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Changpeng Zhao

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Changpeng Zhao
Changpeng Zhao in 2022.jpg
CZ speaking at Vietnam NFT Summit 2022
Born (1977-02-05) February 5, 1977 (age 45)
Jiangsu, China
NationalityCanadian
Other namesCZ
Alma materMcGill University
Known forCo-founder and CEO of Binance

Changpeng Zhao (Chinese: 赵长鹏; pinyin: Zhào Chángpéng), commonly known as "CZ", is a Chinese-Canadian business executive. Zhao is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022.[1] CZ was born in Jiangsu, China and moved to Canada at a young age with his family. He is currently based in Singapore.[2]

According to Bloomberg Billionaires Index, Zhao was ranked the 30th-richest person in the world, with a net worth estimated at $33 billion as of October 2022.[3][4]

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Simplified Chinese characters

Simplified Chinese characters

Simplified Chinese characters are standardized Chinese characters used in mainland China, Malaysia and Singapore, as prescribed by the Table of General Standard Chinese Characters. Along with traditional Chinese characters, they are one of the two standard character sets of the contemporary Chinese written language. The government of the People's Republic of China in mainland China has promoted them for use in printing since the 1950s and 1960s to encourage literacy. They are officially used in the People's Republic of China, Malaysia and Singapore, while traditional Chinese characters still remain in common use in Hong Kong, Macau, ROC/Taiwan and Japan to a certain extent.

Pinyin

Pinyin

Hanyu Pinyin, often shortened to just pinyin, is the official romanization system for Standard Mandarin Chinese in China, and to some extent, in Singapore and Malaysia. It is often used to teach Mandarin, normally written in Chinese form, to learners already familiar with the Latin alphabet. The system includes four diacritics denoting tones, but pinyin without tone marks is used to spell Chinese names and words in languages written in the Latin script, and is also used in certain computer input methods to enter Chinese characters. The word Hànyǔ literally means "Han language", while Pīnyīn (拼音) means "spelled sounds".

Binance

Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.

Cryptocurrency exchange

Cryptocurrency exchange

A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.

Volume (finance)

Volume (finance)

In capital markets, volume, or trading volume, is the amount of a security that was traded during a given period of time. In the context of a single stock trading on a stock exchange, the volume is commonly reported as the number of shares that changed hands during a given day. The transactions are measured on stocks, bonds, options contracts, futures contracts and commodities.

Jiangsu

Jiangsu

Jiangsu is an eastern coastal province of the People's Republic of China. It is one of the leading provinces in finance, education, technology, and tourism, with its capital in Nanjing. Jiangsu is the third smallest, but the fifth most populous and the most densely populated of the 23 provinces of the People's Republic of China. Jiangsu has the highest GDP per capita of Chinese provinces and second-highest GDP of Chinese provinces, after Guangdong. Jiangsu borders Shandong in the north, Anhui to the west, and Zhejiang and Shanghai to the south. Jiangsu has a coastline of over 1,000 kilometers (620 mi) along the Yellow Sea, and the Yangtze River passes through the southern part of the province.

China

China

China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans five geographical time zones and borders fourteen countries by land, the most of any country in the world, tied with Russia. China also has a narrow maritime boundary with the disputed Taiwan. Covering an area of approximately 9.6 million square kilometers (3,700,000 sq mi), it is the world's third largest country by total land area. The country consists of 22 provinces, five autonomous regions, four municipalities, and two Special Administrative Regions. The national capital is Beijing, and the most populous city and financial center is Shanghai.

Singapore

Singapore

Singapore, officially the Republic of Singapore, is a sovereign island country and city-state in maritime Southeast Asia. It lies about one degree of latitude north of the equator, off the southern tip of the Malay Peninsula, bordering the Strait of Malacca to the west, the Singapore Strait to the south, the South China Sea to the east, and the Straits of Johor to the north. The country's territory is composed of one main island, 63 satellite islands and islets, and one outlying islet; the combined area of these has increased by 25% since the country's independence as a result of extensive land reclamation projects. It has the third highest population density in the world. With a multicultural population and recognising the need to respect cultural identities of the major ethnic groups within the nation, Singapore has four official languages: English, Malay, Mandarin, and Tamil. English is the lingua franca and numerous public services are available only in English. Multiracialism is enshrined in the constitution and continues to shape national policies in education, housing, and politics.

Bloomberg Billionaires Index

Bloomberg Billionaires Index

The Bloomberg Billionaires Index, launched in March 2012, is a daily ranking of the world's 500 richest people based on their net worth. It draws information from "action in the stock market, economic indicators and news reports," features a profile of each billionaire, and includes a tool that allows users to compare the fortunes of multiple billionaires. The index is updated every day at the close of trading in New York.

Net worth

Net worth

Net worth is the value of all the non-financial and financial assets owned by an individual or institution minus the value of all its outstanding liabilities. Since financial assets minus outstanding liabilities equal net financial assets, net worth can also be conveniently expressed as non-financial assets plus net financial assets. It can apply to companies, individuals, governments or economic sectors such as the sector of financial corporations or to entire countries.

Early life and education

Zhao was born in China's Jiangsu province. In the late 1980s, he moved with his family to Canada when he was 12 years old, settling in Vancouver, British Columbia. His parents were both teachers in China. His father worked as a university instructor before he was branded a "pro-bourgeois intellect" and exiled to rural areas shortly after Zhao's birth.[5] In his teenage years, Zhao helped support his family by working a number of service jobs, including at a McDonald's.[6]

Zhao attended McGill University in Montreal, Quebec, where he majored in computer science.[6]

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Jiangsu

Jiangsu

Jiangsu is an eastern coastal province of the People's Republic of China. It is one of the leading provinces in finance, education, technology, and tourism, with its capital in Nanjing. Jiangsu is the third smallest, but the fifth most populous and the most densely populated of the 23 provinces of the People's Republic of China. Jiangsu has the highest GDP per capita of Chinese provinces and second-highest GDP of Chinese provinces, after Guangdong. Jiangsu borders Shandong in the north, Anhui to the west, and Zhejiang and Shanghai to the south. Jiangsu has a coastline of over 1,000 kilometers (620 mi) along the Yellow Sea, and the Yangtze River passes through the southern part of the province.

Bourgeoisie

Bourgeoisie

The bourgeoisie is a sociologically defined social class, equivalent to the middle or upper middle class. They are distinguished from, and traditionally contrasted with, the proletariat by their affluence, and their great cultural and financial capital. They are sometimes divided into a petty, middle, large, upper, and ancient bourgeoisie and collectively designated as "the bourgeoisie".

Exile

Exile

Exile is primarily penal expulsion from one's native country, and secondarily expatriation or prolonged absence from one's homeland under either the compulsion of circumstance or the rigors of some high purpose. Usually persons and peoples suffer exile, but sometimes social entities like institutions are forced from their homeland.

Tertiary sector of the economy

Tertiary sector of the economy

The tertiary sector of the economy, generally known as the service sector, is the third of the three economic sectors in the three-sector model. The others are the primary sector and the secondary sector (manufacturing).

McDonald's

McDonald's

McDonald's Corporation is an American multinational fast food chain, founded in 1940 as a restaurant operated by Richard and Maurice McDonald, in San Bernardino, California, United States. They rechristened their business as a hamburger stand, and later turned the company into a franchise, with the Golden Arches logo being introduced in 1953 at a location in Phoenix, Arizona. In 1955, Ray Kroc, a businessman, joined the company as a franchise agent and proceeded to purchase the chain from the McDonald brothers. McDonald's had its previous headquarters in Oak Brook, Illinois, but moved its global headquarters to Chicago in June 2018.

McGill University

McGill University

McGill University is an English-language public research university located in Montreal, Quebec, Canada. Founded in 1821 by royal charter granted by King George IV, the university bears the name of James McGill, a Scottish merchant whose bequest in 1813 formed the university's precursor, University of McGill College ; the name was officially changed to McGill University in 1885.

Montreal

Montreal

Montreal is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as Ville-Marie, or "City of Mary", it is named after Mount Royal, the triple-peaked hill around which the early city of Ville-Marie is built. The city is centred on the Island of Montreal, which obtained its name from the same origin as the city, and a few much smaller peripheral islands, the largest of which is Île Bizard. The city is 196 km (122 mi) east of the national capital Ottawa, and 258 km (160 mi) southwest of the provincial capital, Quebec City.

Computer science

Computer science

Computer science is the study of computation, automation, and information. Computer science spans theoretical disciplines to practical disciplines. Computer science is generally considered an area of academic research and distinct from computer programming.

Career

After graduating from university, Zhao was selected for an internship in Tokyo working for a subcontractor of the Tokyo Stock Exchange, developing software for matching trade orders. He then worked full-time for four years at Bloomberg Tradebook where he was a developer of futures trading software.[6]

In 2005, he moved to Shanghai where he founded Fusion Systems,[7] known for "some of the fastest high-frequency trading systems for brokers."[6]

In 2013, he was a member of the team that developed Blockchain.info and also served as Chief Technology Officer of OKCoin.[6]

Binance

After launching the cryptocurrency exchange in July 2017, Binance was able to raise $15 million in an initial coin offering, and trading began on the exchange eleven days later.[8] In less than eight months, Zhao grew Binance into the world's largest cryptocurrency exchange by trading volume (as of April 2018).[9][8] Zhao also launched Binance Coin in 2017, which is a utility token that gives its owners various benefits, such as discounts on trading fees.[10] In April 2019, Binance launched Binance Smart Chain, which has smart contract functionality and is an Ethereum competitor.[11]

In February 2018, Forbes placed him third on their list of "The Richest People In Cryptocurrency," with an estimated net worth of $1.1-2 billion.[9][12]

In 2019, Zhao launched Binance's U.S. affiliate, Binance.US.[13] Binance withdrew its application to run a Singapore-based crypto exchange in 2021.[2]

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Tokyo Stock Exchange

Tokyo Stock Exchange

The Tokyo Stock Exchange , abbreviated as Tosho (東証) or TSE/TYO, is a stock exchange located in Tokyo, Japan. It is the third largest stock exchange in the world by aggregate market capitalization of its listed companies, and the largest in Asia. It had 2,292 listed companies with a combined market capitalization of US$5.67 trillion as of February 2019.

Bloomberg Tradebook

Bloomberg Tradebook

Bloomberg Tradebook, LLC., the agency broker of Bloomberg L.P., serves global investment advisors, money managers, hedge funds, proprietary desks and broker dealers, with access to global trading venues, proprietary trading algorithms, execution consulting services, pre-and-post trade analytics and independent research. Through a trading platform integrated with the Bloomberg Professional service, Bloomberg Tradebook provides its customers with direct market access to more than 110 markets and global trading solutions for equities, futures, and options across 44 countries, as well as 43 currency pairs. Tradebook offers over 55 proprietary algorithms designed for each asset class and market.

Futures contract

Futures contract

In finance, a futures contract is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset transacted is usually a commodity or financial instrument. The predetermined price of the contract is known as the forward price. The specified time in the future when delivery and payment occur is known as the delivery date. Because it derives its value from the value of the underlying asset, a futures contract is a derivative.

Shanghai

Shanghai

Shanghai is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowing through it. With a population of 24.89 million as of 2021, Shanghai is the most populous urban area in China with 39,300,000 inhabitants living in the Shanghai metropolitan area, the second most populous city proper in the world and the only city in East Asia with a GDP greater than its corresponding capital. Shanghai ranks second among the administrative divisions of Mainland China in human development index. As of 2018, the Greater Shanghai metropolitan area was estimated to produce a gross metropolitan product (nominal) of nearly 9.1 trillion RMB, exceeding that of Mexico with GDP of $1.22 trillion, the 15th largest in the world. Shanghai is one of the world's major centers for finance, business and economics, research, education, science and technology, manufacturing, tourism, culture, dining, art, fashion, sports, and transportation, and the Port of Shanghai is the world's busiest container port. In 2019, the Shanghai Pudong International Airport was one of the world's 10 busiest airports by passenger traffic, and one of the two international airports serving the Shanghai metropolitan area, the other one being the Shanghai Hongqiao International Airport.

High-frequency trading

High-frequency trading

High-frequency trading (HFT) is a type of algorithmic financial trading characterized by high speeds, high turnover rates, and high order-to-trade ratios that leverages high-frequency financial data and electronic trading tools. While there is no single definition of HFT, among its key attributes are highly sophisticated algorithms, co-location, and very short-term investment horizons. HFT can be viewed as a primary form of algorithmic trading in finance. Specifically, it is the use of sophisticated technological tools and computer algorithms to rapidly trade securities. HFT uses proprietary trading strategies carried out by computers to move in and out of positions in seconds or fractions of a second.

Broker

Broker

A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confused with that of an agent—one who acts on behalf of a principal party in a deal.

Cryptocurrency exchange

Cryptocurrency exchange

A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid–ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.

Binance

Binance

Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands.

Initial coin offering

Initial coin offering

An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ether. The tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project successfully launches.

Volume (finance)

Volume (finance)

In capital markets, volume, or trading volume, is the amount of a security that was traded during a given period of time. In the context of a single stock trading on a stock exchange, the volume is commonly reported as the number of shares that changed hands during a given day. The transactions are measured on stocks, bonds, options contracts, futures contracts and commodities.

Smart contract

Smart contract

A smart contract is a computer program or a transaction protocol that is intended to automatically execute, control or document events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need for trusted intermediators, arbitration costs, and fraud losses, as well as the reduction of malicious and accidental exceptions. Smart contracts are commonly associated with cryptocurrencies, and the smart contracts introduced by Ethereum are generally considered a fundamental building block for decentralized finance (DeFi) and NFT applications.

Ethereum

Ethereum

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization.

Views

In an interview with The New York Times, Zhao said people are getting into crypto as they see it grow, "trade it and make money off it as opposed to using it", but that the market will always self-correct.[14] On April 6, 2021, Zhao told Bloomberg Markets that nearly 100% of his liquid net worth was in the form of cryptocurrency.[15]

In 2022, Zhao invested $500 million through Binance to finance the acquisition of Twitter by Elon Musk.[16]

Personal life

In 2015, he sold his Shanghai apartment and used the funds to purchase Bitcoin.[17] Zhao said he plans to donate up to 99% of his wealth, following the philanthropic feats of other magnates. "I intend to donate most of my wealth, as many other entrepreneurs or founders have done, from Peabody to today. I intend to donate 90%, 95%, or 99% of my wealth."[18]

According to a Reuters investigative story about Binance, Zhao had a romantic relationship with former Chinese travel television show host and Binance co-founder Yi He for "several years." She later gave birth to a son in the United States.[19]

Source: "Changpeng Zhao", Wikipedia, Wikimedia Foundation, (2022, November 26th), https://en.wikipedia.org/wiki/Changpeng_Zhao.

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References
  1. ^ Browne, Ryan (2022-07-18). "Crypto exchange Binance fined $3.4 million by Dutch central bank for operating illegally". CNBC. Retrieved 2022-07-18.
  2. ^ a b "Binance ends its Singapore application to run a local crypto exchange".
  3. ^ "Bloomberg Billionaires Index: Changpeng Zhao". Bloomberg.com. Bloomberg L.P. Archived from the original on 2022-01-12. Retrieved October 5, 2022.
  4. ^ "World's Biggest Crypto Fortune Began With a Friendly Poker Game". Bloomberg L.P. 9 January 2022. Archived from the original on 2022-01-09. Retrieved 2022-01-12.
  5. ^ "赵长鹏与币安的崛起". 知乎专栏 (in Chinese). Retrieved 2021-11-09.
  6. ^ a b c d e Ambler, Pamela (February 28, 2018). "From Zero To Crypto Billionaire In Under A Year: Meet The Founder Of Binance". Forbes. Retrieved 2018-03-08.
  7. ^ Russell, Jon (2018-05-04). "Catch Binance CEO Changpeng Zhao at TechCrunch's blockchain event on July 6". TechCrunch. Retrieved 2018-05-04.
  8. ^ a b Lee, Justina; Nakamura, Yuji; Robertson, Benjamin (2018-03-28). "How a Billionaire Crypto King Built the No. 1 Exchange in Just 8 Months". Bloomberg. Retrieved 2018-05-04.
  9. ^ a b Cao, Sissi (2018-04-03). "Despite Bitcoin Bubble Popping, Crypto Exchanges Are Making Billionaires Richer". Observer. Retrieved 2018-04-24.
  10. ^ "Fee Structure on Binance". Binance.com. Binance.com. Retrieved 12 September 2022.
  11. ^ "An Introduction to BNB Smart Chain (BSC)". academy.binance.com. binance.com. Retrieved 12 September 2022.
  12. ^ Ambler, Pamela; Au-Yeung, Angel; Chung, Grace; Kauflin, Jeff; Konrad, Alex; Shin, Laura; Vardi, Nathan (February 6, 2018). "The Richest People In Cryptocurrency". Forbes. Retrieved 2018-03-08.
  13. ^ "Our US Partner, Binance.US, Opens for Registration and Deposits | Binance". www.binance.com. Retrieved 2022-07-11.
  14. ^ Lipton, Eric; Livni, Ephrat (2021-07-23). "'I Feel Conflicted': Crypto's Offshore Trading Moguls Talk Shop". The New York Times. Archived from the original on 2021-11-25. Retrieved 2021-11-28.
  15. ^ Kharif, Olga (6 April 2021). "Binance CEO Goes All-in on Tokens: 'I Just Want to Keep Crypto'". Bloomberg Markets. Retrieved 1 September 2021.
  16. ^ "Crypto CEO says Elon Musk has no plan for Twitter, and reveals why he wrote him a $500 million 'blank check'". Business Insider.
  17. ^ Zhao, Changpeng. "I wish I could tell you my lame story from 2015, when the btc price "crashed" to below $200, and I just sold my house and bought in at $600 a few months earlier..." Twitter. Twitter.com. Retrieved 12 September 2022.
  18. ^ Shoes, Eloisa (2021-11-17). "Bilionário da Binance vai doar quase todo seu dinheiro". Investidores Brasil - Juntos Podemos Mais (in Brazilian Portuguese). Retrieved 2021-11-21.
  19. ^ "How Binance CEO and aides plotted to dodge regulators in U.S. and UK". Reuters. Retrieved 2022-10-17.

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