The revolving door between Wall Street and the cryptocurrency industry is spinning faster than ever. As mainstream financial institutions gradually integrate digital assets into their portfolios, former traditional finance professionals are increasingly stepping into leadership roles within crypto ventures. Among them, Chinese entrepreneurs have emerged as pivotal figures—founding exchanges, leading financial platforms, and shaping the global crypto landscape.
While some transition from high-ranking positions at major banks to crypto leadership, others launch innovative startups from the ground up. These “Chinese faces” are no longer background players but central architects of the decentralized future.
Key Figures Shaping the Industry
Few names resonate as strongly as Changpeng Zhao (CZ), the Canadian-Chinese founder and CEO of Binance—one of the world’s largest cryptocurrency exchanges. Since its inception in 2017, Binance has dominated trading volume metrics, processing millions of transactions per second and attracting over 6 million users by 2018. CZ’s journey began in 2013 when he joined Blockchain.info and later worked at OKCoin. In 2014, he sold his Shanghai apartment to invest fully in Bitcoin—a decision that would later define his fortune.
By late 2021, CZ’s net worth peaked at an estimated $94.1 billion, briefly making him the wealthiest person of Chinese descent and placing him among the top 10 richest individuals globally. However, the 2022 market downturn slashed his wealth significantly; by August of that year, Forbes reported his net worth had dropped to $34.98 billion.
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Another prominent figure is Zhu Su, co-founder and former CIO of Three Arrows Capital (3AC), a Singapore-based hedge fund that collapsed under excessive leverage during the 2022 crypto winter. A graduate of Phillips Academy and Columbia University, Zhu previously worked at Flow Traders and Deutsche Bank before launching 3AC in 2012. Known for bold predictions—including a forecast that Bitcoin could reach $2.5 million if it matched gold’s market cap—Zhu once championed a “super cycle” narrative for crypto markets.
Yet, high-risk strategies ultimately led to 3AC’s downfall, triggering ripple effects across platforms like Voyager Digital and Babel Finance.
Babel Finance: Innovation Meets Crisis
Co-founded in 2018 by Flex Yang and Del Wang, Babel Finance quickly rose as a major player in crypto lending and institutional金融服务. With over $7 billion in assets under management and partnerships with more than 500 institutions, the Hong Kong-based firm aimed to build financial infrastructure for the digital asset economy.
Yang, a PwC Hong Kong alumnus and early blockchain adopter, teamed up with Wang—a former ICBC employee—to offer services including crypto-backed loans, margin trading, and derivatives. Backed by elite investors like Sequoia Capital and Tiger Global, Babel raised $80 million in funding by mid-2022, reaching a $2 billion valuation.
However, exposure to TerraUSD’s collapse and over-leveraged bets tied to 3AC unraveled its stability. On June 17, 2022, Babel suspended withdrawals, citing liquidity pressures. Reports revealed undisclosed use of client assets for speculative trades, violating risk protocols.
The company later engaged Houlihan Lokey, a U.S.-based restructuring expert, to manage debt recovery—a move signaling deeper systemic vulnerabilities in centralized crypto finance.
Regulatory Pressures and Market Realities
Regulation remains the industry’s most critical challenge. Trust and compliance are now paramount as governments worldwide tighten oversight. CZ himself swapped his casual hoodies for tailored suits, engaging regulators across Dubai, France, and Vietnam to position Binance as a cooperative entity.
In contrast, Zhu Su publicly disclosed receiving threats following 3AC’s implosion—highlighting the personal risks behind high-stakes financial decisions.
Meanwhile, regional regulators like Singapore’s Monetary Authority (MAS) have adopted stricter stances. In June 2025, MAS condemned reckless behavior in the sector and warned against unregulated lending practices—directly impacting firms like 3AC and Babel.
A Hong Kong-based FOF investor noted:
“We’ve paused several crypto asset plans since March. Regulatory sentiment in Asia—especially Singapore and South Korea—is hardening. We’re watching closely.”
Transparency issues further complicate investment decisions. Many projects lack clear borrowing structures or auditable asset records, making due diligence difficult for institutional players.
The Human Cost of Volatility
For long-term participants, the emotional toll is real. "I'm honestly disappointed," said Mingran (a pseudonym), a decade-long veteran in blockchain entrepreneurship. "Back in 2018, I believed traditional finance would bring order. But today? It's still chaotic—everything ties back to Bitcoin’s price swings."
She divides market entrants into two groups: innovators seeking mainstream adoption and pure speculators chasing quick returns. Yet both share a common dream—financial freedom.
But rapid innovation breeds anxiety. New tokens, chains, and concepts emerge daily. Staying updated while navigating shifting regulations leaves many feeling overwhelmed.
“The pace is exhausting,” Mingran added. “You want to hold on, but you’re drained.”
Ren Li (also pseudonymous), who co-founded a crypto asset management firm in 2016 with $500M AUM, stepped back after the 2018 bear market. By early 2025, he fully exited operations, shifting to advisory work and selective private investments.
“I saw too many projects die mid-way or vanish,” he said. “Post-pandemic volatility, tighter regulation—it pushed many out.”
Frequently Asked Questions
Q: Who is the most influential Chinese entrepreneur in cryptocurrency?
A: Changpeng Zhao (CZ), founder of Binance, is widely regarded as the most influential due to Binance’s global reach and market dominance.
Q: What caused the collapse of Three Arrows Capital?
A: Excessive leverage, poor risk management, and heavy exposure to failed assets like TerraUSD led to its insolvency during the 2022 market crash.
Q: Is Babel Finance still operational?
A: As of mid-2025, Babel Finance remains in restructuring mode with ongoing efforts to repay creditors through asset liquidation and strategic negotiations.
Q: How has regulation affected Chinese entrepreneurs in crypto?
A: Stricter rules in Singapore, Hong Kong, and elsewhere have limited operational flexibility, forcing firms to prioritize compliance over rapid growth.
Q: Can individuals still succeed in crypto despite recent crises?
A: Yes—but success now favors those focused on sustainable innovation, transparency, and regulatory alignment rather than short-term speculation.
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Looking Ahead: Value Beyond Volatility
Despite setbacks, many continue pushing forward—not for fame or fortune alone, but to build meaningful infrastructure. As Mingran put it: “After all these years, walking away isn’t an option. There are still builders here who care about real value.”
The road ahead demands balance: embracing innovation while respecting financial prudence and regulatory frameworks. For Chinese entrepreneurs in crypto, the journey reflects both immense opportunity and profound responsibility.
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Keywords: Changpeng Zhao, Three Arrows Capital, Babel Finance, cryptocurrency regulation, crypto lending crisis, Chinese entrepreneurs in crypto, digital asset innovation