From McDonald's to Binance: The Rise of CZ and the Cryptocurrency Empire

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The story of Changpeng Zhao—widely known as CZ—is one of resilience, innovation, and rapid ascent in the world of cryptocurrency. From working at a McDonald’s in Vancouver to building Binance, the world’s largest centralized crypto exchange, CZ’s journey reflects the transformative power of technology, global mobility, and financial disruption. In a recent exclusive interview with Fortune, CZ opened up about his formative years, cultural identity, and the strategic decisions that fueled Binance’s meteoric rise.

A Multicultural Identity Shapes a Global Vision

CZ conducted the interview from an apartment in Dubai—one of the cities he now calls home, alongside Paris. His life has spanned continents, and his identity reflects that complexity.

"If Americans interact with me, they see me as Asian—more 'Asian' than most Americans, but less so than other Asians they know. If an Asian person meets me, they think I’m very Americanized… but not quite like other Americans. So I’m somewhere in between."

This duality has shaped his leadership style: pragmatic, adaptable, and culturally fluid. While regulators and competitors often describe him as aggressive—especially given Binance’s regulatory controversies—Fortune also portrays him as humble and thoughtful. This contrast lies at the heart of understanding both CZ and the company he built.

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Early Life: From Rural China to Canadian Immigrant

Born in Jiangsu, China, CZ’s early education took place in a resource-scarce environment where schools were rudimentary and opportunities limited. His father, a geophysics researcher, earned a PhD from the University of British Columbia (UBC), paving the way for the family’s immigration to Canada in 1989 when CZ was 12.

The move was transformative. Canada offered access to quality education and technological tools that were unimaginable in rural China. But it wasn’t without challenges. Vancouver had a long history of anti-Asian sentiment, including the infamous “head tax” that discouraged Chinese families from settling permanently.

Despite this, Canada began actively recruiting skilled immigrants in the 1980s through investment visa programs. Scholars like CZ’s father were welcomed—not just for their expertise, but as part of a broader economic diversification strategy.

Still, socioeconomic divides among Asian communities were stark. While most Asian students at his school came from wealthy Hong Kong or Taiwanese families, CZ lived in modest graduate housing. He noticed clear cultural contrasts:

"Hong Kong kids loved brands, fashion, sports cars. Taiwanese families were also very rich, but more humble. I got along better with them and learned a lot about humility from their values."

These early observations influenced his later public persona—CZ remains famously low-key despite a net worth once estimated in the tens of billions.

The First Clue: A $7,000 Computer and a Father’s Guidance

One pivotal moment came when CZ’s father spent $7,000 CAD on an IBM-compatible 286 computer—a massive sum for their household. Rather than seeing it as indulgence, it was an investment in knowledge.

His father used it for research—and taught CZ how to code.

"My father was my technical mentor."

That early exposure to programming laid the foundation for CZ’s future career. While peers sought fun and social status, CZ worked night shifts at Chevron and spent two years at McDonald’s to support himself.

"When I was working at McDonald's, I made $4.5/hr. 30 years ago, in Vancouver."
— CZ 🔶 Binance (@cz_binance)

He doesn’t shy away from this past; instead, he embraces it as proof that success isn’t determined by starting point—but by persistence.

The Turning Point: Rich Dad Poor Dad and Dropping Out

At McGill University in Montreal, CZ led what he describes as a “normal” college life—skating, eating pho, coding late into the night on Apple II machines. Academically unremarkable at first, his potential emerged toward graduation when he co-authored a paper on artificial intelligence with professor Jeremy Cooperstock.

But the real catalyst for change was reading Rich Dad Poor Dad, Robert Kiyosaki’s bestseller on financial independence.

"My parents taught me to work hard and get a good job. They didn’t like entrepreneurship—until I read Rich Dad Poor Dad. That’s when I started thinking: maybe I want to build something meaningful."

Inspired, CZ made a bold move: he dropped out of university after securing a full-time position at a Tokyo securities trading platform in 2000—a decision often misreported as him being a McGill graduate.

His programming skills quickly opened doors in New York’s financial sector, where he developed futures trading systems for Bloomberg. But by 2004, China’s tech boom drew him eastward.

Shanghai and the Challenge of "Guanxi" Culture

Arriving in Shanghai during China’s digital gold rush—when Alibaba, Tencent, and Baidu were taking off—CZ joined the wave of “sea turtles” (hai gui), overseas-educated professionals returning home.

However, adapting to Chinese business culture proved difficult.

"I was taught to go where growth is happening—not where everything is already built. But I didn’t understand the business culture here. I had to learn from scratch."

Unlike Western rule-based corporate environments, China’s business landscape relied heavily on relationships (guanxi) and rituals like the infamous "jiu ju" (drinking banquets). CZ found these customs alienating:

"I read about drinking culture. I heard stories. But when you’re actually at a dinner with officials, drinking baijiu, talking about connections—it feels strange. I never liked it."

Yet he succeeded anyway. Co-founding Fusion Systems, a SaaS company providing high-frequency trading infrastructure, he secured clients like Goldman Sachs and Credit Suisse. There, he learned not just coding—but salesmanship.

Entering the Crypto World: A Late-Night Poker Game Changes Everything

In 2013, a late-night poker game introduced CZ to Bitcoin. Introduced by Bobby Lee (Bitcoin advocate) and Ron Cao (venture capitalist), the concept fascinated him.

Within months, he sold his Shanghai apartment, invested $1 million in Bitcoin, and left Fusion Systems to join Blockchain.info as CTO.

By 2014, he moved to OKCoin (now OKX) as Chief Technology Officer—engaging directly with users on Reddit and defending crypto against critics.

But disagreements with CEO Xu Mingxing over company direction led to a public fallout in 2015. Accusations flew: CZ claimed Xu faked reserves and manipulated volume; Xu countered that CZ falsified his academic background.

CZ then founded Bijie Tech (Bijie Technology), providing software to trading platforms—including some involved in “stamp-and-coin-card” scams targeting elderly investors. Though not directly complicit, his association drew criticism until Chinese authorities shut down those platforms in 2016.

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The Birth of Binance: Speed, Scale, and Strategy

In 2017, amid a crypto bull run and Coinbase’s rising profits, CZ saw an opportunity. He launched Binance in July—and within a year, it became the world’s largest crypto exchange.

Key advantages included:

Binance rewarded early adopters with BNB—a strategy that boosted user retention and loyalty.

When China banned ICOs and shut down local exchanges in September 2017, CZ acted swiftly: moving servers outside the Great Firewall and relocating staff to Tokyo.

Thus ended his 12-year chapter as a “Chinese entrepreneur.”

The Nomadic Exchange: Binance’s Regulatory Journey

Binance never settled in one country for long:

Critics labeled it a “rogue offshore casino.” Reports surfaced of lax KYC enabling Iranian users to bypass sanctions. Plans for a U.S.-focused “regulatory sinkhole” subsidiary were floated but abandoned.

Today, under increasing global scrutiny—from the U.S. CFTC to European regulators—Binance is shifting toward compliance. CZ acknowledges the need for legitimacy in a maturing industry.

Frequently Asked Questions (FAQ)

Q: Did CZ really work at McDonald's?
A: Yes. CZ worked at McDonald’s in Vancouver during his teenage years and has openly shared this experience on social media.

Q: Is CZ a McGill University graduate?
A: No. He attended McGill but dropped out in 2000 after landing a job in Tokyo.

Q: What role did Rich Dad Poor Dad play in CZ’s life?
A: The book shifted his mindset from seeking employment to building businesses—a key factor in founding Binance.

Q: Was Binance originally based in China?
A: Though founded by a Chinese-Canadian and initially operated by an international remote team, Binance was never legally headquartered in China.

Q: Why did Binance leave Japan?
A: Japanese regulators demanded formal registration after security breaches; CZ chose relocation over compliance at the time.

Q: Is Binance fully compliant today?
A: Binance is actively working toward greater regulatory alignment globally, though challenges remain in certain jurisdictions.

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Final Thoughts: A Legacy in Motion

CZ’s journey—from immigrant student to architect of a crypto empire—mirrors the disruptive spirit of blockchain itself. His story underscores key themes: adaptability across cultures, technical mastery, entrepreneurial courage, and evolving responsibility.

As Binance navigates an increasingly regulated future, CZ’s ability to balance innovation with accountability will define his legacy—not just as a founder, but as a leader shaping the next era of digital finance.

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