Changpeng Zhao He became one of the protagonists of the cryptocurrency industry because he is the creator of the trading platform, Binance. The businessman from China managed expand your fortune by millions of dollars during his recent stay in prison. He was convicted in the United States for breaking its money laundering laws.
His agreement with the Department of Justice of the North American country made him leave his position as CEO of the Exchange, although maintains 90% of its shares. Its application became one of the benchmarks in the world market for have more than 235 million registered users in more than 180 countries. This popularity caused Zhao’s company to be valued at $33 billion by the end of 2023.
From McDonalds to millionaire: Changpeng Zhao and how he became a millionaire
The billionaire’s adolescence was not easy at all because He had to exile from the country where he was born for the Tianamen Square massacrewhen students and workers were murdered by the country’s forces during their calls against corruption and high inflation in 1989. This fact caused him to move to Canada with his mother at the age of 12.
Zhao described his arrival in the Americas by describing on his blog: “I remember the line outside the Canadian embassy lasted three days.” Furthermore, he referred to his exile and added: “It changed my life forever and opened up infinite possibilities for me.”.
The Asian spent his adolescence in Vancouver and there he had part-time jobs such as the position he he got as a hamburger cook at McDonald’s. Later, he managed to study computing at McGill University in Montreal and obtained an internship at the Tokyo Stock Exchange. He then moved to Bloomberg Tradebook in New York and multiple technology companies before returning to China to found Binance in 2017.
Zhao’s story was repeated again because the Chinese government banned its application shortly after. This sanction was for all cryptocurrency platforms that operated in the country. The limitation imposed by the State of China made the businessman have to seek new horizons and find endless possibilities and users abroad.
Why Changpeng Zhao went to jail
The billionaire was found guilty by the United States Department of Justice on charges of not registering as a securities companyfor allowing its users to trade their cryptocurrencies without complying with fraud prevention laws and for failing to comply with anti-money laundering laws.
Zhao was sentenced to a 4 month prison sentenceto step away from Binance management positions and a fine of $50 million. Still, his company continues to operate in the United States because paid a fine of 4.3 billion dollars.
Changpeng Zhao and his life after prison
The majority owner of Binance indicated that he would maintain his current investments but would seek to focus on passive earnings to demonstrate his confidence in the digital asset market. Your main concern is improve your company’s regulatory compliance to improve the reviews of its users. Zhao stressed that the cryptocurrency market is in a new era, in which it is necessary to comply with the rules of an increasingly regulated environment.
Changpeng Zhao’s fortune today
Forbes magazine indicated that the CEO of Binance has one of the largest fortunes in the world. The media specialist in economics and finance analyzed the Chinese businessman’s assets at an estimate of 61.1 billion dollars.
Source: Ambito
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