CZ Responds to $4.3 Billion Fine, Claims Responsibility for the Industry

Binance founder Changpeng Zhao (CZ) revealed in his autobiography "Binance: The Life" that most of the manuscript was completed while he was in prison, where he was limited to using a computer for only 15 minutes at a time. In November 2023, Binance was fined $4.3 billion for violating the U.S. Bank Secrecy Act, and CZ personally was fined $150 million and resigned as CEO. He stated that taking responsibility was to prevent Binance and the entire industry from facing greater impacts, believing that this choice was "worth it." CZ also mentioned that the most tormenting aspect during his imprisonment was the uncertainty, as the fine amount and prison term changed multiple times, and the U.S. Immigration and Customs Enforcement issued three detention orders against him. His experience made him realize that freedom is not absolute, but it strengthened his belief in "financial freedom."

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