Changpeng Zhao Net Worth Explained: How a Real Estate Exit Made CZ Crypto’s Richest Man

• Changpeng Zhao is the 24th wealthiest man in the world, with an estimated net worth of $62.1 billion.
• Binance and CZ paid $4.3 billion and $50 million in fines, respectively, after pleading guilty to BSA and AML violations in the U.S. CZ served four months in prison.
• CZ still remains active in the blockchain and crypto industry.

Changpeng Zhao (CZ) is the wealthiest man in cryptocurrency today. He was inspired by a chance encounter at a poker table to sell his home and invest in Bitcoin, ultimately creating Binance.

His rise to the top saw Binance engage in lengthy legal battles with governments worldwide.

Despite losing a major legal dispute with the SEC, CZ’s fortune has remained intact.

Early Years

Born in China, CZ’s life changed when his father, a university educator, was politically exiled, forcing the family to relocate to Canada in the 1980s.

To support his family, CZ worked various service jobs, including at McDonald’s , before earning a spot at McGill University, where he majored in computer science.

His career in financial technology (FinTech) began with an internship at the Tokyo Stock Exchange, where he developed trade-matching systems. By 2001, he had climbed the ranks at Bloomberg, spending four years there before becoming Head of Tradebook Futures Development.

In 2005, he returned to China and founded Fusion Systems, a Shanghai-based firm specializing in high-frequency trading systems, where he remained for over eight years.

Entering Crypto

In 2013, during a poker game , CZ met Bobby Lee (brother of Litecoin creator Charlie Lee) and Ron Cao, founder of Sky9 Capital. They introduced him to Bitcoin (BTC), with Lee advising him to invest 10% of his wealth.

Instead, CZ went all in. In 2014, he sold his entire real estate portfolio —including his apartment—and invested everything in Bitcoin, which was trading at around $600.

Fascinated by crypto, he took on key roles in the industry. He became Head of Development at Blockchain.com and then served as CTO at OKCoin, where he launched futures trading.

Bitcoin’s drop to $200 challenged CZ’s commitment, but by 2016, it had recovered above $1,000. Around this time, he began laying the groundwork for what would become the world’s largest cryptocurrency exchange.

Binance Takes Off

In July 2017, CZ launched Binance after raising $15 million through an initial coin offering (ICO) for Binance Coin (BNB).

The exchange saw explosive growth, and by January 2018, it was the world’s largest by daily trading volume. BNB’s market cap soared to $1.3 billion.

By February 2018, CZ was the third-richest person in crypto, with a net worth between $1.1 billion and $2 billion. He joined the ranks of Ethereum’s Vitalik Buterin, Joseph Lubin, the Winklevoss twins, and former Ripple CEO Chris Larsen.

But, trouble would strike as the wildly unregulated industry began meeting against increasingly concerned governments. China’s September 2017 ban on crypto exchanges and ICOs forced Binance to cease operations and relocate to Japan.

In 2018, Japan’s government took issue with Binance’s operations and threatened legal action for failing to operate with the proper license. This was one of crypto’s earliest notable regulatory feuds.

Finally, Binance settled on moving to Malta in 2018. From there, it would roll out tailor-made Binance platforms to suit different regulatory needs, such as Binance.US, around the world.

This marked the beginning of years of legal battles.

U.S. Lawsuits

In 2020, the U.S. government sued Binance, alleging it had violated securities laws by offering unregistered securities.

Over time, Binance faced bans, fines, and restrictions across multiple countries. In 2021, the exchange withdrew from Canada, Thailand, the U.K., Germany, and Lithuania due to mounting scrutiny.

In 2023, the U.S. Securities and Exchange Commission (SEC) filed a class action lawsuit against Binance, again alleging it had sold unregistered securities, failed to prevent market manipulation, and mismanaged customer funds, among a dozen other charges.

This resulted in a major criminal case being launched by the Department of Justice (DOJ) to probe into Binance and CZ’s operations.

The Department of Justice (DOJ) launched a criminal investigation into Binance’s operations, uncovering multiple violations of the Bank Secrecy Act (BSA), including allowing users from sanctioned countries like North Korea and Iran to trade on the platform.

Authorities alleged Binance had processed over 100,000 unreported transactions linked to illicit sources.

In November 2023, CZ pleaded guilty.

CZ Steps Down

As part of his plea deal, Binance agreed to pay a record $4.3 billion fine, while CZ personally paid $50 million. He was forced to resign as Binance CEO and barred from business activities for three years.

Prosecutors initially sought a 36-month prison sentence, though the charges carried a maximum of 10 years. After lengthy appeals, CZ was sentenced to just four months in jail in April 2024.

He began serving his sentence in June and was released on Sept. 27, 2024—two days early.

Still Crypto’s Richest

According to Forbes, CZ is the 24th richest man in the world , with a net worth of $62.1 billion, despite the rollercoaster ride he’s been on in recent years. Indeed, his fortune made him the wealthiest person ever to serve time in U.S. jail.

His fortune fluctuates with the crypto market, as he still holds a 90% stake in Binance. CZ recently revealed that his portfolio consists of:

• 98.48% BNB
• 1.32% Bitcoin (BTC)
• 0.17% Eurite (EURI)
• 0.03% Tether (USDT)

The exact size of CZ’s BNB holdings is unknown.

Giggle Academy and the Future

Despite stepping away from Binance, CZ remains a major player in crypto. He has launched Giggle Academy, a philanthropic universal education platform, and joined the advisory board of blockchain/AI startup Vana.

Interestingly, Vana recently received investment from YZi Labs—formerly Binance Labs—indicating that CZ still has indirect ties to his former company.

Though he officially has no official role with Binance, CZ’s stake in the exchange, holdings in BNB, and continued influence in the industry suggest he isn’t going anywhere.