Changpeng “CZ” Zhao, the founder of crypto exchange Binance, has authored a memoir titled Freedom of Money, detailing his rise and subsequent legal fallout. The 364-page book offers a first-person account of Zhao’s life and career, aiming to provide context beyond media narratives and court filings.
Zhao emphasizes the human element behind Binance's rapid growth and his personal downfall, which he argues has been overshadowed by simplified coverage. The memoir covers his early career in finance and technology, the founding of Binance in 2017, and its expansion into a global cryptocurrency powerhouse.
In 2024, Zhao served a four-month prison sentence in the United States after pleading guilty to violating Anti-Money-Laundering laws. This plea was part of a broader settlement requiring him to step down as Binance CEO and resulting in billions in penalties and compliance reforms for the company.
US regulators had long scrutinized Binance for alleged failures in anti-money laundering controls, sanctions compliance, and licensing. The settlement concluded a significant investigation within the crypto industry.
The book's title, Freedom of Money, highlights Zhao's belief that cryptocurrency can dismantle financial access barriers, especially in regions with limited banking or strict capital controls. He acknowledges that Binance's rapid expansion often outpaced regulatory frameworks, contributing to compliance gaps that drew official scrutiny.