The former CEO of the leading cryptocurrency exchange is on a quest to reshape his public persona.
By Nikhilesh De|Edited by Jesse Hamilton Jun 24, 2026, 1:00 p.m. 5 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on CZ speaking at CoinDesk's Consensus Miami in May 2026. (CoinDesk)SummaryShow- CZ, the founder of Binance, stated that Binance.US could significantly enhance liquidity for U.S. crypto traders, resulting in an improved market experience.
- CZ has positioned himself as a key figure in efforts to increase U.S. crypto trading liquidity and is reintroducing himself to the country.
- Despite this, CZ expressed a preference for advising companies in an informal capacity rather than taking on executive roles.
Changpeng "CZ" Zhao, the founder of Binance, is widely recognized in the cryptocurrency industry. However, he has no desire to manage the global exchange or its U.S. counterpart, nor does he wish to hold a CEO position or join boards.
When discussing Binance, CZ clearly places himself at the forefront of its initiatives, indicating that the U.S. strategy aims to challenge the dominance of a few major exchanges by offering a more cost-effective service.
As the primary shareholder of both Binance's global operations and Binance.US, he maintains a significant influence over their directions, although he claims he is not involved in daily operations. In a recent interview with CoinDesk in Washington, D.C., he shared his intent to reestablish his presence in the U.S. after stepping down from the exchange at the request of prosecutors, serving a four-month prison sentence, and receiving a presidential pardon within the last few years.
"I've noticed many misconceptions about Binance and myself," he remarked. "I'm here to engage with those who wish to gain a better understanding of us so they can form their own perceptions of who I am."
CZ, who recently made a public appearance, expressed his preference for supporting founders behind the scenes rather than being the focus of media attention.
While he claims to be detached from the daily operations of Binance.US, he hinted at efforts to elevate the company's visibility in the U.S.
"We aim to expand our presence in the U.S., and I personally want to help position the U.S. as the capital of crypto," he told CoinDesk. "I wish to introduce more crypto services in America."
Liquidity Challenge
CZ's rationale for allowing Binance.US to access the global exchange's liquidity is straightforward: the global platform possesses significantly more liquidity than any U.S. exchange can independently achieve.
"As I previously stated, U.S. consumers lack access to optimal liquidity," he explained. "This results in considerably higher costs for buying and selling crypto. ... The U.S. represents the largest capital markets in the world, yet consumers here do not receive the best prices … we're working on addressing this issue."
This situation leads to increased slippage— the inconsistency between expected and actual transaction prices— and higher fees for U.S. markets compared to their international counterparts, he argued.
For the U.S. to emerge as the global crypto capital, it must attain improved liquidity, a goal he has set for Binance.US.
U.S. exchanges could attempt to enhance their liquidity independently, but with many other countries embracing crypto and 80% of global GDP situated outside the U.S., this strategy may not be viable, he asserted.
Clear Boundaries
A notable aspect of CZ's involvement with Binance is that although he does not manage the exchange on a daily basis, he remains its largest shareholder.
"I am still the largest shareholder of Binance, but I do not run it," he stated.
This is also the case for Binance.US, where he is now a board member. He mentioned that the two entities operate independently despite his majority ownership. Each has distinct leadership and investor groups, which he referred to as "two very separate companies."
"Binance.US has a CEO, while Binance.com has two co-CEOs," he clarified. "They rarely communicate; in fact, I don't think they ever do. So, yes, there are two independent teams. Binance.US licenses the product and technology from Binance Global, but they have a licensing agreement."
CZ does not envision himself leading the U.S. business, stating he believes a local individual is better suited for that role. "It should be someone local; someone grounded in the community," he remarked.
The other ventures in which CZ has invested, such as Giggle Academy and YZi Labs, also operate independently, he noted.
This principle of independence extends to his personal life as well. Yi He, one of Binance's co-CEOs, is his partner, and they reside together in the United Arab Emirates. Nevertheless, CZ mentioned that they refrain from discussing Binance at home, maintaining a separation between their professional and personal lives.
"To be candid, even when I was the CEO, she had significant strategic input," he recalled. "She likely provided me with more guidance during my tenure as CEO than I did. Now, [after] stepping down, she's at the helm. Our discussions are minimal, often limited to general market movements like 'the bitcoin price fell recently due to this policy,' but we don't engage in those conversations anymore."
Nonetheless, CZ does monitor high-level metrics for the exchanges he established, such as user counts, trading volumes, and third-party reports on deposit levels.
"Another important indicator for me is the bitcoin price," he added. "If the bitcoin price rises, the company typically performs well; if it falls, revenue tends to decline. It's a reliable gauge, so I don't require extensive information to gauge the company's performance."
"I'm not someone who reviews financial statements," he acknowledged.
CZ appears to apply a similar hands-off strategy towards other companies he has invested in. He expressed a preference for informally advising startups and founders rather than joining formal boards.
"We invest in several hundred portfolio companies, usually as minority investors, but if any of them wish to discuss something with me, they can reach out directly," he explained. "We can arrange a brief call, and if more time is needed, we can schedule another one. I prefer this brief, frequent interaction style."
When asked if he had aspirations to become a CEO of an exchange or another type of organization, CZ was noncommittal. "I have no plans to pursue that at this time," he stated. "I'm content being a one-trick pony for now."
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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