Binance Accumulates $1 Billion in Profits within the Initial Year
In the dynamic world of cryptocurrency, few stories are as remarkable as that of Changpeng Zhao, better known as CZ. Born in a small village in China with no electricity, CZ's rise to becoming the founder of the world's largest cryptocurrency exchange, Binance, is nothing short of extraordinary.
Born in 1977 in Lianyungang, Jiangsu province, CZ's early years were marked by political persecution that impacted his family's circumstances. At the age of 12, CZ and his family immigrated to Canada, settling in Vancouver, British Columbia. Growing up, money was tight, with his mother working in a sewing factory, and CZ holding various service jobs such as at McDonald's and a gas station to help support the family. He later attended McGill University in Montreal, where he majored in computer science.
CZ's introduction to cryptocurrency came in 2013 during a pivotal poker game, where he met key figures in the crypto world and was advised to invest 10% of his wealth into Bitcoin. Demonstrating remarkable conviction, CZ sold his entire real estate portfolio and went "all-in" on Bitcoin, then priced around $600. This bold move laid the groundwork for his future in crypto.
Professionally, CZ worked at Blockchain.com as Head of Development and later became CTO at OKCoin, where he helped establish futures trading capabilities. Leveraging this experience, he founded Binance in 2017, which grew rapidly to become the world’s largest cryptocurrency exchange by trading volume. Despite regulatory challenges in China forcing Binance to exit the domestic market, CZ relocated the exchange to Japan and continued expanding its global footprint.
Binance stood out in the 2017 crypto market with low fees, smooth technology, and a user-first attitude. The demand for Binance was so high that the CTO handled 300,000 new user signups daily during its early stages. Binance launched at a crucial time during the crypto boom in 2017 and achieved a $1 billion profit within its first year, between July 2017 and mid-2018.
However, CZ's journey has not been without challenges. In 2019, Binance experienced a $40 million hack, testing its security and public trust. In 2023, CZ served a short jail term in the U.S. for a banking secrecy violation. Despite these setbacks, Binance has continued to grow and is now the largest crypto exchange in the world.
CZ attributes his discipline and resilience to his upbringing, where he never had debt despite financial struggles. He shares his past in a podcast conversation with Anthony Pompliano. Despite the challenges, CZ's net worth has surged, with estimates around $65 billion as of mid-2025, primarily tied to the success and market performance of Binance and Binance Coin (BNB) tokens.
In 2025, CZ remains a highly influential figure in crypto, serving as a strategic advisor on cryptocurrency and blockchain matters to governments such as Pakistan and Kyrgyzstan. His story is a testament to the power of resilience, innovation, and the transformative potential of technology in the face of adversity.
CZ's initial investment in Bitcoin during a poker game in 2013, driven by advice from key figures in the crypto world, symbolized a significant shift in his financial landscape and marked the beginning of his career in the crypto business. Leveraging his experience as CTO at OKCoin, CZ established Binance in 2017, a technology-driven business that revolutionized the finance sector through its user-friendly cryptocurrency exchange platform.
