![]() ![]() ![]() In 2005, Zhao moved to Shanghai to establish his technology startup company, Fusion Systems, which was known for "some of the fastest automated high-frequency trading platforms and systems for stockbrokers." He then worked full-time for four years at Bloomberg Tradebook where he was a developer of futures trading software. Early career Īfter graduating from McGill, Zhao was selected for an internship in Tokyo working for a subcontractor of the Tokyo Stock Exchange, developing software for matching trade orders. Zhao attended McGill University in Montreal, Quebec, where he majored in computer science. During his teenage years, Zhao helped to support his family by holding down a number of menial service jobs, including working as a fast-food clerk at a McDonald's restaurant. 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. His parents were both schoolteachers in China. In the late 1980s, when he was 12 years old, he immigrated with his family to Canada, settling down in Vancouver, British Columbia. Zhao was born in China's Jiangsu province. Īccording to Bloomberg Billionaires Index, Zhao was ranked the 136th-richest person in the world, with a net worth estimated at $13.1 billion as of December 2022. Zhao is the co-founder and CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2022. As of publishing time, BNB was trading at US$298.61, down 7.5% over the past week, according to CoinGecko data.Changpeng Zhao ( Chinese: 赵长鹏 pinyin: Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman, investor, and software engineer. The burn appears to have had little impact on the price of BNB.The amount of BNB burned is based on Binance’s overall quarterly trading volume. According to the Binance website, the quarterly BNB burns are intended to permanently reduce the supply of BNB, thereby increasing its value. Binance has committed to “burning” - permanently removing from circulation - 100 million BNB, or half of the token’s total supply. Binance today completed its 16th quarterly Binance Coin token burn of 1,296,728 BNB, equivalent to around US$393.6 million. ![]() Faced with the regulatory onslaught, Binance, which has grown its international compliance team and advisory board by 500% since last year, intends to double that team’s size by the end of the year.In the UK, the Financial Conduct Authority’s warning has resulted in companies such as Barclays bank blocking customers from making deposits to Binance, payments provider Clear Junction stopping the processing of transactions for Binance, and Binance suspending euro deposits via the EU’s single euro payments area bank transfers.On July 16, Hong Kong and Lithuania joined a growing list of jurisdictions that have issued warnings or launched investigations of Binance, including the Cayman Islands, Germany, It a ly, Japan, Poland, Thailand, the United Kingdom and the United States. Binance has come under fire from regulators around the world for its stock tokens and derivatives trading services, as well as its know-your-customer practices.A new chapter awaits us, as we embrace compliance and regulations,” said CZ as he concluded his tweet thread. We understand this and have the skills, experience, and leadership to overcome them.” “There are many risks involved in running an exchange. “Never easy,” Zhao tweeted, referring to an extract from the Binance white paper.Changpeng “CZ” Zhao, the CEO of Binance - the world’s largest cryptocurrency exchange by trading volume - today said it was “never easy” running a crypto exchange in a series of tweets about key products Binance has launched over the past four years. ![]()
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