Binance founder CZ revealed his first entrepreneurial experience in the ALL-IN Podcast.

In 2005, he arrived in Shanghai with Wall Street experience and a group of foreign friends, intending to start a fintech business. They rented a luxurious office, planning to provide technical services to Chinese securities firms and exchanges. However, after the company opened, they discovered that they were registered as a wholly foreign-owned enterprise (WFOE), which meant they were not authorized to serve Chinese financial institutions.

Before their core business even started, the road was blocked. To survive, the team repaired printers, implemented SAP, and took on outsourcing work in the automotive industry... and did it for eight years.

This seemingly "off track" experience taught him how to survive, manage, and adapt.