Ex-Binance CEO Changpeng Zhao Sees Crypto Industry Entering 'New Phase'

Former Binance CEO Changpeng Zhao on Wednesday expressed gratitude towards his supporters following his sentencing for anti-money laundering violations.

What Happened: In a statement shared on the social platform X, Zhao thanked his supporters, saying, “I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong.”

The sentencing occurred in Seattle on Tuesday, where Zhao also agreed to a $50 million fine as part of his plea deal. Despite the setbacks, Zhao is turning his focus to education, initiating a project named Giggle Academy.

He stated, “I will remain a passive investor (and holder) in crypto. Our industry has entered a new phase. Compliance is super important.”

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In light of recent industry turmoil, notably the FTX collapse, Zhao highlighted the security measures at Binance, emphasizing the importance of user protection.

“Binance has been under the microscope during this process, and funds are secure,” he assured.

What’s Next: As the crypto industry continues to evolve, the implications of Zhao’s case and the emphasis on regulatory compliance will be significant topics at Benzinga’s upcoming Future of Digital Assets event on Nov. 19, where industry leaders will converge to discuss the new regulatory landscapes shaping the future of cryptocurrencies.

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