July 22, 2024

Changpeng Zhao says crypto has entered new phase where ‘compliance is super important’

Former Binance CEO Changpeng Zhao said the crypto industry has entered the next phase where “compliance is super important.”

The convicted founder made this statement after being sentenced to four months imprisonment for breaking US compliance rules.

Zhao said:

“I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important. A silver lining of this whole process is that Binance has been under the microscope. And funds are SAFU.”

Last year, Zhao admitted guilt to federal money laundering charges. Prosecutors spotlighted a corporate culture at Binance that neglected fraud prevention in pursuit of expansion, resulting in his departure from the company and a hefty $150 million fine.

This sentencing arrives at a critical juncture for the emerging industry, which is witnessing intensified regulatory scrutiny worldwide. Notably, US financial authorities have targeted major crypto entities, including Binance, Coinbase, and Kraken, to foster compliance within the sector.

Next phase

Zhao has announced his commitment to dedicating the next phase of his life to education with the initiation of the Giggle Academy project.

Giggle Academy is a non-profit educational platform that aims to tackle educational inequality by targeting underprivileged communities lacking access to conventional schooling. The initiative delivers free fundamental education to all, leveraging an interactive and tailored approach.

In recent weeks, Zhao has delivered several updates on the project, unveiling its logo and detailing its ongoing development. Last week, He said:

“We moved the goal post a little bit again since a few weeks ago. We are starting at a much earlier age now, 2-3 year olds. Start at the beginning, instead of somewhere in the “middle”, and hopefully keep growing with our community, for 18 (or more) years.”

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