Binance founder CZ reveals his first entrepreneurial experience on the ALL-IN Podcast.
In 2005, he brought Wall Street experience and a group of foreign friends to Shanghai, planning to do fintech. They rented a luxury office and prepared to provide technical services to Chinese brokerages and exchanges. As a result, after the company opened, they discovered that they had registered as a Wholly Foreign-Owned Enterprise (WFOE), which could not serve Chinese financial institutions at all.
Before their core business even started, the road was blocked. To survive, the team repaired printers, implemented SAP, and took on outsourcing projects in the automotive industry… and they did this for eight years.
This seemingly “off-track” experience taught him survival, management, and transformation.
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