Changpeng Zhao, known across the crypto industry as CZ, is the founder and former chief executive of Binance, the exchange that grew from a 2017 start-up into the largest cryptocurrency trading venue in the world. His story runs through Shanghai, Vancouver, Tokyo, Dubai and Abu Dhabi, and it includes a criminal conviction in the United States, a four-month prison sentence and a presidential pardon in October 2025. This profile sets out the documented facts of his life and business career, and separates them from the unverified wealth estimates that circulate around him.
Early life and education
Zhao was born in China and moved to Canada at the age of 12, according to the New York Times. He studied at McGill University in Montreal before taking a series of technology jobs in New York, China and Japan. In 2013, a colleague at a poker game in Shanghai suggested he look into bitcoin. What followed, by Zhao’s own account, was a decisive bet.
He sold the family apartment in Shanghai, where he and his then wife were raising two children, and put the proceeds, roughly USD 900,000, into bitcoin, the New York Times reported. He has said he reasoned that even a sharp decline would not prevent him from finding another well-paid job in traditional finance.
Founding Binance
Before Binance, Zhao worked at several cryptocurrency start-ups in Asia. The sector grew quickly in the 2010s, but the exchanges that traded the new tokens were often poorly run and vulnerable to hacks. He founded Binance in July 2017. Within months it had become the world’s largest crypto exchange, a position it has largely held since.
Binance’s rise rested on two features. It ran as a margin exchange, letting traders borrow money to place leveraged bets on bitcoin and other tokens. It also allowed customers to open accounts for four years without the basic identity checks that traditional financial firms use to prevent money laundering, the New York Times reported. Rivals offered similar services, but Binance executed better than most. The company’s profits soon reached USD 1 billion, according to his memoir, “Freedom of Money.”
The US case, guilty plea and prison
The US Justice Department investigated Binance for years. Prosecutors charged Zhao with operating a financial platform without basic anti-money laundering safeguards. Court filings described Binance as a venue used by Russian money launderers, Iranian sanctions evaders and terrorist groups. Prosecutors also quoted internal messages in which Zhao appeared to weigh the optics of compliance decisions.
Zhao pleaded guilty in November 2023 to violating the Bank Secrecy Act, an anti-money laundering law, and stepped down as chief executive. Binance agreed to pay a USD 4.3 billion penalty as part of the settlement. In spring 2024, a judge sentenced Zhao to four months in prison, noting that he was a family man and a generous person and crediting his remorse. He served the sentence at a low-security facility in California, then spent a short period in a halfway house. He was released in September 2024.
The pardon and his relationship with the Trumps
On October 23, 2025, President Donald Trump signed a full pardon for Zhao. The White House framed the original prosecution as part of a Biden administration “war on cryptocurrency,” according to Yahoo Finance. The pardon drew criticism, including from those who linked it to business ties between Binance and World Liberty Financial, a crypto venture founded by Trump and his sons. The New York Times reported that World Liberty generated USD 799 million for Trump last year, describing it as his most lucrative single asset. Zhao has said he has not yet had the chance to thank Trump in person.
Life in Abu Dhabi
Zhao settled in the United Arab Emirates, first in Dubai and later in Abu Dhabi. He holds Emirati citizenship, granted after he submitted documents at the invitation of a member of the ruling family, according to his account to the New York Times. The UAE has no income tax, is regarded as highly secure and has no extradition treaty with the United States. Zhao has described the citizenship as significant protection.
His life there is far from ordinary. He lives in a nine bedroom villa on Saadiyat Island with four bodyguards and a chef, and owns a yacht named Da Moon. He keeps two dogs, one of them a Taigan given to him by the president of Kyrgyzstan, with whom he went skiing. He travels on a private jet, advising governments in Asia on crypto regulation, and is still Binance’s majority shareholder.
What he says about legacy and what comes next
In interviews with Yahoo Finance’s Brian Sozzi, Zhao said prison took time to process. “Even with only four months in prison, it took me a few weeks or maybe a couple months once I got out to recalibrate,” he said. He described the psychological uncertainty of his sentence as heavier than the physical side, recalling that consultants warned he could be a target for extortion because of his wealth.
He said he cares less about how others judge his legacy than about being satisfied with his own contribution. He pointed to investments in founders working on world-changing technology, to Gig Academy, an education platform he says has hundreds of thousands of children registered, and to his advisory work with governments on crypto rules. He has also said he was never trying to break the law at Binance, attributing the failures to inexperience, a position that conflicts with the evidence prosecutors assembled.
How rich is Changpeng Zhao?
Zhao’s wealth is tied up in Binance, which is private, so outside estimates vary and none is verified. Reports have described him as the richest person in crypto. Two published estimates are set out below; they are the work of the publications named and are not independently confirmed.
Summary Table of Estimates
| Source | Published estimate | Date | Caveat |
|---|---|---|---|
| Forbes, cited by Yahoo Finance | Around USD 110 billion | 2025 | Unverified estimate based on private holdings and market values |
| The New York Times | About USD 114 billion | October 2026 | Unverified estimate reported by the newspaper |
These figures should be treated as media estimates, not audited figures. Binance’s private status means its value, and therefore Zhao’s stake, is difficult to establish precisely.
Frequently asked questions
Who is Changpeng Zhao?
He is the founder and former chief executive of Binance, the world’s largest cryptocurrency exchange. He is widely known by his initials, CZ.
Why was Changpeng Zhao in prison?
He pleaded guilty in November 2023 to violating the Bank Secrecy Act, an anti-money laundering law, in connection with Binance’s failure to run basic safeguards. He was sentenced to four months and released in September 2024.
Was Changpeng Zhao pardoned?
Yes. President Donald Trump signed a full pardon on October 23, 2025. The decision was widely discussed because of business ties between Binance and a crypto venture founded by Trump and his sons.
Is Changpeng Zhao still involved with Binance?
He stepped down as chief executive as part of the US settlement but remains the company’s majority shareholder, according to the New York Times.
Where does Changpeng Zhao live?
He lives in Abu Dhabi in the United Arab Emirates and holds Emirati citizenship.
What is Changpeng Zhao’s net worth?
There is no verified figure. Media estimates have ranged from roughly USD 110 billion to USD 114 billion, but these are unconfirmed and based on private holdings.
The bottom line
Zhao’s career shows how quickly crypto wealth can be built, and how far the legal and political ground beneath it can shift. He went from a Shanghai apartment sale to running the largest exchange in the industry, then to a US courtroom and a prison cell, and then to a pardon and a life among the ruling families of the Gulf. His fortune is real in the sense that it rests on a business he still controls. The exact number is not.
Featured image: Aevozer / Wikimedia Commons (CC BY-SA 4.0).
