Key Takeaways
- CZ shared candid reflections on his imprisonment and pardon.
- He emphasized his ongoing crypto advisory work, mentorship, and long-term optimism about Bitcoin’s future.
- CZ highlighted early regulatory challenges faced by Binance and stressed the importance of compliance.
CZ Opens Up About Imprisonment and Pardon
Binance co-founder and former CEO Changpeng Zhao (CZ) shared candid insights during a CNBC interview about his prison sentence following a guilty plea on money laundering charges, and his subsequent pardon by U.S. President Donald Trump.
CZ described his incarceration experience as harsh and emotionally taxing, revealing that his first cellmate was a double murderer serving a long sentence. Despite the shock and difficulty of the sentence—which he initially did not expect, believing he might receive home confinement—CZ maintained emotional resilience by telling himself “It won't be fun, but I'll just get through it...It's just another day.”
He revealed that he never met President Trump in person and waited patiently until the pardon was unexpectedly granted. CZ expressed deep gratitude towards Trump for the pardon, while dispelling rumors of any connection between Binance and the Trump family that might have influenced the decision.
“Based on my knowledge, there's really no connection. I think the only thing is the Trump family is in crypto, right? Binance is a large crypto player, and President Trump's administration is pro-crypto. And that helps all the businesses in crypto. That's just good for the crypto industry and good for America as well,” he said.
Post-Pardon Focus: Mentorship, Advisory, and Long-Term Crypto Outlook
In the interview, he described his feelings three months after being released, saying, "psychologically, it’s like a burden that’s just lifted. I was a free man before but with felon status. But now I’m a free man."
CZ emphasized that since his release and pardon, he has kept busy with several projects. He is actively involved in mentoring founders within the Binance Smart Chain ecosystem, investing through his involvement with Easy Labs, and running a free educational platform called Giggle Academy. CZ also dedicates significant time advising about a dozen governments globally on cryptocurrency regulation, tokenization, and stablecoin design.
Notably, CZ no longer actively trades cryptocurrencies. He holds assets like Bitcoin and Binance Coin (BNB) long-term but avoids day trading, citing past losses and a preference for building systems over timing the market. He remains bullish on Bitcoin’s longer-term trajectory, predicting a potential “Super-Cycle” by 2026 that could disrupt the traditional four-year cycle pattern. He attributes this optimism to ongoing support for crypto in the U.S. and similar trends in other countries.
Reflections on Binance’s Early Regulatory Challenges
During this interview, CZ acknowledged mistakes made during Binance’s early years, particularly permitting U.S. users access from day one, while the company was still a small tech startup based in Shanghai. This practice later constituted a violation of the Banking Secrecy Act. Reflecting on this regulatory oversight, he stated, “If I could redo anything, it would be to not have allowed U.S. users on the platform from day one.”
