Key Takeaways:
- Changpeng Zhao’s 2026 book details Binance’s 2017 rise, shaping views on crypto leadership.
- CZ covers FTX and Terra crashes, highlighting risks that pushed stricter industry oversight.
- Binance’s $4.3 billion U.S. settlement signals regulation ahead as CZ backs broader crypto adoption.
CZ’s Memoir Reveals Binance’s Rise and Crypto Turmoil
Changpeng Zhao, widely known as CZ, has released Freedom of Money, a memoir that traces his journey from modest beginnings to leading one of the largest crypto exchanges in the world.
The book blends personal history with a broader view of the crypto industry. CZ recounts his childhood in rural China, where he lived without modern amenities, and his move to Canada as a teenager. From there, he worked part-time jobs, studied computer science, and built a career in finance and technology.
His early years shaped his approach to business. At Bloomberg, he moved quickly into leadership roles. Later, he returned to Asia to start companies and eventually discovered bitcoin in 2013. He made a bold decision to go all-in, even as the market crashed during the Mt. Gox collapse.
The story then shifts to Binance. Founded in 2017, the exchange grew rapidly into a global platform with hundreds of millions of users. CZ describes key decisions that helped Binance scale, including a focus on speed, user trust, and product innovation.
The book also addresses major industry events. CZ discusses the collapse of FTX and his decision not to pursue a rescue after reviewing its financials. He reflects on the Terra crash and explains why Binance chose not to sell its holdings despite rising risks.
Regulation is another central theme. CZ offers his perspective on scrutiny from U.S. authorities. He details the legal case against Binance, which resulted in a $4.3 billion settlement and a four-month prison sentence for himself. He maintains that the case did not involve fraud or money laundering, but rather compliance issues in the company’s early days.
The memoir includes personal reflections on leadership and decision-making. CZ emphasizes discipline, long-term thinking, and the importance of acting decisively in uncertain markets.
Early readers of the book have hailed CZ for his transparency with the memoir, “not painting CZ as a hero” but rather “showing how he stayed the same through everything.”
At its core, Freedom of Money is about access. CZ argues that crypto can expand financial inclusion, especially in regions where traditional banking systems fall short.
The book is being released globally, with all proceeds directed to charity.
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