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Jim Cramer Discourages Using Binance – Says Crypto Exchange Is “Too Sketchy” – Bitcoin News Regulation




Mad Money host Jim Cramer has warned investors against using cryptocurrency exchange Binance, saying the crypto trading platform is “way too sketchy.” Cramer cited former regulator Timothy Massad, who previously served as chairman 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 about Binance

The host of CNBC’s Mad Money show, Jim Cramer, warned investors against using cryptocurrency exchange Binance on Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted:

After listening to Tim Massad on last night’s show (former head of the CFTC), I would not do business with Binance. Just way too sketchy.

Massad, who served as chairman of the US Commodity Futures Trading Commission (CFTC) from 2014-2017, has been an advocate for stronger cryptocurrency regulations for years. Massad explained the charges the CFTC filed against Binance and its CEO, Changpeng Zhao (CZ), that the crypto trading platform engaged in a “systematic effort to cultivate US business.” He added that Binance allegedly helped “US persons circumvent restrictions” and failed to comply with know-your-customer (KYC) regulations.

Many on social media are amused by Cramer’s tweet. Some ridiculed the Mad Money host for often giving wrong predictions 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 that investors buy stock in the two banks.

This was not the first time Cramer has warned against Binance. Last December, he said he would trust his money in Fantasy Sports betting platform Draftkings more than he would trust Binance.

Cramer has also warned investors against investing in cryptocurrencies. Earlier this month, as the price of BTC surged, the Mad Money host said he would sell his bitcoin “right into this rally.” He firmly believes that crypto prices are being manipulated. Before the BTC rally, he advised investors to get out of the crypto. Cramer also expects the US Securities and Exchange Commission (SEC) to “do a roundup” of non-compliant crypto firms.

Do you agree with Mad Money host Jim Cramer that Binance is “way too sketchy”? Let us know in the comments section below.

Kevin Helms

A student of Austrian economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the intersection of finance and cryptography.

Image credit: Shutterstock, Pixabay, Wiki Commons

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