Crypto's Biggest Player Gets a Break

Changpeng Zhao, the mastermind behind Binance, the world's largest cryptocurrency exchange, just got a big break. The former president, Donald Trump, decided to pardon him. Zhao had been serving time for not doing enough to stop criminals from using his platform for illegal activities like child sex abuse, drug trafficking, and terrorism. Zhao, known as CZ in the crypto world, is a big name in the industry. He and Binance have been big supporters of some of Trump's family crypto projects. After his pardon, Zhao thanked Trump on social media, calling it a win for fairness and innovation. Zhao spent four months in prison after admitting to helping money laundering on Binance. Trump said he pardoned Zhao because many people thought he wasn't really guilty. He also said Zhao had been treated unfairly by the Biden administration. This isn't the first time Trump has used his power to help out friends and famous people. The White House said the Biden administration was too harsh on Zhao and the crypto industry. They also said Trump wanted to fix this unfair treatment.The crypto world has been complaining about strict rules and enforcement under Biden. Trump's pardon fits with his hands-off approach to the industry. His administration has dropped several cases against crypto companies that started under Biden. Zhao's troubles started because he didn't follow U. S. banking rules meant to stop illegal activities. He even told his employees to ask for forgiveness instead of permission. This led to millions of illegal trades on Binance, including ones involving terrorist groups. Zhao apologized in court, saying he failed and regretted his actions. His journey to becoming a crypto billionaire is impressive. He grew up in rural China, moved to Canada, and worked at McDonald's before starting Binance in 2017. Trump and his family have also been diving into the crypto world. They launched a stablecoin with help from an investment fund in the United Arab Emirates. After the pardon news, this stablecoin's value shot up, way more than other major cryptocurrencies. It's still unclear how this pardon will affect Binance and its U. S. operations. But one thing is clear: Zhao's pardon is a big deal in the crypto world.