Key Highlights
- CZ claimed politics and “other forces” blocked Binance’s MiCA approval in Greece.
- He admitted struggling to fully understand Strategy’s STRC preferred stock structure.
- CZ defended Michael Saylor, calling him reputable despite concerns over complex products.
Binance founder Changpeng “CZ” Zhao recently shared his views on Binance’s failed MiCA bid, Michael Saylor’s STRC preferred stock, and his personal activities following his prison sentence.
Speaking on The Block’s daily show, The Starting Block, on Monday, CZ claimed Binance’s MiCA application in Greece was “fully compliant” and close to approval before “other forces” and politics derailed the process.
“There were two countries in the EU that wanted the Binance application,” he said. “There was actually a bit of a back and forth and a fight over it. A bidding war of some kind. But unfortunately, there were other forces that were against it.”
The exchange ultimately withdrew its Greek application last week, days before an expected rejection.
CZ comments on Strategy’s STRC
Discussing Strategy’s STRC preferred stock, which has recently traded at a significant discount to its $100 par value, CZ expressed candid confusion. “I took multiple attempts trying to understand STRC. I just don’t think I understand it fully,” he said.
He described many modern financial products as “over-engineered” and noted the structural tension created by using volatile Bitcoin as collateral for leveraged instruments, despite his belief in Bitcoin’s long-term appreciation.
CZ was careful to separate his critique of the product’s complexity from any criticism of Michael Saylor. “Michael is not some guy who’s just going to go out there and make a fake, scammy product. He’s a reputable guy; he is a Bitcoin die-hard,” CZ said.
He also recalled Saylor spending about 15 minutes explaining STRC to him backstage. Strategy recently announced a digital credit capital framework, including a dividend increase to 12% and a $1 billion repurchase program, to support the product.
CZ discusses investments and philanthropy
CZ also revealed he has donated $2 million to Prison Professors, a nonprofit founded by Michael Santos, one of his prison consultants. The donations, made in four $500,000 installments since his release, are intended to help incarcerated individuals prepare for reentry through education. Santos served 26 years for a first-time drug offense.
On the business side, CZ confirmed investing roughly $500 million in Elon Musk’s X acquisition, giving him about a 1% equity stake. He said the investment was motivated by his support for free speech.
CZ also disclosed that he discussed a potential Binance partnership for X Money with Musk. According to CZ, Musk said the platform is currently staying away from crypto, though CZ said he remains hopeful that X could eventually become a major global payments platform.
What CZ’s comments reflect
The interview highlighted CZ’s continued influence in the crypto space despite stepping back from day-to-day Binance operations.
His comments on MiCA show the ongoing tensions between crypto firms and European regulators, while his remarks on STRC reflect broader industry debates about financial innovation built on Bitcoin’s volatility.
As Binance adjusts its European strategy following MiCA and CZ pursues new investments and philanthropic initiatives, he continues to comment on regulatory developments, crypto product design, and the evolution of digital asset infrastructure.
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