentenced to four months in prison. Despite these hurdles, CZ still owns a large share of Binance.

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Changpeng Zhao (CZ) Net Worth

‍In 2024, Changpeng Zhao’s net worth sits at somewhere between $25 - $60 billion, even after stepping down as Binance’s CEO and dealing with legal issues. Most of his wealth comes from his 90% ownership in Binance. While his fortune has taken some hits due to market shifts and fines, Binance’s strong position in the industry keeps CZ among the top global billionaires. 

He also has investments in Bitcoin and Binance Coin, though the exact value of those holdings isn’t publicly known. He is currently ranked the 72nd richest man on the Bloomberg Billionaire Index and the 26th richest person on Forbes.

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How Did CZ Build His Net Worth?

CZ built his impressive net worth by founding Binance, which quickly became the world’s biggest crypto exchange. Launched in 2017, Binance attracted millions of users with its simple platform, low fees, and a wide selection of cryptocurrencies. CZ’s decision to introduce Binance Coin (BNB) helped grow the ecosystem, adding even more value. 

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Why was Binance CEO Jailed?

Changpeng Zhao is serving a four-month prison sentence after pleading guilty to money laundering charges in 2023. U.S. authorities accused him and Binance of failing to follow proper anti-money laundering rules, which allowed illegal transactions to happen on the platform.

Although prosecutors pushed for a three-year sentence, CZ's punishment was reduced as part of a plea deal, where he stepped down as CEO and paid a $50 million fine. Richard Teng, formerly Binance's Global Head of Regional Markets assumed the role of CEO. His focus on Binance’s rapid growth over compliance led to these issues, and he’s now set to be released on September 29, 2024.

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How Much of Binance Does CZ Own?

He retains a significant ownership stake in the company even after stepping down as CEO. Although exact figures are not officially disclosed, Forbes reported that CZ owns approximately 90% of Binance. This substantial ownership shows his ongoing influence within the company, allowing him to remain deeply involved in strategic decisions and provide consultation on key business areas. 

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Who is CZ’s Wife?

Yi He is a co-founder of Binance and one of the key figures behind the platform's success. She has a background in marketing and worked in the cryptocurrency space before joining forces with CZ to launch Binance in 2017. Before Binance, she co-founded the popular exchange OKX.

She has played a major role in shaping Binance’s brand, user growth, and overall strategy, focusing on expanding its global reach. Yi and CZ have been life partners since 2014 and have three children together but are not officially married. Together, they have built Binance into the world’s largest crypto exchange while navigating the complexities of the evolving industry.

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CZ Social Media Platforms

CZ actively engages with the crypto community through his social media profiles. On X (formerly Twitter), his handle @cz_binance boasts millions of followers, where he frequently shares insights on cryptocurrency trends, Binance updates, and personal viewpoints on industry developments. 

His LinkedIn profile highlights his professional background and achievements, connecting him with industry leaders and professionals. He also has an Instagram account, which he uses to share more personal photos and updates, such as pictures with celebrities and world leaders or his work out progress.

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Bottom Line

In conclusion, Changpeng Zhao, founder of Binance, built his wealth and reputation by turning Binance into the world’s largest crypto exchange. Despite legal challenges and a prison sentence for money laundering charges, CZ retains an estimated net worth of $25 to $60 billion. As he prepares for his release in September 2024, Binance remains a major player in the crypto space, and his ongoing involvement will likely continue to shape the company’s future.