Changpeng Zhao, former CEO of cryptocurrency exchange Binance, announced a new project on Monday.
This project is educational and there are no new tokens, Zhao wrote “Other details will be announced soon.”
Zhao stepped down as CEO of Binance in November 2023 following a plea deal with the U.S. Department of Justice. Zhao said he would plead guilty to charges related to violating the Bank Secrecy Act and agree to pay a $50 million fine. The Bank Secrecy Act requires companies to help governments prevent money laundering and other financial crimes.
Despite leaving Binance, Zhao’s assets increased by nearly $25 billion last year.
Binance is the leading cryptocurrency exchange in terms of spot trading volume. As of March 18, Binance had generated $727.46 billion, or 46% of the $1.57 trillion total spot market volume this month, according to The Block’s data dashboard.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.