Changpeng “CZ” Zhao, the co-founder and former CEO of Binance, made waves at the Token2049 conference in Dubai, United Arab Emirates, with his emphatic defense of free speech. Speaking alongside macroeconomic analyst Raoul Pal, Zhao elucidated his 2022 investment in the social media platform X, formerly known as Twitter, as a strategic move to safeguard this fundamental right. “Freedom of money is important,” Zhao remarked, “but to have freedom of money, you have to have freedom of speech. Freedom of speech is kind of the bottom line.”
Investment Philosophy: Freedom at the Core
Zhao’s comments underscore a philosophy that ties financial autonomy directly to the capacity for open expression. His $500 million investment in Elon Musk’s acquisition of Twitter was a manifestation of this belief. Binance was among 19 co-investors in the deal, joining heavyweights like Sequoia Capital Fund and Fidelity Management. While the potential of X was apparent, Zhao acknowledged several challenges—monetization, spam bots, and scam accounts—that continue to plague the platform.
Raoul Pal, sharing the stage with Zhao, noted the broader implications of such investments, highlighting the intersection of freedom, technology, and finance. “It’s not just about money,” Pal observed. “It’s about enabling an ecosystem where ideas can flow freely, ultimately impacting financial systems globally.”
Navigating Regulatory Waters
Zhao also took the opportunity to critique Europe’s crypto policies, describing them as stagnant compared to more dynamic, pro-business environments like the UAE. His sentiments reflect a growing frustration within the cryptocurrency community over regulatory frameworks that some perceive as impediments to innovation. “The comparison is stark,” Zhao pointed out, contrasting Europe’s cautious approach with the UAE’s open embrace of crypto ventures.
This regulatory landscape is particularly pertinent as Binance continues to expand its global footprint, navigating a patchwork of international laws and regulations. Zhao’s emphasis on freedom—both monetary and expressive—appears to be a guiding principle in these efforts, although not without its challenges.
The Road Ahead for X
Despite the hurdles facing X, Zhao remains optimistic about integrating the platform into the decentralized Web3 ecosystem. He envisions a future where X could facilitate crypto payments, thereby revolutionizing how users interact with social media and digital currencies. However, the persistent issue of spam bots—particularly those targeting the crypto community—remains a significant obstacle. In March, Zhao publicly urged Musk to address this problem, emphasizing its detrimental impact on user experience and platform integrity.
As X grapples with these challenges, questions linger about the platform’s capacity to evolve into a Web3 giant. Can it successfully address its operational issues while aligning with the decentralized ideals that Zhao and others advocate for?
Looking Forward
The discussions at Token2049 highlight a broader conversation within the cryptocurrency space about the future of money, technology, and freedom. Zhao’s investments and public statements offer a glimpse into a vision where financial and expressive liberties are intertwined. Yet, as the landscape continues to shift, the path to realizing this vision seems fraught with both opportunities and uncertainties.
As Zhao and other leaders in the crypto world navigate these complexities, the community watches closely, pondering whether the ideals of freedom can truly be harmonized with the pragmatic realities of global finance and regulation. The journey, it appears, is just beginning.
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This article is based on: ‘To have freedom of money, you have to have freedom of speech’ — CZ
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
