CZ Zhao Reflects on U.S. Prison Ordeal, Says It Strengthened Family Bonds

Binance founder Changpeng "CZ" Zhao has opened up about his time in U.S. prison, describing it as “scary” and “extremely hard.” Speaking at Token2049 in Dubai, Zhao shared emotional details of his four-month sentence, which followed a guilty plea to money laundering violations and a $4.3 billion settlement with U.S. authorities. Stripped of his role as Binance CEO, Zhao said the dehumanizing intake process and harsh prison conditions left a lasting impression. “You have to spread your butt cheeks,” he recalled, calling it an experience he “would not wish on anyone.”

Zhao revealed that he was assigned a cell with a man convicted of double murder. Due to his non-U.S. citizenship, Zhao was denied placement in a minimum-security facility and was instead housed in a low-security prison. Despite initial fears, Zhao said his fellow inmates were respectful. “They were all nice. I still correspond with a couple of friends I met there,” he added.

The mental toll was particularly challenging, especially as he feared additional charges might extend his sentence. However, the experience brought clarity to his priorities. “Health is number one, then family. Work is third,” Zhao said, noting he missed his family more than any luxury.

Now advising countries on building crypto strategic reserves, Zhao’s outlook appears changed. While his stance on FTX founder Sam Bankman-Fried has softened, he still believes bad behavior must be addressed. “Long prison sentences don’t always help. After 10 years, that becomes a person’s life,” he said.

Zhao plans to detail his prison experience in an upcoming book, hoping it sheds light on the human side of the crypto world’s most high-profile figures.