On February 21, 2025, Changpeng Zhao, widely known as CZ and the co-founder of Binance, dropped an intriguing update via his X account (view the original post here). In a casual yet revealing reply to user @0x0xFeng, CZ addressed a long-standing Binance policy: employees are restricted from trading cryptocurrencies. Let’s unpack what he said, why it matters, and what it hints about his current role at Binance.

What Did CZ Say?

In his post, written in Chinese, CZ confirmed that Binance, as a centralized exchange (CEX), has always limited its employees from speculative trading, or "炒币" (literally "stir-frying coins," a slang term for crypto trading). He explained that this rule is in place to protect users—think of it as a safeguard to prevent conflicts of interest or insider trading. But there’s a flip side: this restriction means Binance’s product managers might not fully grasp user needs since they’re not out there trading themselves.

CZ’s response? “This part I can’t control anymore—let their management decide.” He then added a playful twist, saying he might jump on-chain soon to “冲几个土狗” (roughly, “try out a few meme coins” or low-cap tokens, often called "shitcoins" in English). It’s classic CZ—serious insight with a dash of humor.

Why the Trading Ban Matters

Binance’s employee trading restriction isn’t new, but CZ spotlighting it now highlights a tension in the crypto world. Centralized exchanges like Binance handle billions in user funds, so rules like this build trust by ensuring staff don’t game the system. Imagine if a product manager knew about an upcoming token listing and bought it early—that’s a scandal waiting to happen. By keeping employees out of the trading game, Binance aims to stay above board.

But CZ’s point about the downside is spot-on. If the folks designing trading features don’t experience the market firsthand, they might miss what users really want—like slicker interfaces for fast-paced trading or better tools for spotting the next big meme coin. It’s a trade-off: security versus street-level insight.

CZ’s Step Back from Binance

Here’s where it gets juicy. CZ’s comment—“I can’t control this anymore”—is a nod to his shifted role. After stepping down as CEO in 2023 amid a $4.3 billion settlement with U.S. regulators, he’s no longer calling the shots day-to-day. Current CEO Richard Teng now leads the charge, while CZ remains a major shareholder. His detachment shines through here—he’s reflecting on Binance’s inner workings as an observer, not a decision-maker.

Still, he’s not fading away quietly. That tease about diving into on-chain trading (think decentralized platforms like Uniswap or Solana’s meme coin scene) suggests he’s itching to stay in the game, just not under Binance’s roof. Could we see CZ pumping some obscure token soon? Only time will tell.

What’s Next for Binance and CZ?

For Binance, this post raises a question: will the new leadership tweak this policy to balance user protection with product innovation? It’s a tough call, especially as the exchange faces ongoing regulatory scrutiny in places like France and the U.S.. Meanwhile, CZ seems ready to explore the wilder side of crypto—maybe even stirring up some buzz with those “土狗” trades.

This X post isn’t just a random thought. It’s a window into Binance’s culture, CZ’s evolving journey, and the broader push-and-pull between centralized control and crypto’s decentralized roots. Whether you’re a Binance user or just a crypto curious onlooker, it’s a reminder: even the biggest players are still figuring things out—one tweet at a time.