CZ’s Memoir: Inside Binance’s Rise, the FTX Collapse, and His U.S. Legal Battle

TLDR:

• CZ abandoned FTX rescue talks after SBF’s team failed to produce a balance sheet within 24 hours.
• CZ argues SBF built FTX on political lobbying and regulatory tactics, not fair product competition.
• Binance paid a $4.3B fine; CZ received a $150M personal fine and served four months in prison.
• CZ wrote most of his memoir in prison, calling his post-release DHS detention appalling and unjust.

CZ, the founder of Binance, has published a memoir titled Freedom of Money in 2026. The book traces his path from rural China to building the world’s largest crypto exchange.

It addresses major industry events, including the FTX collapse, and his legal battles with U.S. regulators. CZ wrote much of the book during a four-month prison sentence after pleading guilty to a Bank Secrecy Act violation.

CZ on Sam Bankman-Fried and the FTX Collapse

In 2022, CZ considered rescuing FTX as the exchange neared collapse. He changed his mind after SBF’s team failed to produce a complete balance sheet within 24 hours.

That inability to present basic financial data was a clear warning sign. CZ saw no basis for moving forward with any rescue effort.

Beyond that, CZ challenges the foundation of SBF’s business strategy. He argues it was not built on genuine product competition or innovation.

Instead, SBF relied on political lobbying and regulatory maneuvering to gain advantage. CZ believes this approach was designed to weaken competitors rather than outperform them fairly.

The book addresses the FTX implosion directly and without hesitation. CZ presents a first-hand account of how events unfolded during that period.

His perspective adds important context to one of crypto’s most damaging episodes. The narrative is candid and avoids the speculative tone common in media coverage.

Throughout this section, CZ returns to the theme of transparency. He holds it up as a defining difference between Binance and FTX.

For him, protecting users is not optional—it is the core responsibility of any exchange. That principle, he argues, guided every decision Binance made during the crisis.

CZ’s Guilty Plea, Prison Sentence, and Release

CZ faced a charge from the U.S. Department of Justice related to the Bank Secrecy Act. The violation involved Binance not completing required paperwork in its early operating days.

No accusations of fraud or money laundering were part of the case. His lawyers assured him that no one had been criminally prosecuted for this single violation before.

Based on that legal advice, CZ voluntarily traveled to the U.S. to plead guilty. Binance paid a fine of $4.3 billion as a result of the settlement. CZ was also personally fined $150 million. He was later sentenced to four months in prison.

During that time, he wrote most of Freedom of Money. After his release, the Department of Homeland Security detained him for overstaying his visa.

He had remained in the U.S. only because authorities had ordered him to stay. CZ describes this experience as both appalling and revealing.

The memoir also reflects on Binance’s growth into a 300-million user platform. CZ credits transparency, client focus, and relentless innovation for that rise.

He also discusses the role crypto can play in expanding financial access globally. For CZ, reaching the unbanked — particularly in developing countries — remains the industry’s most pressing purpose.

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