Chanpeng Zhao's Actions Justify The Controversy Around Him

Famous businessman Changpeng Zhao takes pride in the success he obtained thanks to Binance. The cryptocurrency grew large enough to gain the attention of the market, turning Changpeng into a wealthy source of influence in the industry over the years.

However, there is plenty of controversy surrounding the Canadian business expert. The press covered the criminal activities he was involved with, as well as developments that changed his status in front of the law.

Working with establishments as large as Binance comes with unpredictable consequences. When large amounts of money are involved in an endeavor, it becomes hard to keep track of where every dollar goes. When all is said and done, the numbers don't lie.

What did Zhao do? Here's what we know about the criminal case that turned the investor into a controversial figure. The Binance fairytale dream quickly turned into a nightmare before Donald Trump stepped in to change the course of the story.

NBC News reports that Zhao enabled money laundering through the Binance operation. This means that the billionaire used his acclaimed business as a front for illegal monetary transfers, leading to his eventual arrest and trial.

The digital landscape allows for certain businesses to grow exponentially overnight. Organizations that look promising can gain millions of dollars with a small shift of the stock market, which is why Binance's growth might have seem normal at first.

Being involved in major criminal schemes comes with grave consequences. The United States government ordered Binance to pay $4 billion in fines and forfeiture. The amount was in addition to the $50 million Zhao himself paid in the form of fines.

The billionaire faces countless consequences after it was discovered that he used Binance for money laundering. His public image was affected, as well as his bank account and criminal record.

The investor's name was back in the news cycle when the President of the United States, Donald Trump, announced that he would be extending a pardon to Zhao.

The announcement reads: "President Trump exercised his constitutional authority by issuing a pardon for Mr. Zhao, who was prosecuted by the Biden Administration in their war on cryptocurrency. In their desire to punish the cryptocurrency industry, the Biden Administration pursued Mr. Zhao despite no allegations of fraud or identifiable victims."

Zhao doesn't play when it comes to his finances. According to Celebrity Net Worth, the investor holds a net worth valued at $70 billion. That confirms the fact that Zhao is one of the richest people on the planet, despite all the controversy he has been embroiled with over the years.

The Binance founder continues to find a way to step back into the spotlight. The President's pardon might be very helpful for the man who was convicted of money laundering.