Who is CZ (Changpeng Zhao)?

Changpeng Zhao, commonly known as CZ, is a key figure in the cryptocurrency industry. Who is CZ, and what has he accomplished in the crypto realm? CZ is renowned for founding and leading Binance, one of the largest cryptocurrency exchanges globally. CZ’s journey from humble beginnings to becoming a billionaire entrepreneur exemplifies the transformative potential of blockchain technology and digital currencies. In this article we will answer the question, “who is CZ?” We will also learn how to buy BNB using Trust Wallet and how to stake BNB using Trust Wallet.

Key Takeaways

1. Founding Binance: CZ launched Binance in 2017, which quickly became the largest cryptocurrency exchange by trading volume within months.

2. Innovative Contributions: He introduced Binance Coin (BNB), which is the utility token for the Binance platform.

3. Resilience Amid Challenges: Despite facing regulatory scrutiny and legal challenges, CZ remains a prominent figure in the cryptocurrency industry, advocating for blockchain technology's potential.

Background and Early Life

Born in 1977 in Jiangsu, China, CZ's family faced major challenges during his early life in China, primarily because of the political climate of the time. His father, Shengkai Zhao, was a university professor who was labeled a "bourgeois intellectual" during the Cultural Revolution. The designation led to severe repercussions for the family, including exile to rural areas where they endured poverty and limited access to education and resources.

In 1989, after the Tiananmen Square protests, the family emigrated to Canada to join Shengkai, who had already moved there to pursue a doctoral program at the University of British Columbia. They lived modestly in university housing and struggled financially as Shengkai's academic salary was insufficient to cover living expenses. CZ worked various jobs, including at McDonald's, to support his family. CZ’s interest in technology blossomed early on, culminating in a degree in computer science from McGill University in Montreal..

After graduation, CZ began his career developing trading systems for major financial institutions like the Tokyo Stock Exchange and Bloomberg. In 2005, he founded Fusion Systems, a company specializing in high-frequency trading systems. It was, however, his introduction to Bitcoin in 2013 that would dramatically shift his career trajectory.

Rise to Prominence in Cryptocurrency

CZ's fascination with Bitcoin led him to leave his successful career in traditional finance. He joined Blockchain.info as Head of Development and later became CTO of OKCoin.

In 2017, CZ founded Binance. The exchange quickly gained popularity due to its user-friendly interface, low trading fees, and a wide array of supported cryptocurrencies. Within six months of its launch, Binance became the largest cryptocurrency exchange by trading volume, a testament to CZ's strategic vision and execution capabilities.

Accomplishments and Influence

Under CZ's leadership, Binance expanded its services beyond simple trading to include futures trading, staking, lending, and more. He emphasized a user-centric approach, constantly adapting the platform based on customer feedback. CZ’s adaptability has been important in establishing Binance as a leader in the crypto space.

CZ has also been instrumental in promoting global cryptocurrency adoption through partnerships with various organizations and governments. His active engagement on social media platforms like Twitter has made him a prominent figure within the crypto community.

The Evolution of Binance Coin (BNB)

The evolution of Binance has been marked by rapid growth and innovation, establishing it as a leading cryptocurrency exchange. Founded in 2017, Binance quickly rose to prominence thanks to its user-friendly platform and a wide array of supported cryptocurrencies. Initially launched as a simple exchange for trading Bitcoin and altcoins, Binance's vision was to create a comprehensive ecosystem for digital assets. The exchange started with an initial coin offering (ICO) that raised $15 million in just a few weeks, and within six months, it became the largest cryptocurrency exchange by trading volume, attracting millions of users worldwide.

A big milestone in Binance's journey was the introduction of Binance Coin (BNB) in 2017, which allowed users to pay for trading fees at a discount. Over time, BNB became integral to various services within the Binance ecosystem, including participation in token sales on Binance Launchpad and transactions on the Binance Smart Chain. Binance expanded its services to include futures trading, margin trading, staking, and savings products.

As Binance expanded, it faced increasing regulatory scrutiny from various countries. In response, CZ emphasized compliance and collaboration with regulators while maintaining a commitment to user rights and security. Binance has continuously innovated by launching new products including Binance Smart Chain (BSC), which enables developers to create decentralized applications (dApps) and smart contracts.

CZ has supported a strong community around Binance through initiatives like the Binance Charity Foundation and educational programs which promote blockchain literacy.

Challenges and Resilience

Despite his success, CZ has faced challenges, particularly concerning regulatory scrutiny from global authorities. Following a series of controversies related to user security and compliance issues, he navigated Binance through turbulent waters by emphasizing cooperation with regulators while maintaining user rights.

In late 2023 CZ resigned as CEO of Binance. Following a plea deal with the U.S. Department of Justice regarding anti-money laundering violations, he was sentenced to four months in prison on April 30, 2024. This sentence came after he pleaded guilty to neglecting to implement necessary compliance measures at Binance, which allowed transactions that supported illicit activities. Despite this setback, he remains committed to the industry and plans to focus on education and mentorship within blockchain technology.

CZ is currently focusing on philanthropic efforts, particularly through his initiative Giggle Academy, that provides free education to underprivileged children. He is also exploring investment opportunities in blockchain technology, artificial intelligence, and biotech while mentoring aspiring startup entrepreneurs.

How to Buy BNB Using Trust Wallet

You can buy crypto, including BNB, via our trusted partners. Here’s how to buy BNB using Trust Wallet:

• Select “Buy” from the home screen.

If using the mobile app:

• Search for BNB and select it.

• Choose your preferred currency, then enter the amount of BNB you want to purchase.

• Select the third-party provider & payment method you’d like to use.

• Select the Buy button and complete the remaining steps.

If using the browser extension:

• Choose your preferred currency and amount, then choose BNB

• Select your preferred third-party provider.

• Complete the remaining steps.

How to Stake BNB Using Trust Wallet

Before you stake, be sure that you have the most up-to-date version of Trust Wallet.

Next, if you don’t have any BNB in your wallet, you can deposit crypto using the “Receive” button, or buy crypto directly using Trust Wallet.

Now you’re ready to stake and earn rewards. Staking can be done in just a few steps, and here’s how to stake BNB using Trust Wallet.

• Select the “Earn” button from the wallet home screen.

• Select the asset you want to stake, in this example it’s “BNB.”

• Select “Stake.”

• Choose the amount you want to stake, and choose the validator you want to use by selecting the Validator dropdown.

• Once you choose a validator, select “Continue.”

• Follow the remaining instructions to confirm your stake.

Conclusion

Changpeng Zhao's journey from a modest upbringing to becoming a titan of the cryptocurrency world illustrates his resilience and his profound effect on the blockchain industry. CZ’s ability to innovate and adapt has positioned him as one of the most influential personalities in crypto today. As he explores new ventures post-resignation, CZ’s legacy will undoubtedly continue to shape the future of digital finance.

Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.

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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.