Binance Founder Changpeng Zhao Shuts Down Claims of Ties to US Federal Reserve

Changpeng Zhao, the founder and former CEO of Binance, has recently addressed and denied rumors circulating on social media that suggest he has secret ties to the U.S. Federal Reserve.

These claims, which were propagated by a Chinese influencer on the X platform, alleged that Zhao's legal issues in the U.S. were fabricated and that he was working on a covert mission for the Federal Reserve. Zhao dismissed these allegations as "completely unfounded" and "entertaining" but baseless.

Zhao has been focusing on new ventures following his resignation as Binance CEO and a four-month prison sentence in the U.S. for violating anti-money laundering laws.

Zhao emphasized that while Binance failed to implement adequate anti-money laundering measures, this was a compliance issue rather than a criminal act of money laundering itself.

He has taken on a key role at YZi Labs (formerly Binance Labs) and is involved in educational initiatives like Giggle Academy. Additionally, Zhao has been appointed as a strategic advisor to Pakistan's newly formed Crypto Council, aiming to help the country develop a competitive crypto environment.

The rapid spread of such rumors highlights the challenges of misinformation in the cryptocurrency sector, where guesses and unverified claims can quickly gain traction.

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