Success Story of Changpeng Zhao (CEO of Binance Exchange)

Providing a platform for trading more than 100 cryptocurrencies, Binance is an intercontinental cryptocurrency exchange. It is considered as the biggest of all the cryptocurrency exchange companies in the world since early 2018 in terms of trading volume and has made a massive improvement over the past some years. Now the question arises who made it possible? Who is behind this great achievement? Well, it’s no longer a secret! All this became possible due to the constant efforts of a Chinese-Canadian business executive Changpeng Zhao, who is the founder and CEO of Binance. But no one is aware of the hardships and challenges that he faced while making Binance the world’s largest cryptocurrency exchange. So, let’s go through his success story.

Early Life

Changpeng Zhao was born in 1977 at Jiangsu province in China. His family later migrated to Canada and started to live in Vancouver in British Columbia. Soon after Zhao was born, his father (who was a professor in China) was expelled from China and got the label of ‘pro-bourgeois intellect’. He has a master’s degree in Computer Science from McGill University in Montreal, Canada.

Pre-Binance Career

Zhao started to work at the Tokyo Stock Exchange after finishing his college, where he was given the job to develop software which helped in matching trade orders. He moved to Shanghai in 2005 and in the same year Zhao founded the Fusion Systems, a company that was famous for its implication of the fastest high-frequency trading systems for helping brokers. But Zhou was not satisfied with his job position and wanted to explore in the field of digital currency. In 2013, he learned about Bitcoin from a venture capitalist and began pouncing around various crypto projects. He started thinking about initiating his own pure-play digital asset exchange. When the ICO boom gained steam, he thought that it was the right time to take action and make his dreams come true.

Zhou’s Binance Career and His Patience and Determination

After leaving his position at OK Coin in July 2017, he soon started binance, a well-known cryptocurrency exchange in the dominion of digital currencies. Initially, the company faced a lot of problems and challenges. It did not even have proper working space and most of its employees sat next to each other. Most of the employees had their desks right outside the toilet. But Zhao was confident, determined and kept believing in his plans. Through his constant and tireless efforts, the company kept moving forward, fighting all the challenges and hurdles along its way.

Why Binance Became So Successful

Binance became so successful due to the unique strategies applied by Zhao. At the start, Zhao didn’t allow trading in fiat currencies. This helped the company in solving the regulation issues which are due to using government currencies. Next, he hired a smart team that successfully supplied the infrastructure, Binance needed to serve the customer’s demand. This was an effective step that allowed the company to add new crypto markets. And the best of them all is the BNB token, which is considered as the major reason for the company’s success. Due to Zhao’s effective strategies, Binance also got a very good amount of investments from different banks.

Binance Today

Due to different and unique ideas of Zhao and its excellent implementation, Binance today is a cryptocurrency exchange that supports more than 120 coins, works with around 100 plus digital currency wallets and has more than 240 trading pairs.Changpeng Zhao say, “Today, no decentralized exchange can handle our volume, and none are as secure as we are”. Zhou also plans to shrink the token capitalization of Binance by 50% by using 20% of the profits accumulated every quarter year. It has its customers in the U.S., Japan, South Korea, Taiwan and many more. Binance grew at a very high speed and became the largest cryptocurrency exchange by trading volume in the world within eight months in April 2018.

Conclusion

So, for achieving success in any field of life, one had to go through many hardships. So was the case of Zhou, he made a revolutionary success in the domain of digital currencies. And due to his tireless efforts, Forbes Magazine placed him third on their list of ‘The Richest People in Cryptocurrency’ in 2018. In September 2018, his net worth was estimated at 1.4 billion U.S. dollars.