Former Binance CEO, Changpeng “CZ” Zhao, has introduced a new project, with no new tokens involved. Zhao is now facing potential prison time and scheduled to return to court on April 30 for sentencing following a guilty plea.
According to Zhao’s X post, the project dubbed @GiggleAcademy targets basic education for students K1-12, with no revenue, being gamified and adaptive. He also publishes the project’s Concept Paper and is looking for a small team to work directly with Zhao.
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
Previously, Zhao teased an education-centric venture supposedly connected to cryptocurrency or blockchain technology. Notably, he emphasised that this project would not involve creating any new tokens and promised to unveil more details soon.
Zhao stepped down as CEO of Binance, a major cryptocurrency exchange, in November 2023, as part of a plea deal with U.S. authorities. The agreement, involving the U.S. Justice Department, Department of the Treasury, and Commodity Futures Trading Commission, mandated Binance to pay a $4.3 billion settlement, while Zhao pleaded guilty to a single count related to the exchange’s failure to uphold an effective Anti-Money Laundering program.
Remaining in the U.S. on a $175 million bond, Zhao’s legal team has sought permission for him to visit family in the United Arab Emirates. Initially slated for sentencing in February, the hearing was rescheduled for April 30, with speculation suggesting a potential prison term of 12 to 18 months.
Since the plea deal, Zhao has maintained a low profile on social media, primarily sharing neutral holiday messages. However, his March 18 post sparked curiosity among followers about the upcoming project, although its specifics remained undisclosed at the time.
Meanwhile, Binance, Binance.US, and Zhao continue to grapple with a lawsuit filed by the U.S. Securities and Exchange Commission in June 2023. In a court filing on March 5, Binance’s U.S. arm described the regulatory enforcement action as a significant setback.
