CZ NEW INTERVIEW: 80% OF THE EFFORT IS STILL LEFT TO THE BLOCK CHAIN, AND $10 MILLION IS FREE OF MONEY

Collapse & Compiled: Deep tide TechFlow

Guest:CZ, Binance Founder

Moderator:Ran Neuner, CNBC Encrypted Money Dealer

Podcast source:Cripto Banter & Cripto Insider

Original title:The Freedom Of Money

Date broadcast:9 May 2026

Summary of highlights

In this unique interview, Ran Neuner engaged in an in-depth dialogue with the founder of Binance, CZ, on his new book, Freedom of Money, prison experience, amnesty process, family relations and future of the encryption industry. CZ recalls the process of writing books in American prisons, dealing with uncertainty and rebuilding life priorities, and explains why it still devotes 80% to 90% of its time and energy to the block chain. In his view, the AI Age could trigger a much larger network of financial transactions than today, with block chains likely becoming an irreplaceable clearing track. At the end of the interview, CZ also spoke about its understanding of wealth, children, investment, health and heritage: Money is not the end, but it is really important to devote capacity and resources to improving the world。

Summary of outstanding views

About the 76 days of experience and mentality re-engineering in prison

• “I started writing in prison when I had a lot of time, but not much access to the outside world. I don't have the Internet, I can only use a very simple terminal, 15 minutes at a time, and I'll be kicked off the line. That terminal can't copy paste, so everything has to be typed."
• “The newspaper wrote that I was the richest person in American prisons and the only one imprisoned for a single violation of the Bank Secrecy Act. So before going in, the lawyer told me, 'You're the main target of extortion. '""
• “No one in the history of the United States has been imprisoned for a single violation of the Bank Secrecy Act, even today. I'm the only one, the first and the only one. So I'm special. They treat me special. I don't know what "special treatment" would be."
• “When I got out of prison, I wrote in my book that I didn't really care about fame or even heritage. I don't care what people think of me. What matters is how I see myself when I'm old."
• “It is clear that it is human beings, and I miss family, children, lovers and friends. When everything is taken away, you'll find out what you miss most."

Commercial competition for amnesty, citizenship and United States encryption

• “There is absolutely no deal to obtain a pardon. My lawyer told me very clearly that you did not want any more trouble in order to obtain a pardon.”
• “We do encounter very strong lobbying, counter-loaning, reverse lobbying. Some of our competitors in the United States do not want me to be pardoned. Other American encryption exchanges don't want me to get a pardon because they're worried about Binance coming back to America. It's business competition."
• “NOT RELATED TO NEGOTIATIONS, I WAS INVITED TO BECOME UAE CITIZEN. BUT I DIDN'T USE UAE'S NATIONALITY, AND I DIDN'T WANT TO USE IT AS A TOOL FOR 'I'M HIDING HERE', AND WHEN I GOT IT, IT MADE ME WANT MORE TO SOLVE THE PROBLEM IN THE UNITED STATES THAN TO RELY ON IT.”
• “When you were convicted, one of them was to stop operating Binance. After the pardon, it disappeared to me personally, so I had no restrictions. However, there may be or may not be any limitations for the company.”

BUSINESS RETHINKING: CZ LOOKING BACK AT THE BIGGEST BUSINESS MISTAKE OF THE PAST

• “If I can go back now, I'll make two platforms from the beginning: a Binance US, a Binance Global, and block American users from the first day. It'll be a lot less trouble."
• “U.S. users do not exceed 30% of the user base at any one time, at about 10%, 20%, 30% at different stages. ...we've made a profit in three months and we're very profitable. So even 30% less, we'll probably survive."
• “But I learned later that the United States would look back for years. They'll look back at what you did."
• “I am much more cautious when doing business, but I am not going to put all the tweets before my lawyer. I will now involve more lawyers on the business side, which is what I learned. The law is my weakness and I am not in the legal background.”

Crypto x AI: Why is the encryption orbit seriously underestimated

• “The chain of blocks is money. It's about money technology. We always need money. We need more, more efficient, more free money.”
• "I STILL DEVOTE 80% TO 90% OF TIME, MONEY AND ENERGY TO THE BLOCK CHAIN. AI AND BIOTECH ARE GOOD, BUT THAT'S NOT MY SPECIALTY."
• “In terms of the information I have seen today, Bitcoin remains dominant and has the resilience to continue to dominate. There's nothing to replace Bitcoin."
• “This is not just a transaction between AI and AI, but an AI representing one person, and another AI representing another person, trading across the world. I can't see an alternative. This funding must be Crystal.”
• “It must be well over $2 trillion and far beyond our monetary system today. The future monetary system will be much larger than today's monetary system.”

Hard core figures for wealth, trust arrangements and “financial freedom”

• "I won't give the kids a lot of money. Like the grown-ups, I told them I could support you if you wanted to spend the rest of your life comfortable. But if you want luxury, you want a car, a private plane, a yacht, a big house, you have to earn it yourself."
• “I will not leave them billions of dollars. I may leave them tens of millions of dollars in assets, and I hope to make arrangements through trust to get a certain amount every year when I'm young, the younger I get, the older I get.”
• “I want to spend most of my money while I'm alive. I don't believe in the way "life comes to charity." I think that's a terrible way of using money, because then you can't really control it."
• “For almost all people on Earth, $90 million is enough but I think $10 million is enough for financial freedom if we live in ordinary life. I mean, 100 million dollars, it really doesn't make any difference after that, if you have $100 million, and you say you're unhappy, and that $200 million makes you happier, that's crazy, that's not gonna work."
• "Over $50 million, the difference is zero. If you insist on making yourself happy with money, you will be unhappy."
• “When I was old and sick in bed, I wanted to look back and say, "I tried to contribute to the world I came to." I want the world to be better than when I come."

YZi Labs Screening Logic and Elon Mask Theory of Aliens

• "I don't look at bright things, I don't look at fancy 'great brand' or 'genius new ideas', I look at very basic things."
• “I'm looking for people who really believe in their mission, even if they don't have the money. If you're just trying to make money, I think you'll stop in a relatively successful place, but you won't be a great company in history. So that's two things: competence and mission."
• "I think Elon doesn't care about money. My theory is he's an alien and he wants to go back to his home planet, and Mars is just a transit station. It's my theory, it's a joke, it's a serious one."

MONEY FREEDOM: CZ BOOK LAUNCH

Moderator, Ran Neuner: When did you write your new book, The Freedom of Money

CZ:

I started writing in prison when I had a lot of time, but not much access to the outside world. I don't have the Internet, I can only use a very simple terminal, 15 minutes at a time, and I'll be kicked off the line. That terminal can't copy paste, so everything has to be typed. And you can't just delete it, you have to re-enter it. So basically I was just pouring out what was in my head and emailing my assistant and a friend。

After his release, it took about a year and a half to complete. It took me about six months to finish the book, but there's a lot of rounds behind. Each round of changes is a 400-page document that takes two to three weeks。

Moderator, Ran Neuner: What do people think before they write? Why write? You go to prison, you may be afraid, nervous, anxious, why write a book first? What were you thinking

CZ:

There are several reasons。First, I wanted to keep myself busy in prisonWriting a book is a good project. You don't need anything else. You just have to stay in your head and write it down. So I've been trying to line up on the computer。

More importantly, some people say that writing books is actually for themselvesYou're talking to yourself, and you're going to look at your life and think about what's important, what's meaningful, what's not important, what's interesting, and write it down。

When I got out of prison, I thought it was a natural turning point in my life, a chapter turning over. I wanted to publish it as soon as I got out of prison, but it took longer. A few months later, I was applying for a pardon and wondered when it would come. And then the pardon came, and I was really surprised, and I thought it would be a good ending。

Moderator, Ran Neuner: Tell me what it's like to write in prison. You said you could use computers sometimes. People out there don't really know what it looks like. We just saw it in the movies. If you want to write, do you write with a pen and paper? Is there only one computer in there? Is the computer online? How does it work

CZ:

There are 200 prisoners in that unit, there are four terminals, and you have to line up to use the computer. It's only 15 minutes after you go up. Computers have no Internet and can only use one message application to send messages to pre-approved contacts, up to 30 persons. I only have two contacts, one my assistant and the other my friend。

So I went up for 15 minutes each time. When the time is over, it will take several hours before it can be used again, and then re-team. I could use three to four times a day. I've got paper and pens, but I'm just going to write down the next point on a page. When you get on the computer, you write as quickly as you can, and this writing process lasts for about a few months。

Moderator, Ran Neuner: Have you been there for four months, and the task of writing is to keep yourself busy? Is this how the first day, the second day and the third day count down while keeping the brain running

CZ:

almost. but technically, i spent 76 days in prison. he then went to the halfway house and was able to come out to the office, but his movement remained restricted and he could not go anywhere he wanted. it was about three to four weeks, and the final sentence was 14 days of re-incarceration. it was written in the book, and i couldn't write it for 14 days because i couldn't touch anything。

Moderator, Ran Neuner: What is the worst part of the prison? Was it the moment you walked in, or was it some time inside

CZ:

You don't know what's going to happen before you go inside。The newspaper wrote that I was the richest person in American prisons and the only one imprisoned for a single violation of the Bank Secrecy Act. So before going in, the lawyer told me, "You're the main target of extortion. "The question is, how can I be protected from blackmail? I don't know what kind of blackmail is. What if someone puts a knife and a metal stick around his neck? How? So there was a lot of preparation and a lot of anxiety. The book doesn't actually write much of this part。

But when it does, the admission process itself is a little scary。You walk into a unit, 200 strong men looking at you. Finally, however, it was found that most prisoners were reasonable. Some are criminals, some should not be there, and others have stayed too long。

the next concern is, will they keep me there? will there be any other charges? any other reasons? especially since i got to the halfway house, which was supposed to be home-based for the last nine days. but 13 days later, the police came and handcuffed me and returned to the detention centre. detention centres are worse than prisons, as they are temporary and nothing. i was just wondering if they were gonna give me a new charge. the stress is very high。

Even on the day when I was supposed to leave, I was nervous, even on the plane, I didn't relax, and I waited for the plane to fly out of United States airspace。

CA: Sounds like you have a lot of PTSD or no trust in the system. I think this mistrust may have come from the fact that you thought you weren't going to jail, and the whole process sounded like rules could change at any time, and there were no fixed rules in the game。

CZ:

Exactly. Any lawyer can tell you that no one in the history of the United States has been imprisoned for a single violation of the Bank Secrecy Act, even today. I'm the only one, the first and the only one. So I'm special. They treat me special. I don't know what kind of special treatment there is。

Five days before my sentence, Senator Elizabeth Warren declared war on encryption. It was the Biden government when there was a war on encryption, so there was a lot of uncertainty. I'm a special case. I don't know what to expect. Even my sentencing judge said he could not follow precedent, because I was a special case。

Moderator Ran Neuner: You are a special case. When you walk outside, someone comes and you're respected here. What's it like in prison? When do prisoners know who you are? Are they respectful of you, or are you just a man who went in for a crime with a serial number

CZ:

When I first came in, a few people did recognize me, but they didn't come to talk. Fortunately, all those who recognize me are those who read newspapers, that is, those who are relatively better educated. Most people don't read Wall Street Journal, Bloomberg or New York Times, and they live in prison and they don't know me。

But soon it became clear that I was rich. Most of the people in the prison have no one to send them money, and they are really poor. They must find their own way to make money in prison, for example by helping others to make things, providing services and all kinds of chores. Of course I have family support, sending me 80 or 90 dollars every two weeks, which is the maximum I can get in prison. It's good for me in prison. So they'll say he's in good shape and then the news will spread。

I've been asked what I'm guilty of, and I say it's a financial crime. When you say financial crime, they automatically think it's fraud. At the outset, I tried to explain that there was no fraud, but they didn't care that they would feel that you were relatively rich, so there was some respect, even if I was not known. Then it became clear that this man seemed to have something to offer. It's not because they read the story, it's a story。

The feariest and most productive moments in prison

Moderator, Ran Neuner: What is the most terrible thing you've ever experienced in prison? Is there one night, one moment, or the most scary thing you see

CZ:

I spent relatively little time, and although it felt very long, there were many new things and many uncertainties. One time, a guard called me into a small room without telling me what had happened, and I sat there for two hours. Then I realized that I seemed to have violated some dress code and I was walking in the hallway in the wrong clothes. That's the little thing, you get caught, they don't explain it, just sit in a little room about 1 metre by 1 metre for two hours, and that kind of psychological game happens。

I was not physically threatened, and I didn't fight anyone. I've seen a few fights, but they're not serious. No knives. I think that the United States prison system, at least in the prison where I am, is very controlled by physical violence, but it's another thing that prison guards play psychological games with you。

Moderator Ran Neuner: Have you made friends in there

CZ:

Yes, I am in contact with two of them now。

Moderator Ran Neuner: You can make friends anywhere. What have they committed

CZ:

One of them robbed 12 banks, which he was originally the developer of Cisco, and he was sentenced to 45 years for robbing the bank with a gun. The final sentence was heavy, as he was armed and contested the case。

He's the kind of guy who reads Wall Street Journal, New York Times and Bloomberg. He ordered magazines in prison. The way he robbed a bank was interesting, for example, if he lost a few thousand dollars in poker, he went to rob a bank at noon the next day. No research, no preparation at all. He was wearing the same T-shirt to rob many banks, and that is why the police linked these cases. He didn't shoot, he was a very gentle man, an IT man, a Vietnamese man, a nice man。

Moderator Ran Neuner: Are you angry in prison? You're a big man out there, you're a prisoner, you're supposed to be treated like an ordinary prisoner. It's a big adjustment. You're used to being important somewhere, walking into another place and being treated as a number, and that feels bad. Are you angry or angry

CZ:

I don't care much about being treated, actually I want to be treated like someone else. I don't even want anyone to know who I am and nobody to treat me differently. I just want to take this four months over. In prison, I don't want to be a big man or be in charge there。I prefer to be ordinary, which is good。

United States federal prisons are normal for people, and I have not been given the special treatment of the good or the bad. What really puts me under stress is the mental dimension, and I just want it to end, not to be prolonged, to return to my family。

Moderator, Ran Neuner: What do you miss most? What do you miss most when you sit in jail

CZ:

It's very clearIt's people. I miss family, children, lovers and friendsFriend. When everything is taken away, you'll figure out what you miss most. You'll miss food, miss your bed, miss a better shower, but the most important thing is people。

M.R. Ran Neuner: Do you ever feel like I'm really going to change when I get out of here and spend more time with these people and less time elsewhere

CZ:

A little. I did say to myself that I must spend more time with my family when I came out, and that I had not spent enough time with them before. It reduces the time spent on random people. And there's something out there that people think they'll miss, like parties, events, and you don't really miss it. Those luxury things don't miss。

Moderator Ran Neuner: Do you miss social recognition? Do you miss praise, forwarding and social validation

CZ:

No, not really. I thought about it. When I got out, I wrote in my bookI don't really care about fame or even heritage. I don't care what people think of me. I care what I think of myself when I'm old。

Host, Ran Neuner: Is this different from before you went to jail

CZ:

I think it's essentially the same, but it wasn't so clear before. This post is part of our special coverage Global Voices 2011I'm starting to think about what to do next, what matters, what I care about。

Moderator, Ran Neuner: Did the whole prison experience bring anything good? If this experience is summed up, of course prison is not a good thing, but what positive results does it bring

CZ:

There are some positive results. The bottom line is that I'm stronger. I practiced in prison and decided to continue after I was released. The other is that it makes you more aware of what matters and changes the way I do things later. It also makes me value life more。

I used to work almost 20 hours a day for six, seven, eight years in a row. It was fun too。

Moderator Ran Neuner: Do you regret it? Regrets working 20 hours a day, not spending enough time with the lover. Or do you think it's those experiences that brought you to this day

CZ:

I don't regret it. I think it was a good experience, and it was fun. But I am also glad that I was forced to turn and rest. Different stages of life do different things. I'm still working hard, but I'm not working as hard as Binance. I don't regret it. It was a very good experience. I was younger and in better shape. Working like that for many years in a row, it is very demanding。Different stages of life are going through different things。

Moderator Ran Neuner: Will you miss that kind of busy time now? I remember you were very busy running Binance with management, European operations, legal issues. You look much more relaxed today。

CZ:

I am still rather busy, but indeed much less. I'm also involved in the Giggle Academy, which is interesting. They're addressing different issues, such as how to increase the retention rate of children at the App and how to ensure their continued return. YZi Labs also makes a lot of investments, so there's a lot of projects to look at and a lot to talk about. I will also work with many Governments to help them design the encryption regulatory framework, which will also take time。

Life after release from prison and family connections

Moderator Ran Neuner: Let's tear down CZ's life. I imagine the CZ's life was about 95% Binance, 5% was everything else. You look more relaxed and stronger now. So you're 100% today on how to distribute it. It's not necessarily time, it's brain occupancy。

CZ:

Now, there are four main things that make up the average attention:Giggle Academy, an educational platform, YZi Labs, BNB Chain, and government consultations。This is the working level. About 80% to 90% of my time, 10% to 20% of my time is home, relax and rest。

Moderator, Ran Neuner: What did you do when you were with your family

CZ:

Just spend more time with them。I don't know exactly what to do, but my philosophy is that, as long as I'm with them, I have to have a high-quality time, for example, when I'm with them, I don't read the phone, and I don't get back to the news。

Host, Ran Neuner: Do you feel guilty about big boys? You think you didn't spend enough time with them? How do you make up for it in the rest of your life

CZ:

I don't feel so guilty. I think everyone has different paths to grow up。They grew up much better than I did in those years, and even if I had not spent so much time with them, I would still care about them and help them. I think they can feel it. Now that they are older, they will have problems for young adults, questions about their prospects for work, financial advice, etc. We've been talking. I don't think they hate me. I don't think it's a problem。

Moderator Ran Neuner: I'm asking because I work very hard, too, with young children. I'm always balancing: Have I spent enough time? Do I ever hate myself for working so hard? I don't really need to work. I do because I really like work。

CZ:

There's another side here. You can spend high-quality time, but if you spend too much time taking care of children, you can weaken them. Overprotecting children makes them less vulnerable。

Family wealth management and financial freedom

Moderator Ran Neuner: You have a lot of money now, probably one of the richest people in the world. And what about your children? How do you make sure they don't become spoiled rich kids without a fight

CZ:

I agree with Warren Buffett's philosophy. He's got a famous oneGive the children enough money to feel they can do anything; but don't give them enough to feel they don't have to do anything。I basically agree with that idea。

I won't give the kids a lot of money. Like the grown-ups, I told them I could support you if you wanted to spend the rest of your life comfortable. But if you want luxury, you want a car, a private plane, a yacht, a big house, you have to earn it. I'll make sure that even if you don't earn anything, you get the basic support to live your life。

Moderator, Ran Neuner: Do you think your child will be hungry? They're one of the richest people in the world. Are there any other incentives

CZ:

The two older children, who seem motivated, are eager to find a job, ask me for advice on different job opportunities and ask for financial advice, and they are hungry。

Moderator, Ran Neuner: What do the kids think about Dad's prison? This matter has been publicly reported and is a very high profile financial case. How does this affect them at the social level

CZ:

I don't see any implications. I've been open, so they understand the issues. They understood why I was in prison and how it was. I am the only person imprisoned for violating the Bank Secrecy Act, without fraud or other more serious offences, and I am a special case. My kids aren't very good at talking to my friends, and I'll keep them quiet。

Moderator Ran Neuner: When you walk into college, into school, two weeks ago your father was taken to jail, people always talk。

CZ:

Not really that much. I think only close friends know who their dad is. And of course close friends are supportive. The kids are smart now. They'll see my case. I didn't lose my children, their friends or my friends respect me for being in prison。

Moderator, Ran Neuner: What are you leaving behind? When you leave the world, billions of dollars and many businesses may remain。

CZ:

I won't leave them billions of dollars。I may leave them tens of millions of dollars in assets, and I hope that through trust arrangements, the younger I get a certain amount every year, the younger I get, the older I get. The logic is that if they're 45, 50, they haven't achieved much, take more。

Moderator, Ran Neuner: Will this not be an incentive to not work

CZ:

No, it's an incentive to do something. If they had succeeded, the money would have been meaningless to them。

Moderator Ran Neuner: What are you going to do with your money

CZ:

I'll try to make money work. Money is an enabler, and I want it to help the world make a positive impactIt's really hard. It is not easy to send money out or put it for a certain purpose to have a positive impact. I want to spend most of my money while I'm alive. I don't really believe in "life's last donation to charity." I think that's a terrible way of using money, because then you can't really control it. I hope that there will be decades before we can continue to try to deploy the money where it has a positive impact。

Moderator, Ran Neuner: Ordinary people spend about 28,800 days in their lives. The first 5,000 days and the second 5,000 days may not count well, and the first is the formation period. So there's about 18,800 days in the middle, and you're almost at the midpoint of 18,800 days. In other words, there may be 9000 days left. You have to use them all. What exactly did you say you wanted to invest in something that would have social returns

CZ:

CHARITIES, OF COURSE, CAN HAVE A POSITIVE IMPACT BY GIVING PEOPLE MONEY DIRECTLY, BUT I DO NOT THINK THIS IS THE GREATEST IMPACT. THE BIGGEST IMPACT IS TO UPGRADE THE TECHNOLOGY WE HAVE. SO I PUT GREAT EMPHASIS ON INVESTING IN AI AND BIOTECHNOLOGIES. FOR EXAMPLE, YOU SAID WE HAD 9000 DAYS LEFT, AND MAYBE WE COULD INVEST HEAVILY IN BIOTECHNOLOGIES TO MAKE THAT 9000 DAYS LONGER AND OF HIGHER QUALITY。

I THINK WE'RE AT A STAGE: AI CAN HANDLE A LOT OF DATA, FIND MODELS, DO EXPERIMENTS; AND IN BIOTECH, WE DON'T UNDERSTAND THE HUMAN BODY WELL ENOUGH. SO I CAN INFLUENCE THESE PLACES WITH MONEY, EVEN THOUGH I'M NOT A BIOLOGIST。

The ultimate truth about money: the global adoption of Bitcoin, AI and the block chain

Moderator, Ran Neuner: Are you still passionate about block chains, encryption and encryption money

CZ:

Of course it is. I've been through three basic techniques since I was a man:INTERNET, BLOCK CHAINS AND AI。AI IS NEW AND SEXY, BUT THAT DOESN'T MEAN WE DON'T MAKE INTERNET AND BLOCK CHAINS ANYMORE. THE BLOCK CHAIN IS MONEY. IT'S ABOUT MONEY TECHNOLOGY. WE ALWAYS NEED MONEY. WE NEED MORE, MORE EFFICIENT, MORE FREE MONEY。

Moderator, Ran Neuner: What's the hit-and-kill meeting of the block chain? Is it AI Agent currency

CZ:

AI Agent currency is one of them. We can ask another question: what is a killer application of money? It has many directions. Money drives the economy, drives innovation and is the system in which global finance operates. You look at companies in one country, you look at companies in another country, but money should be global, so there are many different examples of block chains。

I STILL DEVOTE 80% TO 90% OF THE TIME, MONEY AND ENERGY TO THE BLOCK CHAIN. AI AND BIOTECH ARE GOOD, BUT THAT'S NOT MY SPECIALTY. I THINK THAT ONE SHOULD DO WHAT ONE IS GOOD AT, INTERESTED IN AND USEFUL FOR OTHERS, AND THAT THE INTERSECTION OF THESE THREE IS MOST IMPORTANT。

Moderator Ran Neuner: Do you think Bitcoin will become a global currency? Bitcoin has existed for so many years, we know its problems and we know quantum risk. Do you think Bitcoin will become a global currency? Or has your opinion changed

CZ:

Not yet. In terms of the information I saw todayBitcoin is still dominant and has the resilience to continue to dominate. There is nothing to replace Bitcoin. There might be a better Bitcoin currency in the future, but I haven't seen it yet。

Moderator Ran Neuner: The block chain has grown to this day, counting 15 or 16 years. One of the killer applications we created was Bitcoin, which was stored as value, but it was not exactly money; one was bringing the French currency to the chain so that it could be traded at any time; and the other was creating and trading digital value, which anyone could create and trade. But it can also be said that we don't have a real, decisive killer example, and we haven't got ChatGPT moment。

CZ:

I agree. But it is also important to understand that over the past 15 years, Cripto, block chains and Bitcoin have been subjected to strong government repression. It is only over a year and a half that we have seen a real shift from the United States to support encryption. That is, we have only one and a half years in a government-supported development environment. It's been repression, and it's almost every country, and UAE is one of the few exceptions, and it's only now that we see a gradual shift in government support。

They also realizedEven under repression, the technology is growingI don't know. Bitcoin went from 5 cents to $80,000 today. This growth continues even under repression. So many killer applications have been strangled before they could grow up. Pay, small payments, Agent payments, Agenic Money, all coming。

Moderator Ran Neuner: This is all going to happen in an AI world where there are billions of Agents. So, what kind of currency will Agent use in the future? Could it be Bitcoin? Could it be dollars

CZ:

These details are difficult to predict. There are several possibilities, I don't know which one will win. One is that they use Bitcoin, possibly Lightning Network, or other L2s on Bitcoin, to achieve instant, low-cost small transactions。

Moderator Ran Neuner: The advantage of this programme is that we know that it works, that it has a network effect, that it is global and that it cannot be controlled by any country. So we get a global world without borders. What are the other options

CZ:

Another extreme is more central。Today ' s AI company is highly centralized, and the real top AI models may be less than 10, maybe less than 3 to 4, at least now the AI pattern is very central. No one knows if future open source models will win. But in a highly centralized structure, AI can launch its own block chain or its own encryption Token, not AI Token, but Cripto Token. That could be either a new chain or a more privatized or enterprise-level block chain, which was also a possibility。

I think there will be many different attempts in all areas of the future, and then we will see where it will end。

Moderator Ran Neuner: For some time, especially after October 10th, I fell to a low level of encryption. I'd think that Bitcoin might be hit by quantum risk, but nobody seemed to care. Apart from moving the French dollar into the chain, there are few examples。

Later, at some point, it suddenly came to pass. I began to ask myself, "How will they trade?" And what I came to the conclusion that the only money they could use was a block chain. So the entire AI revolution is still in V1, Agent hasn't traded on our behalf. But V2, V3, they're gonna start trading on our behalf, and that's not gonna happen without a block chain。

CZ:

Yeah. And we need to understand that this is not just between AI and AI, but between an AI representing one person, another AI representing another person, on the other side of the world. I can't see an alternative. That must be Crypto。

Why are encryption assets seriously underestimated

Moderator Ran Neuner: If that is the case, I would say that encryption is today the most undervalued asset class. If you tell me that it will become the track of every financial transaction, and the financial markets themselves will expand 1,000 times or more, and the entire monetary system and track now have $2 trillion in assets, what's wrong

CZ:

It must be well over $2 trillion and far beyond our monetary system today. As you said, the future monetary system will be much larger than today ' s monetary system。

Moderator Ran Neuner: The average economy itself, I think, will expand 1,000 times. Thus, the financial system, which consists of more micro-trading, must also have an indexed value。

CZ:

Absolutely. And if you think a little further, like Elon, you go to the moon, then Mars, and you develop people there, how do we deal with them? We don't trust someone on Earth. So if we look at the longer term and believe that human beings will soon become interstellar species, then we need the right currency。

Moderator Ran Neuner: You said 80% to 90% of yourself are still encrypted. What's your exit? Your investment company, Yzi Labs? Is this where you stimulate encrypted thinking, contact the founders, invest in projects

CZ:

Yeah. Now I am no longer a founder, a self-run project, but more an investor. We invest in those who do not mind my advice, and I mentor them, advise them, mentor them, and I try to help others be more successful。

Moderator Ran Neuner: What are you looking at if anyone wants to get your investment? What's the key ingredient in the founders

CZ:

I don't look at shiny things, I don't look at fancy "great brand" or "genius new ideas", I look at very basic things。If you have products, or if you haveIncome and profitsThat's easy to judge. Until then, if you don't have these, there's one we can use and we think there's a match in the product marketGood productNot bad either. Moving forward, if you don't have a product, let's see the team. We'll see if the team's strong or notTeamI don't know。

Moderator, Ran Neuner: Is there something special about seeing the founder? What are you looking at if I'm the founder, trying to get myself out

CZ:

Two points:Technical capacity and mission-drivenI don't know. If you're just trying to make money, I think you'll stop in a relatively successful place, but you won't be a great company in history. I am looking for those who truly believe in their mission, even if they have no money. Of course, we want them to do something valuable. If they do something valuable and have a sense of purpose, they create wealth. So that's two things: competence and mission。

Moderator, Ran Neuner: Frankly, if you invest in a company, do you think you're a good partner? What makes you a good partner? If I'm lucky to get your investment, what else can I get from you besides the money

CZ:

I'll ask every founder who interacts with us: What can we do for you besides money? In the area of encryption, that's why I still put 80% to 90% of the time on encryption. We have a reputation to expose you; we have a community and a very large user base; we know encryption ecology, and we can advise encryption founders like Token economic model, Token design, unlocking programs, common traps. We can also connect resources, like if you need other investors, if you need Market Maker, or other resources。

Moderator Ran Neuner: How much can I get from you if I'm lucky to get your investment? How much can you get from your team? You have a great team。

CZ:

It depends on the projectI don't know. YZi Labs will do the hatching season. Every season, I'll take hours with the project to answer questions in small groups. I will be more involved in projects that really need my help and that are suitable for my help. I can't help all the projects. Some projects I'm not an expert. Like the Biotech project, I spend little time helping them because I can't help them。

Encryption projects are particularly close to transactions, exchanges, wallets, and I can help more. There's an AI data project that I talk to about every few months. But their product area is not my area of expertise, so they asked me about Token Economy, Token Design, and I would advise。

Moderator Ran Neuner: The closer you get to the side of the encrypted deal, the closer you get to the fields you love, understand and know, the more concrete proposals you can give. Others are more general entrepreneurial mindsets, such as how to cope with stress. How big is your investment team

CZ:

About 15 people, a small team, but I don't think we need a big team。

CZ STATEMENT OF PARDONS AND RESTRICTIONS

Moderator Ran Neuner: As part of the pardon? When you were convicted, one of them was to stop operating Binance. After the pardon, did this restriction disappear? Can you basically go back

CZ:

Personally, it's gone, so I have no limits. However, there may or may not be some limitations for companies, where there are different legal opinions. If I'm going to do anything, I'm going through a lawyer now。

Moderator, Ran Neuner: You're out of jail, you're out of jail, there's a black spot next to your name. What's the limit to this little black dot? What is its impact

CZ:

IF THERE IS NO PARDON, I WILL BE LABELLED A FELON WITH A FINANCIAL RECORD. THIS WOULD MAKE ME FEEL UNCOMFORTABLE AS THE ULTIMATE BENEFICIARY OF THE FINANCIAL COMPANY, UBO. THIS WILL SERIOUSLY AFFECT OUR ABILITY TO OBTAIN FINANCIAL LICENCES IN DIFFERENT PARTS OF THE GLOBE, NOT JUST IN THE UNITED STATES。

A pardon would be better. Of course, there will still be some regulators that I find unreasonable trying to say that I am still not right, but we can rebut that because there is no legal basis for those statements。

Moderator, Ran Neuner: How did you get a pardon

CZ:

In the process, a petition is written by a lawyer and then submitted through legal channels. I know there's a man in the White House who's in charge of pardons, Alice Johnson. She'd been in jail for 10 years and wrote a good book. The problem is that, at least in my experience, no one really knows what the process is. I understandThe Constitution grants the President the power of pardon, but it does not specify what to do or follow。

Moderator Ran Neuner: But how did you get the President to notice you? I trust he will receive thousands of requests for pardon. I'll just ask, is there any lobbying behind this? There are rumours that there is a lot of money moving behind。

CZ:

There is absolutely no deal to get a pardon. My lawyer told me very clearly that you did not want any more trouble in order to obtain a pardon。

As to how to get attention, you brought your case, and I think my case itself has a strong reason. The US wants to be a encryption center, and President Trump wants America to be a global encryption capital. It could be said that it was the right time and the right place, and he pardoned Ross Ulbricht on the third day of his appointment, as well as Arthur Hayes. Arthur Hayes did not go to prison, but his allegations, like mine, were in violation of the Bank Secrecy Act. So there is a certain background, and he did it in two or three months。

Moderator, Ran Neuner: Are you confident? Is it expected

CZ:

No one can say that we did encounter very strong lobbying, counter-loaning, reverse lobbying. Some of our competitors in the United States do not want me to be pardoned. Other American encryption exchanges don't want me to get a pardon because they're worried about Binance coming back to America. It's business competition。

Moderator Ran Neuner: Business is one thing, but people, emotions, common sense are another. Ideally, people compete business, not personalize things, and should not attack individuals。

CZ:

I'm pretty sure that something like this has happened to some extent, with no concrete evidence, but I'm pretty sure there's resistance, but it can also help me get visibility. When others object, the discussion may escalate. I felt very bad when I first learned about it, but looking back, maybe it helped. I don't know the process, it's a black box. You file a petition and wait。

The truth behind US encryption

Moderator Ran Neuner: I want to talk about UAE. Looks like UAE was very nice to you. When you needed help, UAE seemed to give you a lot of support. Why did you go to UAE in the first place

CZ:

I WENT TO UAE IN OCTOBER 2021. FRIENDS AT THE TIME TOLD ME THAT UAE SUPPORTED ENCRYPTION, AND THEIR LEADERS WERE VERY FORWARD-LOOKING, SUPPORTING ENCRYPTION AND INNOVATION. AT THAT TIME, AI HAD NOT BECOME A HOT TOPIC, BUT NOW THEY ARE VERY SUPPORTIVE OF AI。

I flew over, booked a three-week trip. There was only one meeting, a minister. I was going to stay there for three weeks to see who I could see. The minister is really good. He understands encryption very well. He bought Etheleum in 2015 or 2016, just when he came out. He was young and interested in technology, which gave me great confidence。

He appeared in my book. He was a very nice man, and he introduced me to several other ministers and friends. Through him I met a lot of very successful people, and through him I met Telegram founder Pavel. UAE has a lot of interesting people, and as soon as you get to a place, you're going to build a network。

OVER TIME, I HAVE ALSO INTERACTED WITH HIGHER-LEVEL LEADERSHIP IN THE COUNTRY. THEY ARE VERY FORWARD-LOOKING, VERY MATURE AND HIGHLY EDUCATED IN TECHNOLOGY. THEY WANT UAE TO BE THE NEW CENTRE OF INNOVATION. IT'S NOT JUST ENCRYPTION, IT'S AI, BIOTECHNOLOGIES, ANYTHING YOU CAN THINK OF。

Moderator, Ran Neuner: This happened before something went wrong, right? You're still running Binance, everything's fine, they welcome you to be there。

CZ:

THEY BASICALLY KNOW ME, SO WHEN THESE PROBLEMS COME UP, THEY KNOW CZ ISN'T LIKE THAT. YOU KNOW SOMEONE, YOU HAVE A JUDGMENT. THEY'RE VERY SUPPORTIVE OF ME. THEY ALSO WANT UAE TO BE A LEADER IN ENCRYPTION。

Encryption is an interesting business because the biggest business in this field is not in the United States. Binance is also not in China, where we are driven out of China, where there is no exchange, so we are a leader in the new financial technology industry, neither in the United States nor in China, and UAE welcomes us。

Moderator, Ran Neuner: What support did they give you? What exactly are you saying they support you

CZ:

Most importantlyRegulatory supportI don't know. That is to say, putting in place appropriate controls that allow us to operate compliance operations with clear regulatory guidelines。

Ran Neuner: Binance in Dubai

CZ:

We are now headquartered in Abu Dhabi, Abu Dhabi Global Market. The financial regulators there gave Binance a global license to provide encryption exchange services。

Moderator, Ran Neuner: What was your conversation with UAE when you were attacked by the United States and charged

CZ:

I DIDN'T ACTUALLY HAVE MUCH OF A CONVERSATION WITH UAE ABOUT MY CASE, BECAUSE THE NEGOTIATIONS HAD TO BE PRIVATE. I CAN'T TELL TOO MANY PEOPLE THE DETAILS OF THE NEGOTIATIONS. SO NOT MUCH DETAIL。

But by chance, I was invited to become a UAE citizen without having to negotiate. They gave citizenship by invitation, and Telegram's Pavel got it. I am happy to accept that this has nothing to do with the negotiations, but it has been very helpful to my negotiations. UAE is not an extraditing State of the United States, and it is almost impossible to extradite a person as a citizen。

BUT I DIDN'T USE UAE'S NATIONALITY, AND I DIDN'T WANT TO USE IT AS A TOOL FOR "I'M HIDING HERE," AND THEN I GOT IT, AND INSTEAD OF RELYING ON IT, I WANTED TO GO TO AMERICA。

CZ, LOOK BACK AT THE BIGGEST BUSINESS MISTAKE OF THE PAST

Moderator Ran Neuner: I have two questions before I end. One is about going back to America. If you could go back and change things, what would be the most important thing? You just said that more time is spent at the personal level with family, and we talk about business mistakes。

CZ:

Personally, as you said, I might spend as much time with my family as possible. But it's easy to say, when it actually runs a start-up company, it's gonna suck all your attention。

At the commercial level, looking back is simple. If I could go back now, I wouldDo two platforms from the start: a Binance US, a Binance Global, or binance.com, then block u.s. users from the first day. it'll be a lot less trouble。

Moderator Ran Neuner: But if you did that, you'd make less money. You grew so fast because everyone was using your platform。

CZ:

Not necessarily. U.S. users do not exceed 30% of the user base at any given time, at different stages, about 10%, 20%, 30%。

We have been a wise platform from the outset, and as long as the user base is growing, operating a qualified exchange can be easily sustained. We've made a profit in three months, and it's very profitable. I remember once asking about finance, what our profits were, and he said that hundreds of Bitcoin, and then our business would be sustainable soon. So even 30% less, we'll probably survive。

Moderator Ran Neuner: So you'll be more compliant? Are start-ups always balancing: should they comply, or should they grow savagely, then ask forgiveness

CZ:

When most technology companies first started, you were worried about the existence of this business a year later. You'll wonder if I'll give up in a year's time, because this business may or may not. You don't think about all the regulatory issues in the first place. If there is a regulatory framework for starting a business today, then get a license. But there were no plates, no encryption plates, no VASP, no MiCA, no VASP, no Genius Act, no Clarity Act, nothing. It is not clear whether Cripto is a currency, a commodity or a security. But I learned later that the United States would look back for years. They'll look back on what you did before。

Moderator Ran Neuner: Are you more cautious now? You were previously convicted and subsequently pardoned, and you were able to regain your innocence. Do you think twice when you push, and when you write

CZ:

I'm much more cautious when doing business, but I'm not going to give all the tweets to lawyers. But I guess I know where the crossword is and try not to piss anyone off. I will now involve more lawyers on the business side, which is what I learned. The law is my weakness and I am not in the legal background。

How much net assets do you need to get real freedom

Moderator Ran Neuner: You have a special relationship with money. I've known you a long time. You've been a very low profile billionaire. It's not as important as money for you personally, it's important for the cause and investment you're building. Do I get it

CZ:

Money has several different milestones。You have to take care of yourselfThere is food and shelter, which does not actually cost much。

Moderator, Ran Neuner: Where do you spend money? Is there a house around the world

CZ:

No, noI tried not to hold too many housesI don't know. I have one in Dubai, one in Abu Dhabi. Dubai's completely empty, I've been trying to sell it, and now the price is down, it's okay. Abu Dhabi's house was an old house 15 years ago, leaking water in the second floor bathroom, leaking into the first floor living room. This old problem hasn't been completely fixed, and the air conditioner wasn't so good。

Ran Neuner: United States dollars? You said there was a boat and a private plane. What changes in your personal life

CZ:

Not much more than that, you don't need that much money to live a good life, and luxury watches don't make you happy。

Moderator Ran Neuner: So how do you manage your money

CZ:

I don't think you should be targeting money. If you do that, you're working for money, money controls you。

Moderator, Ran Neuner: What do you really enjoy when money comes to you

CZ:

I have a lot of camera equipment, but it's only there once, and that doesn't really make me happy. So..I don't think we should focus on how money makes you happy. Let's goI don't know. Once you have enough money, and this number is not high, more money should not be your source of happiness。

Moderator, Ran Neuner: For the viewers who are watching today, you say "sufficient money." What's that number

CZ:

For almost all people on Earth, $90 million is enough, of course, far below that figure. But I think $10 million is enough to be financially free if you live a normal life. I mean, 100 million dollars, it really doesn't make any difference after that, if you have $100 million, and you say you're unhappy and that $200 million makes you happier, that's crazy, that's not gonna work。

I think even if there were more than 10 million, there might be a little difference between 20 million, but the marginal difference would decrease quickly, over $50 million, and the difference would be zero. If you insist on making yourself happy on money, you'll be unhappy. There are other things, like family, health。

CZ, WHAT KIND OF LEGACY WOULD YOU LIKE TO LEAVE

Moderator Ran Neuner: How do you want people to remember you? You'll have a legacy because you're one of the most influential people, and you've changed a profession. How do you expect people to remember you

CZ:

I don't really care about my own legacy, as I said in the book, and I have said so many times. I care moreHow do I feel about myself before I dieI don't know. When I am old and sick in bed, I wish to look back and say, "I have tried to contribute to the world I have come to." I want the world to be better than when I came。

I want to make a positive contribution. If I am strong, I should do a lot; if I am small, I will do my best. I want to do my best. I don't need to be the best on anything. I just need to know what I can do。

Elon Musk, crazy alien theory

Moderator Ran Neuner: When you look at people like Elon, he's probably on a slightly different track because he's trying to change the world and even Mars. What do you think he's thinking

CZ:

I think..  Elon doesn't care about moneyI don't know. My theory is he's an alien and he wants to go back to his home planet, and Mars is just a transit station. That's my theory, half a joke, half a seriousness。

If you think about it, the gas truck is not working on Mars, the battery car is working. Other planets don't have gasoline, so solar energy is important. Think of SpaceX, batteries, Tesla, and now Tesla robots, all to get back to his home planet. I don't think Mars is the end. It's probably just a transit station。

If you think so, it makes perfect sense. Of course, it's all conspiracy theory, and maybe he's just bored of the Earth。

Moderator, Ran Neuner: Do you know Elon? Have you been with him

CZ:

I've never actually met him. We talk occasionally, maybe five text messages a year or less, and sometimes we don't text at all. He's busy. I'm busy too. We're all kind of entrepreneurs, and I'm not the type to talk. I only text when I have something to talk about. I don't say "brother, what's up?" He's too busy, I'm too busy, so we've never met under the line。