Changpeng Zhao (CZ), the founder of cryptocurrency exchange Binance, faced a critical juncture in 2023: negotiate with U.S. federal prosecutors or risk criminal charges for alleged money laundering and terrorist financing on his platform. According to a draft of his upcoming memoir, “Freedom of Money,” obtained by The New York Times, CZ consulted numerous high-profile lawyers, often receiving conflicting counsel, as the Justice Department demanded a record-breaking $6.8 billion penalty from Binance.
The Pressure to Plead Guilty
CZ considered fleeing the U.S. rather than accepting what he perceived as unreasonable demands from the DOJ. He wrote that prosecutors appeared to prioritize conviction over fairness, raising concerns about potential legal manipulation. Despite his initial resistance, CZ ultimately pleaded guilty to violating anti-money-laundering laws and was sentenced to four months in prison in 2024. President Trump later pardoned him.
Inside the Negotiations
The memoir provides a rare glimpse into the secret negotiations leading to CZ’s guilty plea, one of the most complex white-collar prosecutions in recent years. The draft details the billionaire’s mental preparation for life as a fugitive and his distrust of the DOJ’s tactics.
From Mogul to Inmate
CZ recounts his experience as a high-profile inmate, describing his unexpected humbling after a career of global influence. The memoir also includes critical remarks toward his former competitor, Sam Bankman-Fried of FTX, and details a previously undisclosed encounter with Immigration and Customs Enforcement that nearly extended his U.S. detention.
Return to Crypto Leadership
CZ is now preparing to self-publish the book in February or March, aiming to share his full story of success, downfall, and resurgence in the crypto industry. The manuscript offers a one-sided account of the events, but provides valuable insight into the high-stakes world of cryptocurrency regulation and prosecution.
“The D.O.J. prioritized victory over justice.” — Changpeng Zhao
The case underscores the increasing scrutiny of cryptocurrency exchanges by regulators worldwide. CZ’s experience highlights the challenges faced by crypto leaders navigating complex legal landscapes and the potential consequences of non-compliance. His return to the industry signals a new chapter in his career, but also serves as a cautionary tale for others in the volatile world of digital finance.
