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Binance Founder's Memoir Draws Heavy Criticism

Financial Times Markets •
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Changpeng Zhao, founder of Binance, the world's largest crypto exchange, has self-published "Freedom of Money," a 364-page memoir that reviewers describe as "completely vapid, contradictory, egotistical and at some points just plain wrong." The book avoids professional editing while glossing over CZ's feuds with competitors like Sam Bankman-Fried and Star Xu.

The memoir reveals CZ's nonchalant approach to business decisions, highlighting Binance's strategy of moving operations to avoid scrutiny and a $4.3 billion fine from US authorities. CZ presents himself as prioritizing users while regulators cite inadequate anti-money laundering controls. The book contains factual errors regarding the collapse of Three Arrows Capital and FTX, while CZ remains silent on his role in accelerating FTX's downfall by tweeting about dumping FTT tokens.

CZ's narrative attempts to absolve him of responsibility for regulatory issues and business failures, emphasizing personal goodwill instead. The memoir concludes with CZ describing negotiations with the Department of Justice to avoid prison, offering no substantive reflection on how his business decisions led to legal troubles or how Binance might navigate regulatory challenges differently.