Mad Money host Jim Cramer warned investors against using cryptocurrency exchange Binance, noting that the cryptocurrency trading platform is “too simple.” Cramer cited former regulator Timothy Massad, who previously served as chair of the US Commodity Futures Trading Commission (CFTC). The regulatory agency recently took action against Binance and its CEO, Changpeng Zhao (CZ).
Jim Cramer warns of Binance
CNBC’s Mad Money host Jim Cramer cautioned investors against using cryptocurrency exchange Binance on Friday. Kramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. chirp:
After listening to Tim Massad (ex-Chairman of the CFTC) on the show last night, I will not be doing business with Binance. Just way too superficial.
Massad, who served as chair of the US Commodity Futures Trading Commission (CFTC) from 2014-2017, has been an advocate for stronger cryptocurrency regulations for years. Explanation of the charges filed by the CFTC against Binance and its CEO, Changpeng Zhao (CZ), Massad described that the cryptocurrency trading platform is participating in an “organised effort to grow the US business.” He added that Binance allegedly helped “US persons circumvent restrictions” and failed to comply with Know Your Customer (KYC) regulations.
Many people on social media are enjoying Kramer’s tweet. Some mocked the Mad Money host for repeatedly making false predictions and took his negative comment about Binance as a bullish sign for the cryptocurrency exchange. Before the collapse of Silicon Valley Bank and Signature Bank, Kramer recommended that investors buy shares in the two banks.
This is not the first time Cramer has warned Binance. In December last year, he said he would trust his money to fantasy sports betting platform D Draftkings more than he would trust Binance.
Cramer also warned investors against investing in cryptocurrency. Earlier this month, when the price of BTC The Mad Money host said he would sell his bitcoin “right at that rally.” He firmly believes that cryptocurrency prices are being manipulated. before BTC Gathering, he advised investors to get out of cryptocurrency. Cramer also expects the SEC to “run a roundup” on non-compliant crypto companies.
Do you agree with Mad Money host Jim Cramer that Binance is “too sketchy”? Let us know in the comments section below.
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