CZ: "Left OKCoin due to cultural differences…a year later decided to found an exchange in Tokyo"

Changpeng Zhao (CZ), the founder of Binance, revealed why he left OKCoin and the backstory to launching Binance.

In an interview with the All-In Podcast released on the 10th (local time), CZ said he quit OKCoin after only a few months in early 2015 "because of cultural differences."

He explained that although he joined OKCoin as chief technology officer (CTO), there were disagreements over a philosophy of user-centric operations and transparency. "There was a gap between the benefits touted in advertising and the actual user experience," he recalled, adding that the company’s direction did not align with his values.

After leaving, he focused on the market void created by the collapse of Mt. Gox. He concluded that, after the failure of a major exchange in 2014, the Asian market needed a trustworthy bitcoin exchange.

CZ and former colleagues moved to set up a new bitcoin exchange in Tokyo, Japan. He said he took on the role of chief executive officer (CEO) in the early days and led fundraising, covering team salaries out of his own funds while taking no pay himself. That became a turning point that later led to the launch of Binance.

In the interview, CZ stressed that "if your values and culture don’t fit, it’s right to leave," adding that "the early choice later shaped Binance’s user-first philosophy."