Changpeng Zhao, former CEO of Binance, said the crypto industry has entered the next phase where “compliance is very important.”
The convicted founder made this statement after being sentenced to four months in prison. Violates US compliance regulations.
Zhao Said:
“I will continue to be a passive investor (and holder) in cryptocurrencies. Our industry has entered a new phase. Compliance is extremely important. The silver lining of this whole process is , Binance is under the microscope. And the funds are SAFU.”
Mr. Zhao pleaded guilty last year to federal money laundering charges. Prosecutors focused on Binance's culture of neglecting fraud prevention in the pursuit of expansion, resulting in his departure and a hefty $150 million fine.
The ruling comes at a critical juncture for the emerging industry, which is facing increased regulatory scrutiny around the world. Notably, US financial authorities have targeted major crypto entities such as Binance, Coinbase, and Kraken to promote compliance within the industry.
next phase
Mr. Chao announced his determination to dedicate the next phase of his life to education with the launch of the Giggle Academy project.
Giggle Academy is a non-profit education platform that aims to address educational disparities by targeting underprivileged communities without access to traditional schooling. This initiative leverages an interactive and customized approach to provide free basic education to all.
In recent weeks, Zhao has delivered several updates about the project, revealing the logo and detailing its ongoing development. Last week he Said:
“A few weeks ago we moved the goalposts a bit again. We're now starting at a much earlier age, 2-3 years old. We're starting at the beginning, rather than somewhere in the 'middle,' and hopefully at 18 years (or more).” Continue to grow with our community. ”
