Binance founder CZ plans to launch non-profit education project amid legal woes

Now that CZ is no longer at the helm of Binance, the cryptocurrency entrepreneur plans to launch an online program for children who don’t have access to basic education.

After Changpeng Zhao left cryptocurrency exchange Binance last November, he is now working on creating a non-profit free education project.

This new project aims to help poor children in developing countries who have no access to education.

Provide free online education platform for children

In a March 19 Provide free basic education resources. However, he noted that the project is not considering launching a cryptocurrency token.

Giggle Academy’s mission is to “provide free, engaging and adaptable elementary education to children around the world who do not have access to it,” according to a concept paper.

The program will teach students core subjects including languages, mathematics and biology, as well as courses not taught in schools such as finance, sales, blockchain, entrepreneurship and artificial intelligence. The courses are free and will be held online.

At the same time, Giggle Academy is currently recruiting for positions such as gamification project managers and senior game developers. According to CZ in his X post, successful candidates will have the opportunity to work directly with the former Binance CEO.

Zhao is quoted on the Giggle Academy website as follows::

“Building a high-quality and sticky educational platform that is completely free and open to everyone is the most impactful thing I can do in the next chapter of my life.”

Giggle Academy will be funded by Zhao, and the concept paper states that donations will only be accepted once the venture is "up and running and proven effective."

CZ’s legal issues in the United States

While CZ is working to launch a new project, the Binance founder is awaiting sentencing, which is scheduled for April 30, 2024, two months later than an earlier date in February.

In November 2023, CZ admitted to violating anti-money laundering rules, but failed to comply with those rules at Binance as part of a settlement with the U.S. Department of Justice.

The former Binance CEO agreed to pay a $50 million fine, while his company will pay more than $4 billion.

Zhao was also released on a $175 million bond and remains in the United States.

A U.S. federal judge earlier rejected CZ’s request to travel to the United Arab Emirates (UAE) despite offering to pledge his $4.5 billion stake in Binance as collateral.

Recently, the court ordered CZ to submit his Canadian passport and prohibited him from submitting new passport applications to any country without court approval.

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