Written by: Wu Talks Blockchain

This AMA focuses on CZ's new book "The Binance Life," covering his entrepreneurial journey, the reasons for writing this memoir, and his views on the future of young people, entrepreneurs, investors, and the cryptocurrency industry. CZ stated that he currently has no plans to start a new venture but enjoys supporting project teams as an advisor and investor; he places more importance on founders who have a sense of mission, can withstand bear markets, and possess strong execution capabilities. Discussing life's low points and choices, he emphasized the importance of continuous progress, timely adjustments of direction, controlling expenses, and long-term learning. Regarding young people, he believes there are actually more opportunities now than in the past, with AI, the internet, and blockchain continuing to create new pathways for growth. He remains optimistic about the cryptocurrency industry, believing that blockchain has not yet fully penetrated and will play a greater role in areas such as payments, foreign exchange, commodities, and AI trading in the future. The process of writing and publishing "The Binance Life" also allowed him to reassess his experiences and gain new understandings and a sense of psychological "closure" regarding some significant past events.

The guest's statements do not represent Wu's viewpoint and do not constitute any investment advice; please strictly adhere to local laws and regulations. The audio transcription and translation were completed by GPT and may contain errors. Please listen to the full podcast:

On Whether He Will Start Another Business in the Future

Question: CZ, what has driven you to this point today, and what made you establish Binance in the first place? Besides your current role as an advisor, do you still retain the entrepreneurial drive to start from scratch? Whether in AI, the cryptocurrency industry, or other fields, can we assume that you've closed this chapter, or might we still see new surprises from you in the future?

CZ: Regarding startup entrepreneurship, I am currently enjoying my status: providing advice to some projects, helping founders, and supporting many projects as a passive investor. Additionally, Binance now has a strong management team, and both the business and platform are operating very well. Although the departure of a founder usually carries risks, Binance is still performing well under various pressures, so I currently have no plans to return or to establish a new company.

Currently, I am mainly focused on and learning about AI and have spent a lot of time in this area. YZi Labs has also made significant investments in AI, robotics, and the cryptocurrency field. So, at this stage, I have no new plans, but I do not completely rule out future possibilities. People change, and no one can predict how things will be in five or ten years. However, entrepreneurship is very exhausting physically and mentally, and I'm not sure if I will have that kind of bandwidth in the future. Nevertheless, I encourage those who want to start a business to start as soon as possible while managing risks well. I am also very willing to assist outstanding founders.

On Building the Confidence to Start from Scratch

Question: CZ, you also started from scratch. How did you build your confidence and decide to start and stick with it? How did you believe in the path you were taking?

CZ: I was exposed to entrepreneurship early and have always been more suited to small teams and startup environments; I am not well suited to staying long-term in big companies. Before Binance, I experienced many failed ventures. So my advice is that when starting a business, you must manage risks and try not to accumulate too much debt due to failures. For me, this journey was also a gradual accumulation: first enhancing technical skills, then learning business development, and later entering the cryptocurrency industry to gradually understand this market through practice.

Later, I seized the opportunity presented by the 2017 ICO boom and slowly built a team, ultimately bringing Binance to fruition. This was a result of long-term accumulation and some timing; it is not something that happened overnight.

Every founder's experience and personality are different; the key is to find a direction that suits you, to discover things you are truly interested in that can also provide value to the world. As long as you can continually create value, good results usually follow. I had already worked for 17 years before founding Binance, so I am not the type of entrepreneurial genius who bursts onto the scene but someone who has walked step by step.

How to Assess Direction in Low Points

Question: After reading your autobiography, my favorite line is: "What to do when life's at a low point? Continue moving forward, and you will come out of it." However, some might find this line a bit like life advice because some people have indeed worked hard but still cannot find their way out. I later thought, perhaps the issue is not just effort but whether the direction is right. If the direction is wrong, no amount of effort will help.

So I want to ask, Binance must have encountered many forks in the road along the way. How have you consistently chosen the right direction? In the process of founding Binance, were there moments when you went down the wrong path and later adjusted back? Essentially: how do you choose the right direction?

CZ: That line in the book is actually an idea I formed long ago, not something I came up with after starting Binance. From my experience, when a person is at a low point or under significant pressure, don’t rush to draw conclusions; continue moving forward. Many things often aren’t that bad after a few days. Either the environment changes, or you become calmer in your perspective.

However, "continue moving forward" does not mean to advance blindly. If you find the direction to be wrong, you must adjust promptly. Most of the time, whether a direction is effective can actually be sensed; if there is no improvement, it indicates that you need to change your habits, environment, or methods.

I feel many people cannot find their way out; a common reason is not the lack of effort but rather issues with their lifestyle. For example, consistently spending more than earning, having no savings, and not continually improving oneself. Even if one struggles daily, it’s tough to truly improve the situation.

My view is simple: first, control expenses and try to save a little money; next, carve out a bit of daily time to learn, read, and develop new skills, allowing oneself to continuously improve. Even slow progress will lead to better outcomes in the long run as long as the direction is right and one is making daily improvements.

This might not quickly lead to financial freedom, and it could take many years, but as long as one can see their progress, it will foster a sense of control and make it easier to emerge from the low point. Conversely, if one is merely overspending, consuming resources, and stagnating, it’s easy to feel trapped.

So my answer is: during low points, one should keep moving forward but also continuously assess the direction. If it seems wrong, adjust in time. I firmly believe that most people can gradually improve their circumstances over time, and maintaining an optimistic mindset is crucial.

Feelings and Intentions Behind Writing "The Binance Life"

Question: CZ, what is your feeling about publishing "The Binance Life" and revealing the greatest difficulties and successes you've encountered? What do you hope readers will gain from this book?

CZ: Firstly, the biggest feeling is one of relief. Writing a book is a long process, from writing, editing, revising repeatedly, to deciding whether to approach a publisher, how to apply for an ISBN, whether to self-publish, and how to design the cover; there are many details. I am glad that this book is finally out.

I have also read many memoirs and books about writing, and one thing I learned is that the first draft will not be good, so it must first come out, followed by multiple revisions. I myself went through many rounds of edits, each taking considerable time, making the process lengthy.

Additionally, writing a memoir inevitably offends some people. If you want to write honestly, you cannot only present the glamorous side; you must also write about the problems, conflicts, and feelings you've experienced, which will naturally involve some individuals. Therefore, you must accept this and be prepared for criticism or attacks from others.

However, books are different from social media. Social media can only express fragments, while a book can more completely clarify your experiences, allowing me to narrate my story from my perspective and in my own narrative style. This is particularly important to me because both I, Binance, and the cryptocurrency industry are often in a negative narrative for a long time.

I did not write this book to make it a teaching manual or a success guide but rather to help everyone gain a more authentic understanding of how we got to today, who I am, what Binance is, the decisions we have made, and the mistakes we have made.

In fact, there is a lot of content I did not include in the book because some matters are too recent, some are ongoing, involving discussions or lawsuits, so it is not appropriate to disclose them now. Perhaps many years later, there will be opportunities to include them in a subsequent version.

If we were to summarize the core message of this book, it would be: to allow everyone to gain a more authentic understanding of me, Binance, and the cryptocurrency industry.

How to Determine if a Project is Worth Investing In

Question: You mentioned in the book that when you founded Binance in 2017, many venture capitalists rejected you because they believed the market was saturated. How do you now avoid missing the next Binance when you invest? What kinds of founders and projects do you value the most?

CZ: It’s actually hard to completely avoid such things. Early-stage projects typically have only founders and an idea, and the product is not yet available, so there is little to judge on; fundamentally, it still comes down to people. To be frank, if I were an investor at that time, I might not have invested in Binance either.

What I value most now are founders with a sense of mission, pragmatism, and the ability to persist long-term. Compared to those who only discuss the market and profit opportunities, I prefer to support people who genuinely want to make things happen. I also like to observe projects during bear markets. Because those still working during bad market conditions typically show that they are not there just for short-term hype. Besides that, I also look at the team's execution capabilities; it's best if they already have a product, demo, or prototype rather than just staying at the idea stage.

So ultimately, what I value most is whether the founder is reliable and whether the team can truly make things happen.

How to Judge Whether a Narrative Can Stand Long-Term

Question: You emphasize long-term belief in your book. The market is relatively quiet now, but there are still some resilient entrepreneurs persevering. I want to ask, how do you usually judge whether a cryptocurrency narrative has long-term viability or if it is merely short-term speculation? For example, how would you discern narratives like market predictions or Perp DEX?

CZ: There is no absolutely certain method; we can only look for some signals.

One indicator I value highly is the activity on GitHub. If a project continues to have code submissions and developers participating, it shows that it is genuinely evolving, the project has "a heartbeat." Many projects may have strong marketing and significant buzz at launch, but development activity tends to decline ahead of price dropping, which is often a warning sign.

The second criterion is whether the project has traversed multiple cycles. If a project has continued development after experiencing bull and bear markets, it is more likely to exist long-term. In contrast, some projects may be very popular during a particular cycle but gradually fade away later.

For new projects, it is even more challenging to assess. Besides looking at the product itself, one should also consider the history of the founder and the team. If a founder switches projects every couple of years, it raises questions about the long-term viability of the new project. Although there are exceptions, past experience often provides some reference.

So for me, the most important factors remain two: checking GitHub development activity and whether it has truly traversed cycles.

Discussing the Intensity of Entrepreneurship That Others Cannot See

Question: From an external perspective, Binance's growth appears very rapid; what people often see is the heat, growth, and headlines. But in your book, is there any behind-the-scenes story that would completely change people's understanding of this journey? Is it something that has never been disclosed before?

CZ: This question is quite difficult. I'm not sure if there is anything that has been completely undisclosed, but I think many people underestimate the intensity the team put in during the early years.

At that time, the team often slept directly in the office. The exchange operates 24 hours, so everyone was always on standby, and I myself was almost always glued to my phone. Whenever I was not at the office or in front of a computer, I remained online.

I think what outsiders find hardest to truly understand is the physical and mental toll during the early stages of entrepreneurship. Although the book mentions hard work, I am not sure everyone can truly grasp that intensity. Later, as the team grew larger, the processes improved, and the overall stability increased, the early high-pressure state gradually eased off.

So if there is one thing that is easily overlooked, it is that the early growth of Binance was backed by a very high intensity of nearly round-the-clock commitment from the team.

Advice for Confused Young People

Question: I saw you mention in the book that you started school at the age of 5, and your grades were pretty average at first, only gradually improving in high school.

I feel that many young people today find themselves in a similar situation, starting off not outstanding and with average self-control. Moreover, with more and more talented individuals entering the Web3 industry, the pressure is huge, and it is easy for everyone to feel confused about the future and uncertain about their paths. So, I would like to ask you to combine your experience and give some advice to these bewildered young individuals.

CZ: I firmly believe that today’s young people face more opportunities than ever before.

The most important thing is to continue learning and self-improving while you are young. Do not spend most of your time on games, social media, or short-term entertainment; instead, dedicate more time to learning new things and developing skills. The speed of learning is faster when you are young, and the space for growth is larger; this is a valuable phase.

Now, it is not necessary to follow the most hardcore technical route, but you should at least establish a core competency, such as in technology, marketing, finance, or business development. Solidify one skill first, then gradually expand into more areas.

From a broader trend, there are actually far more opportunities for entrepreneurship and value creation now than before. The internet, cloud services, blockchain, and AI make it easier to create products, serve global users, and quickly validate ideas. Although competition has intensified, opportunities have increased.

Therefore, I do not agree with the notion that "there are no opportunities anymore." The reality is that opportunities are continually increasing. The key is whether you are willing to keep learning, continuously improve, and truly invest time in long-term valuable endeavors.

Response to Simplified Chinese Edition Print Book Questions

Question: Regarding the print version of "The Binance Life." I initially wanted to buy the book, but Amazon was confusing, and I only found the electronic version. We in mainland China actually still want to buy a copy of the Simplified Chinese version for collection, so I would like to ask when it will be available for purchase in China?

CZ: It is actually not easy to officially publish the Simplified Chinese version in China. We need to apply for an ISBN through a domestic publisher, and we are currently pushing this process forward. At the time, we chose to self-publish to expedite the release, but Amazon currently only supports the English and Traditional Chinese versions and does not support the Simplified Chinese version, which is indeed unfortunate.

I had also thought about this before; if there is no official Simplified version, many PDF or pirated versions might emerge. To some extent, if the official version comes out sooner, it could reduce this issue. We are still pushing this forward and will try to provide a formal version as soon as possible.

Another point that many people may not know is that for self-publishing on Kindle, about 70% of the income goes to the author, while this book's author income will go into a charity fund; but in the domestic publishing system, authors typically only receive 10% to 15%, with most going to publishers and intermediaries. Therefore, even if it is officially published, the percentage that truly enters the charity fund will not be high.

Nonetheless, I still encourage everyone to purchase the official version. The income will go towards charitable purposes. If you have already read the PDF for free but liked it, I also suggest you buy a copy later to support it. For me, I do not particularly mind the issue of piracy; what matters more is that people genuinely read this book. After all, the income from this book is not for me personally but goes into the charity fund.

Response to Meme Ecosystem Questions

Question: Regarding the original Meme community. Many builders now create Memes based on your tweets, and everyone seems to be competing hard. I want to ask, will there be more support in the future for original Memes, or will communities that have been building receive more attention from the Binance ecosystem?

CZ: I am not a Meme trader myself, so I do not deliberately design my tweets around Memes; otherwise, it would make me cautious with each statement. I basically still post content in my usual way. Whether others want to create Memes around those topics is the community's choice.

In fact, the name "The Binance Life" itself is somewhat related to Meme culture. The English title is "Freedom of Money," but I think the Chinese name "币安人生" (The Binance Life) is more interesting and fitting. This name actually stems from a Meme that originated in the community, so I found it quite interesting and decided to adopt it.

However, I still want to remind that Meme coins are very volatile and carry high risks. I will not give specific trading advice. The market is free, and everyone can make their own judgments. The BNB Chain ecosystem, including Binance.com, actually provides quite a bit of support for Meme culture at the infrastructure level, such as launch platforms and PancakeSwap, etc., providing the necessary groundwork.

Beyond that, I don't have many additional suggestions. My judgment is that most Memes will not exist long-term; this is similar to most cryptocurrency projects, where only a small number will truly stand the test of time. I hope everyone can find truly sustainable directions.

Did Writing the Book Change Your Self-Understanding?

Question: Many authors say that writing a book forces them to confront the past again, not just reflecting on what happened but reinterpreting it all. Did writing this book change your understanding of your experiences, or even your views on your identity?

CZ: There have been some changes, but more so not in terms of identity but it has prompted me to reflect more deeply on many past decisions and experiences.

Since founding Binance, my life has been quite public, and many things are already known to the outside world, though they may not fully understand my true perspective and inner feelings at the time. Writing the book allowed me to organize these experiences again, and it made me see more clearly how I have changed over the years.

From starting Binance, to later facing issues related to the US, going to prison, and then coming back out; this journey has indeed changed my mindset significantly. Writing these experiences down comprehensively also gave me a genuine sense of "closure" regarding certain matters.

For example, the death of my father; although I had previously felt that I had somewhat accepted it, revisiting the details while writing the book made it feel like bringing a conclusion to that experience. Similarly, regarding my imprisonment, while I had spoken publicly about it before, those were just fragmented pieces; writing about it fully in the book made me feel that I have truly turned the page psychologically.

Therefore, writing the book feels more like a process of sorting, reflection, and achieving closure. It has indeed made me a bit more mature.

I actually also encourage others to write books. Even if the book is not published in the end, the writing process itself is valuable. Because the best reason for writing a book should not be for others but for yourself: if you're telling stories to yourself, what stories will you choose to tell, and how will you tell them? Writing with this mindset usually leads to a more honest and meaningful output.

Why Choose to Write a Book to Speak Out After Controversies

Question: In the past few years, you and Binance have been at the center of some of the biggest controversies in the cryptocurrency industry. Many people in such situations might choose to remain silent for a long time, but you decided to write a book. Why did you feel that publicly sharing the story at this time was the right choice?

CZ: I think everyone reacts differently to pressure and controversy. For me, the cryptocurrency industry has long been described in an unfair manner by traditional media and the outside world, and there are many misunderstandings about crypto. Therefore, I believe it is more important to share our perspective now. Whether it’s my experiences or Binance's story, they can actually highlight many issues. We have indeed made mistakes and gone through many events, but at the same time, the cryptocurrency industry itself has a lot of real and positive value.

I have accepted these experiences I've had and am not shy about telling others that I spent four months in jail. If the other parties are willing to understand, I will share my perspective. As for how the outside world views it, they can look for other information and form their own judgments.

Hence, I choose to write the book, in part to clarify this experience truly, and also to help others understand me, Binance, and the cryptocurrency industry more completely. This also serves as a form of sorting and release for me.

Do Ordinary People Still Have Opportunities in Web3?

Question: The book mentions that after you read the Bitcoin whitepaper early on, you sold your house to enter the market, which left a significant impression on many people.

However, the current environment is very different from back then; for instance, ETFs have been approved, and traditional financial institutions have joined the market. So I’d like to ask, for ordinary enthusiasts and entrepreneurs still looking for opportunities in Web3 like you did back then, will this industry still offer chances for upward mobility? What advantages remain for ordinary people after large funds enter?

CZ: I still have a lot of confidence in the blockchain industry. Of course, I cannot predict short-term prices; whether for Bitcoin or other coins, it is tough to judge how things will go in the coming days, months, or even years. But one thing I am very sure of is that this industry is still very early.

Compared to ten years ago, the cryptocurrency industry is certainly more mature and larger today, but it has not yet reached a conclusion. In my view, the three major technologies that have truly impacted the world over the past years are the internet, blockchain, and AI, and the potential of blockchain has not yet been fully unleashed. Because it involves finance and currency, it has been under high regulation and suppression; many applications that should have happened still have not manifested today.

For example, payments, lending, foreign exchange, commodity trading, and cross-border settlements; many financial activities still haven’t genuinely gone on-chain. Today, most still see crypto assets primarily as trading items, but the true value of blockchain goes far beyond that.

From the perspective of global asset allocation, the proportion of wealth entering the crypto market is still very low, and the industry as a whole is still at an early stage. Therefore, I do not agree with the view that "ordinary people no longer have opportunities." On the contrary, I believe there are still significant opportunities; the paths may be more specialized and competitive than before.

As for the advantages ordinary people have, I believe they lie precisely in: the people who remain today are largely those who are truly in it for the long haul. Because AI has siphoned off a lot of hot funds and attention, those still committed to blockchain today are likely the ones who genuinely believe in this industry and are willing to invest long-term. From this perspective, the current environment may not be worse; in fact, it could be more suitable for true builders.

Moreover, the development of AI itself will also require a lot of blockchain applications. Future cross-border trading between AI agents, instant payments, and global collaborations are likely to need on-chain infrastructure to complete. So I believe that blockchain has not reached its end; it will continue to play a key role in the new technological cycle.

Therefore, my conclusion is clear: ordinary people still have opportunities in Web3, and the industry is far from saturated. The real advantage is not the amount of capital but whether you are willing to learn continuously, build in the long term, and seize directions that have not yet been fully developed.

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