Post-Binance life: Changpeng Zhao is turning to education with a new project
Amid legal hurdles, CZ unveiled Giggle Academy, a free educational project for grades 1 through 12.
On Mar. 19, Changpeng Zhao, known in the crypto community as “CZ,” announced a new project called “Giggle Academy” on Twitter. Within hours of announcing the project, it had already reached 41k followers. This project aims to provide free basic education for grade 1-12 students, with a focus on gamification.
CZ mentioned that the project is designed to operate without generating revenue, and he has called for teachers to contribute digital content for Giggle Academy.
In the concept paper, CZ emphasized making learning addictive through badges, points, and rankings to engage students and keep them motivated.
Additionally, the curriculum would remain adaptive and focus on areas such as emotional quotient (EQ), finance, blockchain, AI, and others, allowing students to focus on their strengths and interests rather than conforming to a one-size-fits-all approach.
The community response on X has been overwhelmingly positive, with many expressing support and excitement for the project.
Some have highlighted the pressing need for improved education in financial markets, some expressed a deep desire to join the project, while others have commended CZ for his visionary approach.
What’s happening with CZ now?
Changpeng Zhao made waves in November 2023 when he stepped down as CEO of Binance, the world’s largest crypto exchange by trading volume.
CZ’s decision to resign was seen as an acknowledgment of responsibility for the company’s past actions, especially in response to accusations from U.S. regulatory bodies. As a result, he paid a hefty $4.3 billion fine to U.S. authorities.
These charges included accusations of anti-money laundering, unlicensed money transmitting, and sanctions violations by the Department of Justice (DOJ), along with agreements reached with FinCEN, OFAC, and CFTC.
Amid the ongoing legal proceedings, CZ has largely refrained from engaging in social media discourse. His recent activity on X mainly consists of personal anecdotes and updates on his projects.
In his recent tweets, CZ has shared moments from his past, including reflections on his decision to invest in Bitcoin a decade ago and his subsequent journey in crypto. He even mentioned the importance of risk management and personal risk tolerance.
Following his resignation, CZ expressed his intention to take a much-needed break. He had not had a single day off for over six and a half years.
He also outlined his future plans, which include passive investing in startups within the blockchain, web3, defi, AI, and biotech sectors.
Furthermore, CZ mentioned the possibility of serving as a coach or mentor to a select number of upcoming entrepreneurs, sharing his experience and lessons learned from his time as the CEO of Binance.
Legal proceedings and restrictions
Shortly after his resignation, CZ was caught up in legal proceedings that restricted his movements.
He was released on bail with a $175 million personal recognizance bond. Additionally, $15 million was placed in a trust account, and three guarantors provided further collateral.
However, a U.S. federal judge entertained a motion from the DOJ that required CZ to remain in the country until his sentencing.
This decision stemmed mainly from concerns about him being a flight risk, given his considerable wealth and the lack of an extradition treaty between the U.S. and the UAE, where he and his family reside.
Sentencing and legal battles
CZ’s sentencing, originally scheduled for early 2024, has been postponed to Apr. 30, 2024, without a clear reason given. He has already pleaded guilty to violating the Bank Secrecy Act and accepted a personal fine of $50 million.
A federal court decision even denied CZ’s request to travel to the UAE for medical reasons, considering his admitted breaches of U.S. anti-money laundering laws and the intensity of charges against him and Binance.
Moreover, the ongoing legal showdown between Binance and the U.S. SEC further complicates the picture. Binance’s defense criticized the SEC for its lack of clear regulations for the crypto industry, pointing out the hurdles businesses face in achieving compliance.
CZ’s passport surrender
In a recent turn of events, U.S. District Judge Richard Jones has amended CZ’s bond conditions as he awaits his sentencing.
CZ, who holds Canadian citizenship, has been directed to surrender his Canadian passport to a third-party custodian his legal team chose.
The implications of these revised bond conditions are profound. Not only is CZ restricted from applying for new passports or travel documents, essentially freezing his international mobility, but he’s also confined to the U.S.
The push to modify the bond reflects a cautious approach by the prosecutors, who see these steps as “commonsense” measures to ensure CZ’s presence in the U.S. for his upcoming sentencing.
