Binance co-founder Changpeng Zhao stated that he urged a pause on withdrawals following the Bybit hack to prevent further abnormal outflows. Speaking on September 25, 2026, in an interview on the When Shift Happens podcast hosted by KevinWSHPod, Zhao explained that security risks should take priority over trading continuity, even if users face temporary inconvenience.
Although Bybit ultimately chose not to pause withdrawals and experienced no further issues, Zhao noted that the outcome highlights the importance of risk assessment rather than a single correct approach. He also referenced Binance's own response to its 2019 security breach during the discussion.
Addressing FTX and Binance's History
During the interview, Zhao rejected claims that his 2022 tweet regarding the sale of Binance's FTT holdings was responsible for the collapse of FTX. Stating that a competitor's tweet cannot kill a sound business, Zhao argued that FTX failed due to a lack of liquidity stemming from the misuse of customer funds, rather than his transparent disclosure.
Zhao also reflected on the 2017 launch of Binance, crediting the platform's rapid early growth to a hardworking and aligned team, while noting the challenge of gathering candid feedback when there is strong deference to leadership. Additionally, he explained that his popular "four" meme serves as shorthand for focusing on education, compliance, and products while disregarding misleading narratives.
Pardon and Future Outlook
Regarding his 2025 pardon, Zhao stated that he applied through legal representation and never met or spoke with President Trump. He maintained that his conviction stemmed from inadequate anti-money-laundering controls and described his punishment as unusually severe, acknowledging his own perspective as biased.
Looking ahead, Zhao outlined his future plans, which include advising on cryptocurrency policy, investing in Web3 initiatives, and providing free educational resources.
