Binance Founder CZ to Launch Non-Profit Education Project Amid Legal Woes

Following his departure from the crypto exchange Binance last November, the company’s founder and former CEO Changpeng Zhao, also known as “CZ,” is looking to establish a non-revenue, free education project.

The new venture targets underprivileged kids who have no access to education in developing countries.

A Free, Online Education Platform for Children

In an X post on March 19, Zhao said that the new project, called Giggle Academy, is “gamified” and “adaptive” and will offer free basic education content from grades one to 12. However, the project does not come with a crypto token.

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

According to a concept paper, Giggle Academy aims to “make basic education accessible, addictive and adaptive, to the kids who don’t have access to them today, all around the world, for free.”

The project will teach students core subjects, including language, Mathematics, and Biology, as well as topics on finance, sales, blockchain, entrepreneurship, and artificial intelligence, among others, which are not being taught in schools. The courses are free and will be taken online.

Meanwhile, there are currently job openings at Giggle Academy for positions such as Gamification Project Manager and Senior Game Developer. As CZ stated in his X post, those hired will work directly with the former Binance chief.

A quote from Zhao on the Giggle Academy website reads:

“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.”

Giggle Academy will be funded by Zhao, with the concept paper stating that donations can come in only when the venture is “up and running and proven to be effective.”

CZ’s Legal Troubles in the United States

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

In November 2023, CZ pleaded guilty to violating anti-money laundering rules, which he failed to maintain at Binance, as part of a settlement deal with the US Department of Justice.

The ex-Binance chief agreed to pay a fine of $50 million, while his company will pay over $4 billion.

Zhao was also released on a $175 million bond and continues to remain in the United States. A US federal judge earlier denied CZ’s request to travel to the United Arab Emirates (UAE) despite offering to put up his $4.5 billion stake in Binance as collateral.

Recently, CZ was ordered by the court to submit his Canadian passport and is banned from filing new passport applications from any country without court approval.