- Changpeng Zhao, who started Binance, got four months in jail for breaking money laundering laws.
- Although facing legal obstacles, Zhao is hopeful about the future of the cryptocurrency business.
- After he was told what his punishment would be, Zhao said he would work on Giggle Academy, a place on the internet where people can learn.
After the court gave Changpeng Zhao, the founder of Binance, a four-month prison sentence. The person said it on Wednesday in a Seattle court after admitting to breaking the law by moving around illegal money. The charges against Binance are about their practices that encourage them to grow by selling guardianship.
After being in prison for three years, he posted on Twitter to say thanks to his loyal fans and explain what he went through in the legal system. Changpeng Zhao said he will work hard and learn new things for the rest of his time in a responsible way. Also, he told me that he is working on creating a separate online educational platform called Giggle Academy.
But, even after Changpeng Zhao, he still believes that cryptocurrency has a good future and he will succeed in the end. He said again that he wants to quietly support the chosen path in the sector with his investments. In his tweets, he also talked about how important it is for Binance to follow the rules and for users to take care of their accounts. This could be a good thing that comes out of Binance facing problems during his trial.
Changpeng Zhao introduces a new website for learning called Giggle Academy.
Changpeng Zhao is focusing more on education with his new project, the Giggle Academy. In March, Giggle Academy started to share free educational stuff online for all students. Students from grade one to twelve can learn about different subjects using this platform. The way they are taught is easy to understand and fun.
We need teachers who can create good online lessons. Changpeng Zhao doesn’t schedule office hours like other teachers. He sees himself as both a teacher and a student. This education project shows how much he cares about helping society, not just making money from cryptocurrency.
Giggle Academy, a place where people go to learn, was officially opened and got a new logo. The logo was shown to the public the week before Zhao was sentenced. This logo uses bright colors and a happy symbol to show the initiative’s goals of being positive and making education better.
The Department of Justice wants a tough punishment, but the judge doesn’t agree.
Changpeng Zhao’s strong legal arguments show that Binance, a big cryptocurrency exchange, is always making news. He showed an example, and his situation made people notice problems with following the rules in the industry. Zhao said that thorough investigations would make sure that user money stays safe and follow the rules. This shows how the crypto industry responds and changes.
The DOJ, at first, called for a three-year jail term for Zhao with the aim that this case could be a deterrent to other actors who will commit the same crime in the future. Nevertheless, Judge Richard Jones of the U.S. District Court remanded to a more lenient term that likewise echoed what the federal probation office had suggested. Changpeng Zhao will be given credit for the time he has spent there. This can lead to his sentence being reduced significantly, and he will have to spend less time in prison.
The above matter and Zhao’s follow-up remarks hold the key to a fundamental change in the crypto business ecosystem for high levels of regulatory compliance and transparency. In addition to that, these developments are to cause the modification of future operations for Binance as well as for the whole industry because the partners will attempt to abide by the regulations and protect the interests of their customers.