Changpeng Zhao (CZ), the founder and former CEO of Binance, has released his highly anticipated memoir, “Freedom of Money”, in July 2026. The book offers an unprecedented first-person account of his rise from a rural village in China to the helm of the world's largest cryptocurrency exchange, while candidly revealing the inside stories of industry-defining crises, regulatory battles, and personal sacrifice.
Key Takeaways
1. CZ describes his childhood without electricity or running water, his move to Canada at age 11, and how his early struggles shaped his disciplined, long-term approach to business.
2. The book provides never-before-told details about the collapses of FTX and Terra, explaining why Binance walked away from rescues and how both events exposed critical flaws in the industry.
3. CZ offers a full narrative of the U.S. government's investigation into Binance, culminating in a $4.3 billion fine and a 4-month prison sentence for himself, while insisting no fraud or money laundering occurred.
From Village to Crypto Empire
The memoir opens with vivid recollections of CZ's childhood in a remote village in Jiangsu Province, China. His family lacked basic amenities — no electricity, no running water, only kerosene lamps. At age 11, he immigrated with his father to Canada, where he took part-time jobs at McDonald's and gas stations while studying computer science. This period instilled a 'all-in work ethic' that later defined his crypto journey.
After rising quickly at Bloomberg as a technical lead, CZ returned to Asia to launch several startups. He first encountered Bitcoin in 2013 during a poker game, and immediately liquidated most of his assets to buy the cryptocurrency — even during the Mt. Gox crash. “I saw the potential for decentralized money and never looked back,” he writes.
Binance's Meteoric Rise
Binance was founded in July 2017 during a routine ICO boom. The exchange exploded in user numbers, hitting millions within weeks. CZ attributes the success to speed and user-centric design: “While competitors spent months on KYC, we launched with instant registration and 100+ trading pairs.” He also details how Binance's native token BNB was initially questioned by regulators but eventually became the most traded utility token globally.
The book describes key strategic decisions: refusing VC funding to maintain independence, moving operations to Malta after China's crypto ban, and focusing on product innovation over marketing gimmicks. CZ emphasizes that Binance's growth was a result of thousands of small, correct decisions rather than any single masterstroke.
FTX and Terra: Lessons from the Abyss
One of the most gripping chapters covers the FTX collapse. CZ reveals that in early November 2022, Binance had signed a non-binding letter of intent to acquire FTX. However, after reviewing FTX's internal financial records, Binance's team discovered a $8 billion hole in customer funds. CZ immediately called off the deal. “It was like buying a building that had no foundation — it would collapse on anyone who came near,” he writes.
Regarding the Terra ecosystem crash, CZ explains that Binance had identified flaws in the algorithmic stablecoin mechanism months before the collapse, and gradually reduced its LUNA holdings. “We didn't profit from the crash; we simply avoided disaster by staying rational.” He criticizes both projects for “gaming the system with imaginary yields,” which ultimately triggered a global regulatory crackdown.
$4.3 Billion Settlement and Prison Time
Perhaps the most anticipated part of the memoir is CZ's detailed recount of the U.S. Department of Justice investigation. In 2023, Binance faced charges of anti-money laundering violations, sanctions breaches, and unlicensed money transmission. CZ reveals that he faced potential decades in prison and that the negotiations lasted 18 months. The final plea deal resulted in a $4.3 billion corporate fine, the appointment of an independent monitor, and CZ's own resignation as CEO plus a 4-month prison term.
“I accepted responsibility for early compliance failures, but I never engaged in fraud or money laundering,” CZ writes. He argues that Binance's rapid growth outpaced its compliance systems, a common problem among tech unicorns, and that the settlement was necessary to preserve the company's future. During his time in prison, CZ continued writing the manuscript and planning Binance's compliance overhaul.
Financial Freedom Through Compliance
Despite the personal and corporate setbacks, CZ remains bullish on cryptocurrency's ability to democratize finance. He says the industry must evolve from a “Wild West” to a regulated, institutionally trusted ecosystem. The book calls for clear global rules—combining innovation with consumer protection.
Proceeds from “Freedom of Money” will be donated entirely to charities focusing on education, environmental sustainability, and blockchain research. The English edition is now available globally, with a Chinese translation expected in 2027.
Separately, a U.S. federal judge recently dismissed a lawsuit claiming Binance and CZ funded terrorist activities, citing lack of evidence. This legal victory aligns with CZ's repeated assertion in the memoir that Binance has always fought against illicit finance.