Before founding the Binance exchange, Changpeng Zhao – the richest man in cryptocurrency – worked at the fast-food restaurant McDonald’s. Despite his not-so glamorous background, Changpeng Zhao had joined the ranks of the richest people in the world when he became the head of the Cryptocurrency exchange Binance.
According to Bloomberg, CZ is an influential figure in the UAE. He currently owns an apartment in Dubai and regularly holds parties near the Burj Khalifa to meet Abu Dhabi royalty who are eager to bring Binance to the country.
Succeed with cryptocurrency
The Bloomberg Billionaires Index states that Zhao’s net worth is now $96 billion. This number helped him surpass a number of other names like Mukesh Ambani, Mark Zuckerberg… But this luck may be more significant than that if you factor in the 44-year-old billionaire’s amount of cryptocurrency. In addition to Bitcoin, CZ holds a large amount of binance coins (BNB), the company’s token. In 2021 alone, the value of BNB increased by 1,300%.
However, the future of the company depends on dealings with regulatory agencies around the world and finding a convenient location for headquarters. Even so, Binance is still a successful example of cryptocurrency. According to Bloomberg’s analysis of trading fees and volume, Binance’s revenue in 2021 is expected to be around $20 billion.
In the last 24 hours, the trading volume of the stock exchange at one point reached 170 billion dollars. This figure also drops to about 40 billion dollars in the darkest days, four times more than in the previous two years. Binance’s cryptocurrency market cap is around $2,090 billion. Three years ago, that number was about $135 billion.
Changpeng Zhao once sold his house to buy Bitcoin
Zhao is a Canadian citizen but was born in Jiangsu Province, China. It wasn’t until CZ was 12 that his family moved to Vancouver. He was exposed to technology at a young age and studied computer science. Zhao quickly found jobs in the financial sector in Tokyo and New York, including four years at Bloomberg LP, the parent company of Bloomberg News.
Zhao’s path to crypto-wealth began in Shanghai in 2013. During a poker game with Bobby Lee – then CEO of BTC China, and investor Ron Cao, Zhao was encouraged to invest 10% of his net worth in Bitcoin. After the search, he decided to sell the apartment to buy Bitcoin. In 2017 he officially founded Binance.
Binance has become the leading exchange in cryptocurrency. The exchange currently offers more than 350 cryptocurrencies to customers, more than double coinbase. Binance has succeeded in creating user engagement by allowing customers to use BNB tokens to reduce transaction fees.
In August, the company announced that all new users must verify their identities and limit withdrawals to non-compliant people.
Binance does not currently have an official headquarters. This exchange was founded in China, then moved to Japan and Malta.
Something about Binance Exchange
Binance exchange is the largest derivatives trading provider. Initially, Binance allowed customers to open accounts using email addresses. The exchange focuses on crypto-to-crypto exchanges. In addition, this exchange limits interactions with traditional banks and state regulatory agencies.
However, to raise funds from foreign investors, Zhao needed to change Binance. Investors tend to want the company to have some government oversight to ensure its ability to operate legally. In the UAE, Binance has signed an agreement with the Dubai World Trade Center agency to develop a regulatory framework for cryptocurrencies.
Previously, Binance.US, a separately regulated exchange, appointed a former U.S. currency executive as CEO to address regulatory concerns. However, his journey ended quickly when it lasted only three months.
By the end of 2021, Binance continues to seek to raise funds from real estate funds in the United States to pursue its IPO goal. The Wall Street Journal reports that former executives could value the company at $300 billion. If Binance’s IPO is successful, Zhao will become the richest person in the world, surpassing both Elon Musk and Jeff Bezos.
