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In a Memoir Draft, Changpeng Zhao of Binance Details the Talks Leading to His Prison Time
| USA | general | ✓ Verified - nytimes.com

In a Memoir Draft, Changpeng Zhao of Binance Details the Talks Leading to His Prison Time

#Changpeng Zhao #Binance #Memoir #Prison #DOJ #Cryptocurrency #Money Laundering #Trump Pardon

📌 Key Takeaways

  • Zhao's memoir details secret negotiations with DOJ that led to his imprisonment
  • He faced accusations of money laundering and terrorist financing, resulting in a $4.3 billion settlement
  • The memoir includes his prison experience and an ICE incident after release
  • Trump pardoned him in 2024, and he's now back in the crypto industry
  • He takes shots at rivals including Gary Gensler and Sam Bankman-Fried

📖 Full Retelling

In his draft memoir 'Freedom of Money,' Changpeng Zhao, the founder of Binance, revealed the secret negotiations with US federal prosecutors that ultimately led to his four-month prison sentence in 2024, after being accused of money laundering and terrorist financing through his cryptocurrency exchange. The billionaire crypto mogul detailed how federal prosecutors demanded a $6.8 billion penalty, one of the largest corporate fines ever, while he consulted numerous lawyers and considered fleeing the country. 'The D.O.J. prioritized victory over justice,' Zhao wrote, describing his distrust of the legal process and his fears that prosecutors would 'pull tricks' against him. After months of tense negotiations, Zhao ultimately pleaded guilty to a single count of violating anti-money laundering statutes and accepted a $4.3 billion settlement with the Justice Department. The memoir offers a rare glimpse into one of the most complex white-collar prosecutions in recent years, revealing Zhao's experience as the wealthiest inmate in U.S. history during his brief stint at a low-security prison in California. There, he shared a cell with a convicted murderer and even provided Bitcoin investment advice to guards. Zhao also takes aim at his former rivals, including SEC Chair Gary Gensler and FTX founder Sam Bankman-Fried, whom he helped bring down through social media posts that triggered a bank run at FTX. The draft manuscript includes previously unreported details about a tense encounter with Immigration and Customs Enforcement officials after his release, who attempted to detain him for overstaying his visa while he was incarcerated. Despite his legal troubles, Zhao has returned to the top of the crypto industry, with his net worth exceeding $60 billion and Binance maintaining its position as the world's largest cryptocurrency exchange. The memoir traces his journey from his upbringing in China to founding Binance in 2017, his brief encounter with Gensler in Tokyo, and his eventual pardon by former President Trump in late 2024. Zhao plans to self-publish the book in February or March 2026, though the draft reviewed by The New York Times may not be the final version. His lawyer dismissed the Times' reporting as based on material 'neither in CZ's book nor in his words,' while the Justice Department declined to comment on the contents.

🏷️ Themes

Legal Battles, Cryptocurrency Regulation, Memoir Revelations, Personal Redemption

📚 Related People & Topics

Prison

Prison

Facility where people are kept as punishment

A prison, also known as a jail, gaol, penitentiary, detention center, correction center, correctional facility, or remand center, is a facility where people are imprisoned under the authority of the state, usually as punishment for various crimes. They may also be used to house those awaiting trial ...

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Changpeng Zhao

Changpeng Zhao

Business executive (born 1977)

Changpeng Zhao (Chinese: 赵长鹏; pinyin: Zhào Chángpéng; born 1977), commonly known as CZ, is a businessman who is known for co-founding cryptocurrency companies, such as Binance and Blockchain.com. He has also served as CTO of OKCoin and CEO of Binance. He resigned as the CEO of Binance in November 20...

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DOJ

Topics referred to by the same term

DOJ, doj, or DoJ may refer to:

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Binance

International, multi-language cryptocurrency exchange

Binance Holdings Ltd., branded Binance, is the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao. Binance was initially based in China, then moved to Japan, subsequently left Japan for Malta, and currently has no offic...

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Memoir

Memoir

Type of autobiographical or biographical writing

A memoir (; from French mémoire [me.mwaʁ], from Latin memoria 'memory, remembrance') is any nonfiction narrative writing based on the author's personal memories. The assertions made in the work are thus understood to be factual. While memoir has historically been defined as a subcategory of biogra...

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Entity Intersection Graph

Connections for Prison:

🏢 Islamic State 1 shared
👤 Syrian War 1 shared
🌐 Syria 1 shared
🌐 Detention center 1 shared
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Deep Analysis

Why It Matters

The memoir draft offers a rare firsthand account of the legal battles surrounding Changpeng Zhao, the founder of Binance, and the negotiations that led to his guilty plea. It provides insights into the complexities of the crypto industry's regulatory challenges and the personal impact on a prominent figure.

Context & Background

  • Binance is the world's largest cryptocurrency exchange.
  • CZ faced US legal scrutiny over anti-money laundering violations.
  • The Justice Department sought a significant financial penalty from Binance.

What Happens Next

Changpeng Zhao is expected to self-publish his memoir, 'Freedom of Money,' in February or March. The book promises a detailed account of his legal troubles, negotiations with the DOJ, and experiences during his imprisonment.

Frequently Asked Questions

What were the charges against CZ?

CZ pleaded guilty to a single count of violating an anti-money laundering statute.

Why did the US government pursue legal action against Binance?

The US government accused Binance of facilitating illegal transactions, including money laundering and terrorist financing.

What was CZ's experience like during his imprisonment?

CZ described his time in prison as a 'humbling comedown,' detailing interactions with fellow inmates and prison staff.

Original Source
Advertisement SKIP ADVERTISEMENT Supported by SKIP ADVERTISEMENT Crypto’s Richest Man Details His Secret Talks, Prison Time and Humbling Comedown In a draft of his memoir, Changpeng Zhao, the founder of Binance, laid out the secret negotiations that led to his imprisonment and a run-in with ICE. Listen to this article · 9:21 min Learn more Share full article By David Yaffe-Bellany and Mattathias Schwartz Feb. 27, 2026, 7:32 p.m. ET Changpeng Zhao was in a bind. Federal prosecutors had threatened to bring charges over a flood of criminal activity taking place on Binance, the giant cryptocurrency exchange that Mr. Zhao founded. During legal negotiations in 2023, they accused him of money laundering and terrorist financing, and demanded that Binance pay $6.8 billion, one of the largest corporate penalties ever. Mr. Zhao, crypto’s wealthiest billionaire, consulted more than a dozen high-priced lawyers, who often gave conflicting advice, according to a draft of his unpublished memoir, “Freedom of Money,” which was obtained by The New York Times. He thought the Justice Department’s demands were unreasonable and mentally prepared for life as a fugitive, unable to travel without risking arrest. “The D.O.J. prioritized victory over justice,” Mr. Zhao wrote. At times, he added, he worried that prosecutors would “pull tricks” and “screw with me.” In the end, Mr. Zhao, 49, cut a deal and pleaded guilty to a single count of violating an anti-money-laundering statute. In 2024, he was sentenced to four months in prison; President Trump pardoned him last fall. Now Mr. Zhao is back on top of the crypto industry and preparing to tell the story of how he rose, fell and rose again. Last month, he said on social media that he would self-publish the book in February or March . The draft reviewed by The Times may not be the final version. But the nearly 300-page manuscript offers a vivid, albeit one-sided, account of the secret negotiations leading to his guilty plea , a rare window into ...
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