Squawk Pod: "Davos 2026: Binance Founder CZ" (Jan 25, 2026)

Episode Overview

This episode of CNBC’s Squawk Pod features an exclusive, in-depth interview with Changpeng Zhao (CZ), founder and former CEO of Binance, the world's largest cryptocurrency exchange. Speaking from the 2026 World Economic Forum in Davos, CZ discusses his prison experience, the controversial Trump pardon, Binance’s ongoing relationship to the Trump family, crypto regulation, and the future of digital assets. Host Andrew Ross Sorkin leads a candid, wide-ranging conversation, asking tough questions on CZ’s legal troubles, Binance's strategy, and the overall crypto landscape.

Key Discussion Points & Insights

CZ’s Prison Experience and Presidential Pardon

• Prison Life & Expectations

  • CZ candidly recounts his time in prison, sharing the emotional and physical toll of his sentence and the unexpected severity (04:49):

    "It's not fun. The movies are pretty accurate... my first roommate is a double murderer… It's not a good experience." – CZ (05:08)

  • He did not anticipate imprisonment, believing US precedent would have resulted in home confinement or a deferred prosecution:

    "No one in US history has ever went to jail for a single violation of a banking secrecy act... I thought I might get a home confinement..." – CZ (05:32)

• Details on Pardon

  • The pardon was granted by President Trump in October 2025, surprising CZ and the industry.
  • CZ explains the process felt mysterious and he did not personally lobby or meet Trump:

    "It's like a black box. I don't know what the process is. I still don't." – CZ (07:10) "I never got in front of Trump, so I just waited and waited and waited and then suddenly happened." – CZ (08:27)

  • He expresses deep gratitude for the pardon:

    "I want to express my appreciation to him, obviously. Yeah, I would love to. Yeah. I'm super appreciative of the pardon I got." – CZ (09:03)

Binance, Trump, and Crypto Industry Ties

• Trump Family Crypto Relationship
  • Sorkin presses on alleged connections between Binance, the Trump family, and pardoning influence.
  • CZ flatly denies any quid-pro-quo:

    "Based on my knowledge, there's really no connection. I mean, I think the only thing is the Trump families are in crypto. Binance is a large crypto player, and the President Trump's administration is pro crypto..." – CZ (09:23)

  • On the World Liberty Financial/ MGX deals, CZ clarifies Binance’s role as a neutral payment platform, not a beneficiary of political favoritism:

    "If I accept like $100 of US dollars in payments, that's not me investing $100... in an issuer of that. So there's a lot of mischaracterizations of that. So there's no business relationships whatsoever." – CZ (11:27)

FTX, Sam Bankman-Fried & Industry Competitors

• FTX Collapse & SBF
  • CZ denies knowledge of FTX’s balance sheet woes prior to the CoinDesk expose, distancing himself from speculation that Binance hastened FTX’s collapse:

    “No, I did not. I absolutely did not. Before that went bankrupt... I never asked for their financial statements.” – CZ (13:43)

  • CZ declines to comment on whether SBF deserves a pardon:

    "I'm not a lawyer, I'm not a judge. I think we'll leave that to the, to the legal system." – CZ (12:17)

Binance’s Current Role and Future

• CZ’s Ongoing Involvement

  • While still a shareholder, CZ says he is not actively involved in Binance’s daily strategy and is content not returning to operations:

    “I haven’t really needed to go back. I didn’t really want to. I thought it was a pretty good way for me to step down… I don’t think it’s good for me to go back.” – CZ (14:39)

  • Maintains a passive advisory role, occasionally advising via Twitter (15:20).

• Binance U.S. & Regulation

  • Discusses Binance U.S. survival through regulatory turmoil and optimism that the platform will rebound after SEC lawsuits were dropped (16:06).
  • On competition: notes the importance of having multiple exchanges for consumer benefit:

    “It’ll be really bad if there's only one exchange. There should be multiple exchanges in the space. …We haven't really even touched 1% of the total potential for the industry.” – CZ (17:28)

• Perspective on U.S. vs. Global Crypto Regulation

  • Praises Coinbase's role in U.S. regulatory advocacy while prioritizing his own focus on global regulatory conversations:

    "I work with like a dozen governments outside of the U.S., busy with that. So yeah." – CZ (18:13)

Market and Personal Insights

• CZ on Crypto Trading and Investment

  • Self-identifies as a long-term “hodler”, not a trader:

    “I don't trade, I just… hold bitcoins, I hold bnb, I don't do day trading, I don't buy and sell, I don't try to time the market.” – CZ (19:06)

  • Sees a forthcoming “super cycle” for Bitcoin:

    "I have very strong feelings that it will probably be a super cycle." – CZ (19:37) "Normally bitcoin follows four year cycles… but I think this year, given the US being so pro crypto and every other country is kind of following, I do think we will… break the four year cycle." – CZ (20:08)

• Biggest Regret

  • When asked what he would change if he could redo things:

    “Oh, I would have blocked US users from day one.” – CZ (20:38)

  • On regulatory compliance:

    "At the beginning when we started the tech platform, we had US users and… it was like six years later we found out, oh well that is a violation… If I had known that… I just like block US users from day one and… have much less trouble." – CZ (20:48)

Notable Quotes by Timestamp

• On the reality of prison:
  “It's not fun. The movies are pretty accurate… my first roommate is a double murderer… It's not a good experience.” – CZ (05:08)

• On his pardon process:
  “It's like a black box. I don't know what the process is. I still don't.” – CZ (07:10)

• On US regulatory mistakes:
  “If I had known that… I just like block US users from day one and then I will have much less trouble.” – CZ (20:48)

• On the future of Bitcoin:
  “I have very strong feelings that it will probably be a super cycle.” – CZ (19:37)

• On Binance’s US prospects and global positioning:
  "Binance is in the other 80% of the GDP globally and Binance US is quite small… The space has room for more than one exchange…" – CZ (17:04; 17:28)

Important Timestamps

• 03:38 — Interview with CZ begins
• 04:09 — CZ on post-pardon life & current activities
• 05:08 — Prison experiences described in detail
• 07:10 — The mysterious pardon process
• 09:12 — Addressing allegations of Binance-Trump ties
• 12:05 — Discussion of SBF and the FTX collapse
• 15:15 — CZ’s role in Binance post-pardon
• 16:06 — Binance US prospects after regulatory settlement
• 17:28 — CZ on competition and coexistence with Coinbase
• 19:06 — On not trading crypto, long-term holding philosophy
• 19:37 — Prediction of a Bitcoin “super cycle”
• 20:38 — Biggest regret: US user access and compliance

Tone and Takeaways

This episode is marked by CZ's unguarded admissions, pragmatic attitude, and focus on lessons learned from unprecedented legal scrutiny. Andrew Ross Sorkin’s persistent but respectful questioning yields rare insight into both the personal cost of high-flying crypto entrepreneurship and how the legal and political winds have shaped the sector's future. CZ expresses humility and clarity regarding his own missteps, and optimism about the direction of both Binance and global crypto markets, emphasizing both a need for compliance and belief in cryptocurrency’s long-term ascent.

The conversation will be compelling for anyone interested in crypto regulation, high-stakes fintech drama, or the trajectory of digital assets in a world increasingly shaped by political intervention and innovation.