JimCramer has warned against using Binance, stating that the cryptocurrency exchange is “way too sketchy.' MadMoney crypto
The host of Mad Money, Jim Cramer, has warned investors about using cryptocurrency exchange Binance, stating that the crypto trading platform is “way too sketchy.” Cramer cited former regulator Timothy Massad, who previously served as chairman of the U.S. Commodity Futures Trading Commission . The regulatory agency recently took action against Binance and its CEO, Changpeng Zhao .
After listening to Tim Massad on last night’s show , I would not do business with Binance. Just way too sketchy. Massad, who served as chairman of the U.S. Commodity Futures Trading Commission from 2014-2017, has been an advocate of stronger cryptocurrency regulations for years. Explaining the charges the CFTC filed against Binance and its CEO, Changpeng Zhao , Massadthat the crypto trading platform engaged in a “systematic effort to cultivate U.S. business.” He added that Binance allegedly helped “U.S. persons get around restrictions” and failed to comply with know-your-customer regulations.
Many people on social media are entertained by Cramer’s tweet. Some ridiculed the Mad Money host for frequently makingpredictions and took his negative comment about Binance as a bullish signal for the crypto exchange. Before the collapse of Silicon Valley Bank and Signature Bank, Cramer recommended investors purchase stocks in the two banks.
This was not the first time Cramer has cautioned against Binance. In December last year, he said he wouldCramer has also been warning investors about investing in cryptocurrencies. Earlier this month, when the price of
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