Changpeng Zhao, also known as CZ, is the founder and former CEO of Binance, the world’s largest cryptocurrency exchange by trading volume. He is also one of the most influential figures in the crypto industry, with a net worth of over $1.9 billion as of November 2023.
But CZ is not just a successful entrepreneur. He is also a visionary who has a clear idea of where the future of finance is heading. He believes that blockchain technology and decentralized applications (DApps) will revolutionize the way people interact with money, assets, and services.
That’s why he is always looking for new opportunities to invest in and support innovative projects that align with his vision. He has backed dozens of startups and initiatives in the crypto space, such as Trust Wallet, CoinMarketCap, Swipe, Travala, and many more.
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But what if CZ decided to start a new business venture outside of Binance? What if he wanted to apply his expertise and resources to a different industry or domain? Would you invest in his next business?
There are many reasons why you might want to consider doing so. Here are some of them:
CZ has proven himself as a leader who can execute and scale a global business in a highly competitive and dynamic market. He has built Binance from scratch in less than four years, overcoming multiple challenges and regulatory hurdles along the way. He has also managed to maintain a loyal and engaged community of users, partners, and developers around the world.
CZ has a deep understanding of the blockchain technology and its potential applications across various sectors and use cases. He has been involved in the crypto space since 2013, when he sold his house to buy Bitcoin. He has also worked as a developer for several blockchain projects, such as Blockchain.info and OKCoin. He knows how to identify and evaluate the technical and commercial viability of new ideas and solutions.
CZ has a strong network of connections and influence in the crypto industry and beyond. He has established strategic partnerships with leading players in the fields of finance, technology, media, entertainment, travel, gaming, and more. He has also been featured in numerous publications and events as an expert and thought leader on blockchain and crypto topics. He has access to valuable resources and information that can help him launch and grow his next business.
CZ has a passion for innovation and social impact. He is not driven by money or fame, but by his vision of creating a more inclusive, transparent, and efficient financial system for everyone. He is always looking for ways to improve the user experience, lower the barriers to entry, and increase the adoption of blockchain and crypto solutions. He is also committed to giving back to the society through philanthropic initiatives, such as the Binance Charity Foundation.
These are just some of the reasons why you might want to invest in CZ’s next business. Of course, there are no guarantees that his next venture will be as successful as Binance or that it will align with your personal goals and values. But if you believe in his vision and trust his abilities, you might want to follow his footsteps and join him on his journey to shape the future of finance.
Binance Records Withdrawal Exceeding $1 Billion From Users, After CEO Pleaded Guilty to Money Laundering Case
Meanwhile, recent reports have disclosed that Binance, one of the world’s leading crypto exchange platforms, has recorded a withdrawal of more than $1 billion, as customers are reacting to the CEO Changpeng Zhao’s step down after he pleaded guilty to a money laundering case.
According to data provider Kaiko, it disclosed that the issue has also led to a drop in liquidity by 25% over the same time frame as market makers pull back their positions. The exchange’s native token BNB, is also down more than 8% in the last 24 hours.
Speaking on this, market analyst Grzegorz Drozdz said,
“The cryptocurrency that seems to have suffered the most, losing more than 9%, is the BNB token from Binance. Of the top 100 cryptocurrencies, as many as 98 have seen a noticeable rebound over the past 24 hours. Bitcoin, meanwhile, fell 4% before rebounding and remaining with a loss of 1.3%”.
Drozdz added that it may be a net positive for the industry now that the dispute with regulators is behind Binance and that the company has pledged to increase security measures.
The withdrawals recorded on Binance so far, are reportedly significant and close to what happened when the exchange and its founder in June this year, were charged with 13 securities violations by the SEC.
In June 2023, the U.S. regulator alleged that Zhao and his exchange worked to subvert their controls to allow high-net-worth U.S. investors and customers to continue trading on Binance’s unregulated international exchange.
This saw Binance and its U.S. affiliate hit with more than $790 million in withdrawals in 24 hours after the Securities and Exchange Commission (SEC) filed a lawsuit against them.
Binance’s native BNB token was down over 12% when the lawsuit was announced, while its BUSD stablecoin lost another 1% of its market cap.
With the recent withdrawals recorded on Binance following Zhao’s step down and his money laundering case, Nansen a blockchain analytics platform, announced that assets of more than 65 billion dollars remain on the platform, meaning that Binance is likely to withstand a sudden rush of investors away from the platform.
Notably, Binance has agreed to pay $4.3 billion in fines to the U.S. government. As part of the settlement with the Department of Justice, the company’s CEO Zhao, is personally paying $50 million and is barred from any involvement with Binance.
Zhao’s guilty plea and the resulting settlement represent a stark contrast to Binance’s earlier claims of progress in global regulatory compliance. The company had emphasized its commitment to strengthening client checks and building the best security and compliance platform in the crypto industry.
Several experts have said that Binance is likely to make it through the ordeal despite a turbulent situation. They cited the company’s decision to comply with the process and implement a three-year strategy to get its operations into compliance, and the amount of assets held within the company’s reserves.
Yesha Yadav, Milton R. Underwood professor of law and associate dean at Vanderbilt University, said,
“The sum of $4 billion is clearly very large and will create real pain for Binance’s balance sheet”.
He however added that the fine does not appear to be dealing a fatal blow to the exchange, which he doubts that Binance will face risks to its solvency in paying this fine.
However, despite the recent challenges, Binance still accounts for about all of the global crypto trading volumes,