Former Binance CEO Changpeng Zhao teases new forthcoming project

Companies • March 18, 2024, 2:45PM EDT

Published 1 minute earlier on

Quick Take

Binance’s former CEO Changpeng ‘CZ’ Zhao offered preliminary information about a new project.
The project will be educational and have no new tokens, Zhao said, with more details coming soon.

Changpeng Zhao, former CEO of the crypto exchange Binance, teased a new project on Monday.

The project will be educational and have no new tokens, Zhao wrote on the social media platform X. Other than that, he said, more details soon."

Zhao stepped down as CEO of Binance in November 2023 in 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 businesses to help the government prevent money laundering and other financial crimes.

Despite leaving Binance, Zhao's wealth grew by nearly $25 billion last year.

Binance is the top crypto exchange in terms of spot volume. As of March 18, Binance brought in $727.46 billion, or 46%, of this month's $1.57 trillion total spot market volume, The Block's Data Dashboard shows.

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About 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 the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto 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. You can follow MK on X @MManoylov and on LinkedIn.