- Changpeng Zhao’s announcement of a new venture marks a significant shift in his career trajectory following his resignation as CEO of Binance amidst legal challenges.
- Despite facing charges related to the Bank Secrecy Act and agreeing to pay a substantial fine, Zhao’s decision to embark on a new initiative reflects his determination to remain active in the cryptocurrency space.
On Monday, Changpeng Zhao, the ex-CEO of cryptocurrency exchange Binance, revealed details of a new venture.
Zhao posted on the social networking site X that the initiative will be instructional and that there won’t be any new tokens. Other than that, he stated, additional information would be provided shortly.” Later, he revealed more information about Giggle Academy on X stating, “Free basic (grade 1-12 ish) education, for all. No revenue. Gamified. Adaptive.”
In November 2023, Zhao announced his resignation as CEO of Binance as part of a plea agreement with the US Department of Justice. Zhao announced that he would accept a guilty plea to charges of breaking the Bank Secrecy Act and pay a fine of $50 million. Businesses are required by the Bank Secrecy Act to assist the government in stopping financial crimes such as money laundering.
Zhao’s wealth increased by around $25 billion in the previous year even after he left Binance.
In terms of spot volume, Binance is the leading cryptocurrency exchange. Binance had generated $727.46 billion, or 46%, of the $1.57 trillion total spot market volume this month.
Canadian businessman Changpeng Zhao, also referred to as CZ, is of Chinese descent. His pinyin is Zhào Chángpéng. As of November 2023, Binance is the largest cryptocurrency exchange in the world by trading volume. Zhao is a co-founder and the former CEO of the company. In November 2023, he announced his resignation as CEO following his guilty plea to a money laundering case in the United States.
Zhao’s estimated net worth as of November 2023 was $23 billion, making him the richest Canadian and the 69th richest person in the world.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
