In a video interview at the DC Blockchain Summit, Binance founder CZ and Perianne Boring, founder and chairman of The Digital Chamber, reviewed the development of the crypto industry over the past decade: from early neglect, followed by strong regulation and media suppression, to its gradual gain of clarity in US regulations, institutional adoption, and mainstream recognition. He discussed how his personal experiences mirror the growth trajectory of the crypto industry in his upcoming memoir, emphasizing that technological innovation will ultimately drive the industry into the mainstream. The interview also focused on media narratives and legal controversies. CZ argued that some traditional media outlets (such as the Wall Street Journal) have long engaged in biased or even inaccurate reporting about him, Binance, and the crypto industry. He also noted that the recent dismissal of related lawsuits by a US federal court demonstrates that the judicial system relies more on evidence than public opinion. Regarding the prospects of the US market, he affirmed the current government's support for the crypto industry, pointing out that for the US to truly become the "global crypto capital," the key is not just friendly policies, but also more robust market competition, lower transaction costs, and a stronger liquidity base. The audio transcription was done by GPT and may contain errors. Please watch the original video on YouTube. Looking back at the development of the digital asset industry over the past decade, Perianne: In a sense, I feel that some of the challenges we wanted to solve back then still exist today. But even so, especially in Washington, we have indeed made a lot of progress. Looking back at the development of the digital asset industry over the past 10, 12, and 15 years, what are your feelings? How would you measure the success of this industry, and how far have we come? CZ: Of course. I've been doing a lot of reflection and review lately because I've been writing that "torturous" book, which is expected to be published in a few weeks. I think we met about 12 or 13 years ago. I still remember very clearly your speech at the 2014 Chicago Bitcoin Conference, in the forum before mine, where you talked about BitLicense. That topic was very popular at the time, and when I went on stage, almost the entire audience was drawn to you. I remember that scene very clearly. Back then, an industry conference would have around 200 people; today, depending on the location, conferences can easily reach 5,000 or even tens of thousands of people. Back then, Vitalik was only 19 years old and was just talking about Ethereum. Today, Ethereum has grown into an asset with a market capitalization of hundreds of billions of dollars. So, in my memory, this industry has indeed come a long way from around 2013 to now. For the first five years, we were basically ignored; for the next five years, we encountered a lot of resistance, and there were indeed many forces opposing us. And now, we are finally beginning to be accepted. Today we see that the United States is at the forefront of the world in crypto regulation, and policy clarity is improving day by day. Even just in the last couple of days, we have seen the US SEC release more clear signals. This is a very significant step forward. So now, we're finally moving into the mainstream, and institutional adoption is increasing. This process has certainly been full of ups and downs, but the industry has indeed come this far. Perianne: That's without a doubt. Especially yesterday on this stage, we heard news of progress in the regulatory environment, which was very encouraging. Only with a clear legal framework can businesses truly build and operate in the US market, and investors can participate with greater peace of mind. You just mentioned your book. It's not a "stupid book." I know it's going to be published soon, and you were very generous in giving me a sample copy in advance, which I've already read. It's a memoir, and I must say, it's an incredibly wonderful story, a very engaging read. Although I've known you for many years, this book has allowed me to understand you more deeply. You've shared many experiences from your personal life, showing me the many difficulties you've faced both personally and professionally. What touched me most was that no matter what you've been through, you've always maintained your principles and never lost your true self. My impression of you has always been that of a very genuine person, someone who doesn't pretend for anyone. Whether before Binance, before Bitcoin and the crypto industry, or now, you've always been the same CZ. So, why did you decide to write this book? Could you share more about your motivation for writing it, and what kind of person you hope readers will come to know through it? CZ: Of course. I started writing this book while I was in prison. I had nothing to do then, so I figured writing this book would at least give me something to do. But at the same time, I also started to seriously reflect on my life. I'm actually just an ordinary person, but my life has been quite a rollercoaster ride, and in some ways quite unique. I came from a rural area in China and later built one of the world's leading encryption technology companies. Of course, there was an element of luck involved, and a lot of hard work, but ultimately, I'm still an ordinary person. When I was 14, I worked at McDonald's, flipping hamburgers, earning $4.50 an hour. So I've always felt that anyone could walk the path I've walked, and anyone could achieve what I've achieved. I hope that through this book, firstly, people will understand me better; secondly, I hope it can bring courage and inspiration to more entrepreneurs, especially young entrepreneurs. So what I want to express is that I'm an ordinary person, but my story may not be so ordinary. Why the negative narratives about encryption never stop? Perianne: This is indeed a very remarkable precedent. Coming from a rural area in China, with a very ordinary background, you ultimately founded, launched, and successfully operated one of the largest companies in the industry, which is very inspiring. I believe that stories like this will continue to move many people for many years to come, and will inspire children around the world, letting them understand that as long as they are willing to work hard, have determination, and value education, they can achieve many remarkable things and change their own destiny. I think you embody this spirit. Moreover, I believe your personal experience also reflects the development of the crypto industry, Bitcoin, and digital assets. We both come from a very early, very humble stage. You and I both experienced the very beginnings of this industry. When the entire asset class was just starting out, it faced a lot of scrutiny and skepticism. That's why we founded the Digital Chamber back then, because there were many concerns, criticisms, and regulatory actions surrounding this field, and many forces wanted to stifle Bitcoin. I specifically mention Bitcoin because at that time, it was practically just Bitcoin. The later boom of crypto assets and other digital assets didn't exist yet. Everything started from there. Today, however, we have become a much larger community. But one of the core issues we wanted to address back then was the media's constant pronouncements that "Bitcoin is dead" after the Silk Road and Mt. Gox incidents. It is not dead. Even today, they are still saying this, which is certainly confusing, wrong, and untrue. At the same time, the media continues to create a narrative that this technology is only suitable for illicit financial activities, as if it were the currency of choice for criminals. And these arguments continue to resurface today. So let's talk about the media, and today's news headlines. Many headlines are almost exactly the same as what we saw 10 or 12 years ago—the same formula, the same narrative. Personally, I believe there's a deliberate attempt to promote a specific narrative and fabricate misinformation to slow down the industry's development and suppress innovation in the digital asset space. Even today, despite a supportive congressional environment for the crypto industry, a bipartisan focus on crypto issues, and the arrival of the first president in US history to publicly support the industry, there are still strong forces trying to suppress it, much of which occurs in the media. Moreover, many attacks are directed at you. Of course, it's not just you; others are too. But as someone who has known you for a long time, I feel a strong sense of dissonance when I see many of the things people say about you, because I know much of it is inaccurate. What do you think is the biggest misunderstanding the media has about you? For those who haven't had the opportunity to meet you or truly spent time getting to know you, what do they know least about you? CZ: Of course. First of all, I think the media itself is also divided. The crypto media actually understand me because I spend a lot of time communicating on Twitter. But I don't have enough contact with traditional media, which may be one of the reasons for the misunderstanding. We also know that there are one or two traditional media journalists whose career path is almost entirely to continuously write about the crypto industry, about me, about Binance, and even about the current government because they support the crypto industry. I don't participate much in American politics, but we have indeed seen many times that someone has publicly launched a so-called "war on the crypto industry." In my opinion, there is obviously a partisan element in this. The American political system is inherently a game between two opposing forces, so one side will instinctively attack what the other side supports. Moreover, at this stage, the negative narratives surrounding the crypto industry have become more complex. I've heard claims that some US players may be worried about competition from Binance's entry into the US, and are therefore pushing for opposition. They are also influenced by lobbying from traditional banks, such as regarding stablecoin interest rates. This involves many different stakeholders, resulting in various media narratives. I'm not a media expert, but I'm always more focused on the technology itself. I think we've clearly seen that this technology is revolutionary and will become a very fundamental part of the future. So no matter what the media says, I think they've misjudged many things for various reasons. For me, I haven't spent enough time communicating with traditional media; perhaps this is something I should do more of in the future. But that's not my forte. My forte has always been building platforms that people actually use. Although I no longer manage Binance, I'm still helping more entrepreneurs do similar things through investment and mentoring—that's what I'm primarily doing. As for media narrative, I think it will eventually change over time. Especially with the continued popularization of the crypto industry, sooner or later, crypto will become mainstream. At that time, other things will become marginal, and the narrative will naturally have to change. CZ: Many claims about me are simply untrue. Perianne: I think perhaps you should indeed spend more time communicating with those journalists who are always watching you write, yet often write things I know are untrue. Anyone who has truly spent time with you can clearly sense that you are not only generous but also a very kind person. I remember a small detail from over the years. Once, I saw you at an event. Someone standing next to you was suddenly blew off the plastic lid of their coffee cup by a gust of wind, which bumped into you first and then fell to the ground. There was a piece of trash in front of you. Yet, you still bent down and picked it up, helping to dispose of it, all while smiling naturally and gently. I think this truly reflects your character. How a person treats the most ordinary daily matters and the ordinary people around them often reveals their approach to life and work. I believe this is precisely what is most easily misunderstood about your personal image. CZ: Thank you so much for remembering such a small detail. I have a vague recollection myself, but I can't recall which event it was. Nevertheless, thank you for bringing it up. Returning to your earlier question, I actually almost forgot the main point. Many of the things the media are saying about me are completely untrue. For example, Forbes tried to portray me as someone who has become richer in the past six months, but that's impossible. I don't even know how they calculated that. And then there are reports like those in the Wall Street Journal that depict me as if I were trying to assist in terrorist financing related to Iran. I have absolutely no interest in that. The claim that I currently live in a country under attack by Iran is utterly absurd. Not to mention, even before this, I would never have been interested in such a thing. And I can say with certainty that no exchange, no legitimate company, would want to get involved in this, because there's absolutely no benefit. It's just a small transaction fee, but it's not worth it at all. So the logic behind these narratives is basically the same: they seize on any negative point and want to launch an attack. There are indeed many misunderstandings. As for the motives behind these attacks, I can understand them to some extent, because different people have different positions and purposes. But the problem is that the way they launch these attacks is often based on completely false and unfounded information. I hope this situation will gradually change in the future. However, I believe that the truth will eventually come to light. We have already seen that the truth is presented in court through evidence, and what they rely on is not evidence. This process is already underway. Perianne: Let's talk about this, and thank you for bringing it up. The core narrative surrounding this technology and the entire industry has always been that the only use of Bitcoin and crypto technology is as a tool for illicit financial activities. Now, this narrative is also being projected onto you personally and the companies you founded, such as Binance. There have been many related accusations in the media recently. But as you just mentioned, these matters have actually entered the court process. Could you talk about the situation of these cases? You've recently achieved a very important victory. I do find it a bit strange that the media and journalists who have been paying close attention to you, Binance, and the so-called "illegal finance" issues always report extensively when negative narratives emerge; but once you or Binance make progress in the cases, they suddenly fall silent and don't update us at all. And these developments are actually very crucial, yet they have received almost no widespread coverage. So why don't you just tell everyone directly what's actually happening now? Because from the court's perspective, judgments based on facts and evidence obviously don't always conform to the image the media tries to create about you and Binance. CZ: Of course. First, let me clarify that I am not a lawyer, so what I'm about to say may not be entirely rigorous in its legal terminology; it's based solely on my personal understanding. I, Binance, and sometimes Binance US, have been sued together on charges related to terrorist financing. The opposing side usually named all three of us as defendants. I recall these cases falling under ATA (Advanced Technological Investigations) cases, a type of lawsuit related to counterterrorism. They tried to link these cases to my 2023 plea agreement with the US government, while also piecing together media content to construct the narrative they desired. But ultimately, the courts rely on evidence. In the past two weeks alone, two US federal courts have dismissed these cases. The judges essentially said that the opposing side submitted a 900-page document, but it lacked substantial evidence. I recall the courts using phrases like "lengthy and unnecessary." In other words, the opposing side simply wrote 900 pages and over 3,000 paragraphs, attempting to strengthen their argument by piling up content, but without providing any substantial evidence. So, to be honest, I'm actually very grateful for the American court system. I think the American judicial system is well-designed overall; it's independent and values evidence. The media can certainly write all sorts of negative narratives, but the courts look at the evidence, and ultimately, the courts dismissed these cases twice. This has happened twice in the past two weeks in two different courts in the United States, which in itself speaks volumes. But as you said, the mainstream media has almost completely ignored this. From this, you can clearly see how obvious their bias is. For me, this matter is already very clear. I just hope more people can understand this point. Unfortunately, a significant portion of the population still only reads what I call traditional media, which does influence their perceptions and judgments about us. This is regrettable. We can only continue to do more to correct these biases.
Key to US Crypto Competitiveness: Competition, Liquidity, and Infrastructure
Perianne: Yes, I think your statement was quite restrained and tolerant. However, I agree with your assessment. We are currently in the US, attending the DC Blockchain Summit, and the core theme of this event is, of course, the changes in policy and regulatory frameworks. I know you are not very willing to comment on US politics, but the US now clearly aspires to become the "global crypto capital," which is also the direction promoted by the current administration. You have also publicly stated your support for this goal.
So, what does the US need to do to remain competitive in this field?
So, what does the US need to do to remain competitive in this field?
Over the past few years, many forces have tried to drive this industry out of the US and force it overseas, and they have been somewhat successful in doing so. So how can we maintain a competitive environment that encourages digital asset investors and businesses to continue operating and growing in the US? CZ: Absolutely. First, I think the current US administration has actually done a very good job. As you said, the previous administration essentially pushed a lot of entrepreneurs, startups, and innovators out of the US. I've personally seen many people go to the UAE, like Abu Dhabi and Dubai, and others to Singapore, even Hong Kong and other parts of the world. But recently, we've started to see a trend reversal: these entrepreneurs are returning to the US. The US is now attracting talent back. The United States has always had a very strong foundation in innovation, possessing natural advantages in venture capital, Silicon Valley, the New York financial system, Wall Street's talent pool in finance and technology, as well as industrial capital and financing capabilities. Moreover, I feel that the current policy environment in the United States is quite positive, even exceeding my expectations. Frankly, two or three years ago, I would never have imagined that the United States would become so supportive of the crypto industry in such a short time. But to put it more directly, I believe the United States needs more competition now. The United States is built on capitalist principles, and the core of capitalism is free markets and free competition. I recently spoke with some very important, influential, and intelligent people in the United States, and I strongly agree with the statement: competition is the best form of consumer protection. This is also beneficial to the United States. From the perspective of a trading platform operator, transaction fees on US exchanges are still too high. This effectively means that US consumers receive far lower prices than those in the international market. Therefore, I believe the most significant liquidity pool is not currently located in the US. However, if you look at traditional markets like stocks, futures, and forex, the largest liquidity pools are typically in the US. So, it's quite strange that the largest liquidity pool in the crypto industry isn't in the US. I think this is precisely what the US is currently lacking. Even in other industries, the same applies. For example, in the internet and e-commerce sectors, Amazon often offers the best prices globally in the US market, and the price experience in other regions is usually not better than in the US. Only in the crypto industry do US consumers lack access to the best global prices. I think this is actually a very easy problem to fix. The US has a large number of institutional investors, ample funds, and a strong capital base, making it fully capable of becoming the world's largest liquidity center. Especially with current policies gradually taking shape, I think this will happen sooner or later. It's just that, currently, the US market lacks some truly sufficient competition. Perianne: Exactly. If the US is to become the global crypto capital, it must have the best infrastructure in the world. This also means that the US needs to partner with the world's best and largest companies to ensure that this infrastructure truly serves US retail investors, US institutional investors, and US-based crypto businesses.
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