The exchange continues to operate – under new chief executive Richard Teng, its former head of regional markets – and Zhao remains wealthy enough to, as he wrote on Tuesday, do “some passive investing” and be a “minority token/shareholder in startups”. At one point, Zhao’s wealth was estimated at just under $100bn, according to Bloomberg, although that has since fallen by three-quarters to a still sizeable $23bn. He was drawn into a conversation about bitcoin – the cornerstone currency of the crypto market – and Binance was founded four years later.īinance rode the crypto boom in the ensuing years. It was, appropriately, his participation in a poker game in that city in 2013 that led to the creation of Binance. Zhao moved to Shanghai in 2005, where he founded a high-frequency trading platform. He graduated in computer science from Montreal’s McGill University and then worked in programming systems for the Tokyo Stock Exchange and Bloomberg. The Canadian citizen, known by his initials CZ, was born in the Chinese coastal province of Jiangsu, north of Shanghai, and followed his academic father to Canada when he was 12. He said he would now “take a break” and did not see himself being a startup chief executive again. Zhao announced his resignation in a post on X, formerly Twitter, saying he had “made mistakes, and I must take responsibility”, and adding that Binance had not been accused of misappropriating any user funds. Its founder, Sam Bankman-Fried, was found guilty of defrauding his customers earlier this month – two of crypto’s figureheads brought down by criminal proceedings within three weeks of each other. At the time of giving that quote, Zhao was answering a question about the collapse of FTX, a rival exchange that filed for bankruptcy in November last year.
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