Changpeng Zhao, founder of Binance, has released a memoir recounting the exchange’s rapid rise and the legal challenges that led to his prison sentence.
The 364-page book, titled "Freedom of Money", provides a first-person account of Zhao’s career, including Binance’s growth into the world’s largest crypto exchange and the regulatory scrutiny that followed.
“Freedom of money,”
Zhao wrote, describing his belief that cryptocurrency can expand financial access, particularly in regions with limited banking infrastructure.
Zhao served a four-month prison sentence in the United States in 2024 after pleading guilty to violating anti-money laundering laws, as part of a broader settlement that required him to step down as Binance chief executive.
The case marked one of the most significant enforcement actions in the crypto sector, with Binance agreeing to pay billions in penalties and implement extensive compliance reforms.
In the memoir, Zhao reflects on the decisions and trade-offs made during Binance’s rapid expansion, acknowledging that growth often outpaced regulatory frameworks and contributed to compliance gaps.
The book also details his early career, Binance’s founding in 2017, and his experience in prison, offering a personal perspective on one of the most turbulent periods in the cryptocurrency industry.