Binance Co-founder Announces Giggle Academy amid Legal Troubles and U.S. KYC Enhancements

By: Eliza Bennet

Changpeng Zhao, co-founder of Binance, is set to launch a non-profit educational platform, Giggle Academy, amid ongoing legal issues. This announcement followed Zhao's cryptic message on social media hinting at an education project. Giggle Academy’s mission is to bridge the educational gap by focusing on disadvantaged populations lacking access to standard education. With its blend of fundamental and advanced topics not found in traditional curricula, the platform aims to augment existing educational systems rather than replace them.

The development comes during a period of legal turbulence for Zhao, as he currently faces potential money laundering charges in the United States. After stepping down as CEO of Binance, part of a settlement deal with U.S. authorities, Zhao remains within U.S. jurisdiction due to movement restrictions applied over concerns of potential escape before his upcoming sentencing next month.

In related news, Binance has requested prime brokers to enhance Know Your Customer (KYC) procedures to prevent U.S. nationals from using the platform, a major concern for authorities as official regulations ban their participation, yet their presence on the platform persists. Binance faced backlash and was compelled to withdraw from the U.S. market, alongside paying a hefty fine of $4.3 billion over regulatory concerns.