- Changpeng ‘CZ’ Zhao, founder and former CEO of Binance, has revealed what he believes brought him success in the crypto entrepreneurship venture he currently leads.
- According to the founder of Binance, exactly 10 years ago today, he made the decision to fully transition to cryptocurrencies and announced his departure from his job.
- Despite being a self-critical reflection on the journey so far, the founder of Binance, with 8.8 million followers, shared how risky the decision was. He recounted the story of how he sold his house to invest in Bitcoin.
Changpeng ‘CZ’ Zhao, founder and former CEO of Binance, told his success story and the risk he took: He sold his house to buy Bitcoin!
Former CEO CZ’s Story at Binance
Changpeng ‘CZ’ Zhao, founder and former CEO of Binance, has revealed what he believes brought him success in the crypto entrepreneurship venture he currently leads. This disclosure comes after the legal issues he faced with the United States Department of Justice (DOJ).
According to the founder of Binance, exactly 10 years ago today, he made the decision to fully transition to cryptocurrencies and announced his departure from his job. Despite being a massive risk, he revealed that he even sold his house and used the funds to invest in Bitcoin.
The founder of Binance has shared this story before, and no one knows exactly how much Bitcoin he owns, but a general assumption is that he is one of the largest individual Bitcoin holders in history. CZ is not only considered a Bitcoin maximalist but also holds a substantial investment in the exchange token Binance Coin (BNB).
While the founder of Binance’s sharing is a self-critical reflection on the journey so far, he explained to his 8.8 million followers how dangerous the risk he took was. In his next post, he noted that leaving his job was easy, realizing he could easily find another job. This realization came true when he was hired by a crypto company two weeks later.
This new job provided reasonable flexibility as he didn’t have to go to the office. CZ’s story demonstrates that anyone seeking success in crypto must take risks, but according to him, these risks should be well-measured.
A Grand Finale and Closure with a Surprise
CZ built Binance from the ground up, and it is currently ranked as the largest crypto spot and derivatives platform by trading volume. His reign as CEO came to an end when he resigned as part of the agreement the exchange made with the DOJ. Many saw it as an abrupt ending, but CZ claimed he had always talked about leaving the exchange early.
He had previously announced his willingness to leave the exchange when there was a better fit for his role. With the course of events, Richard Teng is currently serving as the CEO of the company, and users of the exchange are anticipating another bright era ahead.
