Coinspeaker
Former Binance CEO Changpeng Zhao to Launch Crypto Education Project Giggle Academy
Changpeng Zhao (CZ), the former chief executive officer of the world’s largest cryptocurrency exchange, Binance, has unveiled his next move after stepping down as the company’s chief last year.
In a recent social media post on X (formerly Twitter), Zhao teased his upcoming project, which aims to provide educational resources to people around the world regardless of their background. He made it clear that the project will not involve any crypto tokens but will instead focus on offering free education for all.
CZ Unveils Giggle Academy
In a follow-up post, the former Binance CEO unveiled the name of the upcoming project Giggle Academy. The platform will offer educational content for grades one and two and be accessible to everyone.
My next project. @GiggleAcademy (No logo yet)
Free basic (grade 1-12 ish) education, for all.
No revenue.
Gamified.
Adaptive.Read the Concept Paper at https://t.co/knqmZF0sQ8
We are HIRING. Small team, work directly with CZ.
— CZ 🔶 BNB (@cz_binance) March 19, 2024
Additionally, Giggle Academy is currently in the process of hiring and will provide free, engaging games designed to help users learn while having fun.
CZ said that entering the new venture after leaving Binance in November would be the most “impactful” thing he could do in this next phase of his life.
“Building a high-quality and sticky education platform that is entirely free and accessible to all is the most impactful thing I could do for the next chapter of my life,” said CZ.
After leaving the company, the former Binance CEO disclosed that he plans to invest in companies focused on blockchain, decentralized finance (DeFi), Web3, artificial intelligence (AI), and the biotech ecosystem.
Zhao Exits Binance after Pleading Guilty
Zhao’s resignation from Binance stemmed from a plea deal with the US authorities, including the Department of Justice (DOJ), the Financial Crimes Enforcement Network (FinCEN), and the Office of Foreign Asset Control (OFAC).
The Chinese-born Canadian citizen agreed to plead guilty to violating the Bank Secrecy Act and pay a fine of $50 million. His company, Binance, paid more than $4 billion for breaching several rules, including misappropriation of user funds and market manipulation.
The Bank Secrecy Act, to which Zhao pleaded guilty, requires businesses to help the government prevent money laundering and other financial crimes by implementing anti-money laundering protocols on their platforms.
The settlement deal also required CZ to face potential prison time of up to 18 months.
Meanwhile, despite being out of the spotlight in the crypto world since November 2023, Zhao’s wealth skyrocketed by nearly $25 billion in 2023, according to the Bloomberg Billionaires Index.
His estimated wealth currently exceeds $37 billion, according to the index, making him the 35th richest person globally.
Bloomberg reported that most of the fortune comes from his controlling stake in Binance. It’s important to note that Zhao also holds Bitcoin (BTC) and Binance’s native coin, BNB, which were not accounted for in the index.
Former Binance CEO Changpeng Zhao to Launch Crypto Education Project Giggle Academy
