Changpeng Zhao (CZ), the founder of Binance, has released his highly anticipated memoir ‘Freedom of Money’, offering an unprecedented insider account of the crypto industry’s most pivotal moments. From his humble beginnings in rural China to building a global exchange serving hundreds of millions, CZ pulls back the curtain on the decision-making behind Binance’s meteoric rise, the industry’s biggest crises, and the regulatory battles that reshaped crypto.
Key Takeaways
- ‘Freedom of Money’ traces CZ’s life from a village without electricity to Canada and eventually to creating Binance, the world’s largest crypto exchange.
- The book provides first-hand details on CZ’s decision not to rescue FTX after reviewing its books, and why Binance chose to hold its Terra assets despite mounting risks.
- Binance’s $4.3 billion settlement with U.S. authorities is framed as a compliance failure rather than fraud, with CZ serving a four-month sentence and calling for proactive regulation.
- Early readers praise the book for its transparency, noting it “does not paint CZ as a hero but shows how he stayed the same through everything.”
From Rural China to Crypto’s Helm
CZ opens with a vivid description of his childhood in a small village in Jiangsu province, China, where he lived without running water or electricity. After his family emigrated to Canada, he took on part-time jobs—including flipping burgers at McDonald’s and working security at a nightclub—to support his studies in computer science. His career at Bloomberg saw him rise rapidly into management before he returned to Asia to launch several startups. In 2013, he discovered Bitcoin at a poker game and, despite the market crash following Mt. Gox’s collapse, he decided to go “all in.” That bet led to the creation of Binance in 2017, which grew from an ICO-funded platform to a global powerhouse through relentless focus on speed, user trust, and product iteration.
Crisis Management: FTX, Terra, and the Art of Tough Calls
A significant portion of the memoir is dedicated to two events that rocked the crypto world. When Sam Bankman-Fried’s FTX imploded in 2022, CZ recounts reviewing FTX’s internal financial statements and realizing a rescue was impossible, leading him to walk away. On the Terra collapse, he explains why Binance chose not to sell its LUNA holdings—a decision that exposed the exchange to massive losses but also demonstrated a commitment to the ecosystem. “Leaders must act decisively in uncertainty, even when the market is screaming panic,” CZ writes.
The U.S. Settlement and Aftermath
The most personal chapter details the U.S. Department of Justice investigation into Binance. CZ writes about the intense negotiations that culminated in a $4.3 billion settlement in late 2023, and his own four-month prison sentence. He insists that the case centered on compliance gaps in Binance’s early years—not fraud or money laundering—and that he accepted responsibility to move the company forward. The memoir argues that regulation is inevitable and that the industry must embrace it rather than resist. “Crypto’s future depends on working within the rules, not around them,” he states.
Philosophy and Charity
True to its title, ‘Freedom of Money’ advocates for financial sovereignty through decentralized technology. CZ emphasizes that crypto can unlock access for billions of unbanked people, particularly in developing nations. All proceeds from the book will be donated to charitable causes, aligning with his long-stated goal of giving back. Early reviews have described the book as “honest and unfiltered,” offering a rare look at a founder who remains grounded despite global fame. The book is available worldwide starting July 2026.