The Story Of Changpeng Zhao, Ever Selled A House To Buy Bitcoin To The Success Of Establishing Binance

Changpeng Zhao, founder of the Binance crypto exchange. (Photo; Doc. Yahoo Finance)

JAKARTA - Binance is one of the largest crypto trading platforms in the world today, with transaction volumes reaching trillions of rupiah every day. However, behind Binance's success, there are figures who dare to take a big risk to fulfill their dreams in the crypto world. He is Changpeng Zhao, founder and former CEO of Binance.

CZ, as he is familiarly called, recently revealed the story of his life through social media, amid legal issues he faces with the United States Department of Justice (DOJ). CZ admitted that 10 years ago, he decided to quit his job and completely switched to the crypto world. While this is a huge risk, he does not hesitate to sell his home and use the funds to "invest in Bitcoin."

CZ's decision was not in vain, as the price of Bitcoin continued to rise from year to year, reaching a record high of around $69,000 in November 2021. CZ is also not only the owner of Bitcoin, but also created its own crypto exchange token, Binance Coin (BNB), which is now one of the largest cryptocurrencies by market capitalization.

Establishing Binance

CZ also managed to establish Binance from scratch, making it the largest spot exchange and crypto derivative in the world. Binance offers various services and products for crypto users, ranging from spot trading, margins, futures, to staking, lending, and cloud mining.

Binance is also known for its rapid innovation and expansion, such as launching Binance Smart Chain, Binance Launchpad, Binance Academy, and Binance Charity.

On the other hand, Binance has received attention from various financial authorities in a number of countries for violating crypto trading regulations. Binance is also suspected of being involved in money laundering cases, tax evasion, and market manipulation.

Resigning

As a result, CZ was forced to resign as CEO of Binance as part of a settlement with DOJ. CZ said that he always thought of resigning from his position from the start, because he felt there was someone better suited to lead Binance. He also said that he wanted to focus on his vision and mission in the crypto world, namely increasing crypto adoption and inclusion for everyone.

CZ said that he did not regret his decision to quit his job and invest in Bitcoin. He said that it was a measurable risk, because he believed he could find another job if he failed. He also advises his followers who want to be successful in the crypto world, that they must dare to take risks, but must also be wise and responsible.