CZ says he left OKCoin to found Binance over disagreement on business practices

Binance founder Changpeng Zhao (CZ) has revealed the reasons behind his departure from OKCoin (now OKX) between 2014 and 2015, which led to the creation of Binance. Wu Blockchain reported that in an All-In Podcast YouTube video on Feb. 10, CZ stated there were cultural disagreements over the exchange's operating methods during his time there. He explained that he could not agree with a structure in which fee discounts were advertised but only applied if users made individual requests, prompting him to leave the company in early 2015. CZ added that he saw an opportunity in the market vacuum immediately following the bankruptcy of Mt. Gox. He and his colleagues began developing a Bitcoin exchange in Tokyo, Japan. In this new venture, CZ took on the role of CEO, held a larger equity stake, was responsible for fundraising, and paid employee salaries from his personal funds. This project, he explained, eventually grew into the global exchange Binance.