Binance co-founder CZ (Changpeng Zhao) gave an exclusive interview to CoinDesk on June 27, stating that after Bitcoin broke through its all-time high of $126,000 in October 2025, it has corrected about 50% over the past 12 months, caused by a "triple-factor overlay." In the interview, CZ said he will not serve as CEO of a crypto exchange again and prefers to participate in the operations of his portfolio companies as an informal advisor.
Three Causes of the 2026 Crypto Bear Market Listed by CZ in the Interview
CZ said there is no single reason for this Bitcoin correction and listed three overlapping causes:
AI Capital Diversion: The emerging AI industry is absorbing funds that might otherwise flow into crypto; CZ said this is positive for crypto in the long term because AI and crypto will form a complementary ecosystem.
Geopolitical Tensions: Conflicts and trade frictions in multiple regions worldwide are raising market uncertainty.
Four-Year Cycle Pattern: The inherent bull-bear cycle of the crypto market is still in effect.
CZ's direct quote in the interview: "In the long term, the industry will continue to grow. The demand for financial technology will expand as transaction volume increases, so I am not overly concerned about the industry or short-term price fluctuations."
Binance.US Liquidity Access Plan and Stance on US Regulation
In the interview, CZ said the next step for Binance.US is to access Binance Global's liquidity, as the current order book depths of the two platforms operate independently. CZ stated that this plan aligns with the long-term goal of "making the US the cryptocurrency capital of the world," but did not disclose a specific timeline in the interview.
On the regulatory front, CZ said: "Even if the bill doesn't pass as expected, given the progress of other legislation and the general advancement of global crypto regulations, it's not a bad thing for the US." CZ also noted that any regulatory agreement would ultimately require presidential endorsement.
CZ's Public Statement on Personal Future Plans
CZ made it clear that he will not take the helm of a crypto exchange again, saying he "prefers to participate in the operations of my portfolio companies as an informal advisor." CZ mentioned that his previous trip to Washington, D.C. was aimed at clarifying "misunderstandings" about himself and Binance, and stated in the interview that his guilty plea for violating the Bank Secrecy Act (BSA) has not damaged his business reputation — this is CZ's personal statement, not a legal determination.
Frequently Asked Questions
What does CZ specifically mean by "AI capital diversion is positive for crypto in the long term"?
According to CZ's remarks in the CoinDesk interview, he believes AI and crypto will form a complementary ecosystem rather than a competitive relationship. Although the AI industry has absorbed some funds that might have flowed into crypto in the short term, the technological integration of the two fields will positively impact the long-term development of the crypto ecosystem. CZ did not provide specific technical or business case examples in the interview.
What is the current progress of the Binance.US plan to access Binance Global liquidity?
According to CZ's June 27 CoinDesk interview, Binance.US accessing the main exchange's liquidity is a "next strategic direction" that CZ publicly stated. The order book depths of the two platforms are still operating independently, and CZ did not provide a specific implementation timeline or regulatory approval progress in the interview.
How does CZ think the crypto market will respond if the US "Clarity Act" fails to pass as scheduled?
According to CZ's statements in the interview, he believes that even if the Clarity Act does not pass the Senate this year, given the progress of other US regulatory legislation and the general advancement of global crypto regulations, it is "not a bad thing" for the US crypto market. CZ also noted that any final agreement would need presidential endorsement — this is CZ's personal opinion, not an official legislative assessment.
