I'm one of the world's richest crypto traders with $96BN after a game of poker

June 21, 2024

ONE of the world’s richest crypto traders won his multi-billion-dollar fortune thanks to a chance game of poker, it has been claimed.

Changpeng Zhao, 44, grew Binance into the world's largest cryptocurrency exchange by trading volume after it’s launch in 2017.

According to Bloomberg, the Chinese-Canadian developer - commonly referred to as CZ - acquired his vast wealth “practically overnight” as he began to build his crypto empire.

The software company's billionaire index now ranks him at a whopping $96 billion- rivalling the likes of fellow tech moguls Mark Zuckerberg and Larry Page.

Binance was initially based in China, but later moved its headquarters out of the country due to its increasing regulation of cryptocurrency.

And despite recent crackdowns by US and UK authorities and feuds with world watchdogs, it continues to make millions every day.

But, according to Binance’s own blog, Mr Zhao’s incredible success all started via a chance meeting round of game of poker with former BTC China CEO Bobby Lee and investor Ron Cao in 2013.

During the game, Mr Zhao began learning about the depths of cryptocurrency, and the pair reportedly urged him to invest 10 per cent of his net worth in Bitcoin – now the biggest of it’s kind in the world.

Most read in Money

Mr Zhao was convinced, and the following year he “decided to go all-in on crypto by dedicating his life to it,” even selling his Shanghai apartment for Bitcoin before founding the company in 2017.

Despite early setbacks – including watching the highly volatile Bitcoin plummet and rise – Binance emerged as a world leader within just eight months.

According to the blog, it "stays in that position up to this day."

In February 2018, Forbes Magazine placed Zhao third on their list of The Richest People In Cryptocurrency.

The company were reportedly astounded by Binance’s investment story and Mr Zhao’s mesmeric rise to the top.

Reporter Pamela Ambler wrote: “Seven months ago Binance didn’t exist.

“Since then, its 1.4 million-transactions-per-second capability have attracted 6 million users, making it the world’s largest crypto-exchange”.

5 risks of crypto investments

THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.

Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
Marketing materials: Firms may overstate the returns of products or understate the risks involved.

Binance now stretches across employees thousands of worker more across more than 40 countries.

But despite Mr Zhao’s incredible fortune, which reportedly sees him regularly hosts dinners in the Middle East, he reportedly enjoys a relatively modest lifestyle.

Mr Zhao told Bloomberg’s Erik Schatzker in late 2021: “I don’t care about wealth, money, rankings.”

His success comes at a time when cryptocurrency markets are showing increased volatility.

Earlier today it was announced that Bitcoin had crashed below $40,000 ith investors fearing a double-dip collapse.

Most read in Money

5 risks of crypto investments

Read More on The US Sun