Changpeng Zhao, el magnate de las 'cripto' que reina en el caos

Changpeng Zhao, a prominent figure in the crypto world, has become one of the richest 20 individuals globally. In 2013, he sold his apartment to buy bitcoins, which he discovered while playing poker with friends. Zhao described his company's internal structure as "controlled chaos" in 2022, arguing that Binance should move away from overly rigid structures to maximize adaptability in the rapidly changing world of cryptocurrencies.

A former colleague claimed that this philosophy had a Machiavellian component, as Zhao allowed employees to compete for influence within the company, creating an unpredictable internal dynamic. Despite its seemingly counterproductive nature, this anarchic combination with the survival of the fittest has yielded positive results, making Binance the largest cryptocurrency exchange worldwide, with over 150 million users, an estimated revenue of $16.8 billion, and a valuation of $4.7 billion for its US arm, Binance.US.

Zhao owns 90% of Binance and has invested nearly all his wealth in various cryptocurrencies, stating he intends to keep them. He dislikes using cryptocurrencies to acquire fiat money or real estate, simply wanting to hold them. Zhao enjoys Bitcoin because it has no borders, allowing money transfers across any country without limitations.

Born to a teacher mother and a university professor father, Zhao's family moved to Canada in 1984, where he graduated in computer science from McGill University in Montreal and later worked in Japan. In 2001, he moved to New York to work at Bloomberg Tradebook, but returned to his native China four years later. In 2005, he moved to Shanghai to develop high-frequency trading software for Fusion Systems, which helped launch Binance.

The platform could process 1.4 million transactions per second, outperforming competitors that were slow or experienced technical issues during market saturation. In 2013, Zhao learned about Bitcoin during a poker game. After reading its technical document, he agreed to invest 10% of his wealth in the digital currency, but soon expanded his investments.

He sold his apartment to buy more bitcoins and left his job at Blockchain.info to start his own company providing systems and software for exchange platforms. In 2017, Binance was launched and quickly became the market leader. Its position was strengthened by the downfall of FTX in 2022, which Zhao helped by announcing that Binance would sell the rival's tokens amid doubts about its viability.

This announcement triggered panic among investors, leading to a massive withdrawal of funds that left FTX insolvent. Although Zhao initially offered to buy FTX to save it, he cancelled the offer 24 hours later after reviewing internal accounts. Those who worked with Zhao praise his unrelenting ambition, a trait they also associate with the company's challenges with law enforcement.

Prioritizing growth over financial control led to violations of anti-money laundering laws, resulting in a $4.3 billion fine and a personal fine of $50 million for Zhao. He was sentenced to four months in prison, but Donald Trump pardoned him last year, erasing his criminal record.