Key Takeaways
- Former Binance CEO Changpeng Zhao has published Freedom of Money, chronicling the exchange’s trajectory and his criminal case.
- The book acknowledges that compliance infrastructure couldn’t keep pace with Binance’s explosive expansion, attracting regulatory action.
- Zhao details his guilty plea to anti-money-laundering violations and his four-month federal incarceration in 2024.
- The memoir includes Zhao’s perspective on the aborted FTX acquisition discussions in late 2022.
- According to Zhao, Caroline Ellison’s public offer to purchase FTT tokens at $22 triggered the token’s rapid decline.
Former Binance chief executive Changpeng Zhao has published Freedom of Money, a memoir presenting his perspective on the exchange’s meteoric rise, regulatory battles and incarceration.
The 364-page volume traces Zhao’s journey from early roles in finance and tech through Binance’s 2017 founding. Co-founder Yi He penned the foreword to the publication.
Acknowledging that his narrative has been largely constructed through media coverage, legal filings and public discourse, Zhao positions the book as an opportunity to present his own perspective.
Binance ascended to become the dominant cryptocurrency exchange globally within a remarkably compressed timeframe. The memoir chronicles this rapid scaling and the operational challenges inherent in managing a worldwide trading platform.
The US Criminal Case Against CZ
The book devotes significant attention to the federal prosecution of Zhao and Binance. Following his guilty plea to anti-money-laundering violations, Zhao completed a four-month prison term in 2024.
The comprehensive settlement required Zhao’s resignation from the CEO position. Binance committed to multi-billion-dollar fines and agreed to implement sweeping compliance reforms.
Federal regulators had investigated Binance for years regarding deficiencies in money-laundering prevention, sanctions screening and registration requirements. The resolution marked one of the largest enforcement actions in cryptocurrency history.
Throughout the memoir, Zhao examines choices made during Binance’s breakneck expansion. He acknowledges that operational growth consistently outpaced the development of adequate compliance frameworks.
The narrative includes detailed reflections on federal incarceration. Zhao chronicles the dramatic transition from helming a multinational enterprise to navigating highly regimented confinement.
The book’s title reflects Zhao’s conviction that cryptocurrency can democratize financial access. He emphasizes that Binance enabled users in developing economies to transfer value, hedge against currency devaluation and participate in international markets.
CZ’s Account of the FTX Implosion
A substantial portion of the book reexamines Binance’s short-lived exploration of acquiring FTX in November 2022. Zhao recounts Sam Bankman-Fried requesting billions during a telephone conversation before Binance executed a non-binding agreement.
Zhao maintains he never genuinely intended to complete an FTX purchase. He characterizes the signed document as a mechanism to access financial data and evaluate potential customer protection measures.
Zhao contends that Alameda Research CEO Caroline Ellison’s public statement offering to purchase Binance’s FTT position at $22 created a critical inflection point. He asserts this price established a reference point that accelerated selling pressure.
According to the memoir, FTT plummeted while FTX experienced approximately $6 billion in withdrawal requests across 72 hours. Binance terminated discussions on November 9.
Zhao addresses a Signal group titled “Exchange Collaboration,” established during the Terra-Luna collapse, which subsequently attracted scrutiny from Department of Justice and SEC officials. He categorically rejects any allegations of coordination.
The book notes that Binance subsequently managed intense withdrawal volume, including $7 billion during a single day in December 2022, with user balances eventually rebounding.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
