- Former Binance CEO Changpeng “CZ” Zhao launched his book titled “Freedom of Money” on Wednesday.
- The part-memoir, part-manifesto book recalls the journey of the founder of the $100 billion company Binance, from his childhood through his rise in the crypto industry and his post-prison life.
Changpeng “CZ” Zhao, the former CEO of Binance, has released his book “Freedom of Money: A Memoir of Protecting Users, Resilience, and the Founding of Binance” in several countries. It recounts his journey to success and how his company navigated through the scandals that plagued the crypto industry.
CZ timed the book’s release to exactly 12:00 AM on Wednesday, depending on the buyer’s time zone. All proceeds from the $9.99 book go to charity.
Freedom of Money: Part Memoir and Part Manifesto of CZ
According to its synopsis, Freedom of Money is part memoir and part manifesto. It features CZ’s life, from his childhood in rural China, where he struggled in a home with a dirt floor and no running water, to his immigration to Canada in his teens.
Then, it proceeds with how Zhao founded Binance in 2017, starting with a tiny operation. Less than a decade later, it has grown into a $100 billion company, showing its impressive growth in such a short span.
However, the narrative does not shy away from his turbulent experience on the helm of Binance. The book recalls how CZ’s high-stakes decisions during major industry collapses, such as the falls of FTX and TerraLuna (LUNC), and his eventual incarceration after a conflict with US regulators.
CZ notably spent a four-month prison sentence in the US after pleading guilty to violations of the country’s anti-money laundering laws. The plea bargain led to a $4.3 billion settlement between him, Binance, and US authorities. The same led to his resignation as Binance CEO and jail time.
Overall, the book offers a rare perspective straight from Zhao. It shares the highs and lows of the crypto industry and financial markets, and how one could achieve financial independence and freedom against all odds.
Reflections During CZ’s Prison Term
CZ revealed in an interview months after serving his prison sentence that long-term jail sentences do little to correct bad behavior. Instead, people serving sentences of over 10 years typically begin to regard their life behind bars as the norm and no longer think about reform.
“I don’t want anyone to go through jail time,” Zhao pointed out. “But the bad behavior has to stop.”
The same interview disclosed how CZ faced his fears and managed his mental health in the low-security prison. Interestingly, he claimed he got along well with his first roommate, a felon who was serving a 30-year sentence for double murder, and that he never received special privileges despite his high status in the crypto finance landscape.
Zhao said he still keeps in touch with several people he met in prison. He was later granted a presidential pardon in October 2025.
