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This article directly stems from the research process for our Canadian single family office database. Our list of Canadian family offices includes the most important family investment vehicles that invest in various areas, such as financial markets, real estate, venture capital, private equity and renewables.
Binance is the world’s largest cryptocurrency exchange. The founder behind is is Changpeng Zhao, who also goes by CZ. Zhao was born in China, but moved to Canada early. After studying computer science at Montreal’s McGill University, he worked in different IT roles. In 2017, Zhao launched Binance. As of 2024 Zhao’s net worth is estimated at $33BN. If there would be a Changpeng Zhao Family office, it would certainly be one of the largest Canadian family offices.
Where does Changpeng Zhao`s wealth come from?
As mentioned above Zhao is the founder of Binance. Last year the cryptocurrency exchange was responsible for nearly half of every spot trade processed by centralized crypto exchanges. As a result Binance is the largest cryptocurrency exchange in the world. In 2023 Zhao pleaded guilty to US charges of fraud and money laundering. As a result, Binance was fined 4.4 billion dollars. But still Zhao keeps an estimated 90% stake in Binance.
No Changpeng Zhao family office known, investments through Binance
As far as our research team is concerned, there is no known Zhao family office. Instead, Zhao invests his wealth through Binance. For example, he invested $500m in Elon Musk’s bid to acquire Twitter in 2022. According to an interview with Bloomberg, Zhao holds almost 100% of his net worth in cryptocurrencies. After his release from prison, he spoke about his new investment strategy. In an interview, he said he would continue to invest in the blockchain sector, as well as artificial intelligence and biotechnology.
Picture source: Quantitatives