In his memoir, published in April 2026, Zhao reveals key insights into the FTX saga, including the role played by Caroline Ellison, the former CEO of Alameda Research. Ellison had publicly offered to buy Binance’s FTT holdings at a floor price of $22 per token in November 2022. This offer came just before a massive $6 billion exited FTX within 72 hours, ultimately contributing to the exchange’s collapse.

Zhao’s reflections on these events include his acknowledgment of compliance failures, which he stated were not intentional evasion but rather a result of institutional lag. He pleaded guilty to one count of violating the Bank Secrecy Act and described the $4.3 billion settlement as a representation of every transaction, every user, and every decision made over six years of building Binance.

Moreover, Zhao discusses over 100,000 suspicious transactions tied to designated terrorist organizations, emphasizing the need for vigilance in the cryptocurrency industry. He noted, “If you celebrate deal-makers and ignore compliance officers, your culture is clear regardless of what values you publish.” This statement underscores the importance of compliance in a rapidly evolving financial landscape.

The FTX collapse serves as a cautionary tale, highlighting the critical need for discretion and transparency in the cryptocurrency world. Zhao’s memoir not only sheds light on his personal journey but also reflects broader industry challenges.

As regulators and investigators continue to scrutinize the actions of individuals and entities involved in the FTX collapse, the implications of Zhao’s revelations are still unfolding. Observers are keenly watching how these developments will shape the future of cryptocurrency regulation and compliance.

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