Fun

Jim Cramer Advises Against Using Binance — Says Crypto Exchange Is ‘Way Too Sketchy’

News Feed - 2023-04-02 12:04:52

Jim Cramer Advises Against Using Binance — Says Crypto Exchange Is "Way Too Sketchy"


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 (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, cautioned investors about 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 U.S. Commodity Futures Trading Commission (CFTC) 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 (CZ), Massad described that 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 (KYC) regulations.


Many people on social media are entertained by Cramer’s tweet. Some ridiculed the Mad Money host for frequently making 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 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 would trust his money more in fantasy sports betting platform Draftkings than he would Binance.


Cramer has also been warning investors about investing in cryptocurrencies. Earlier this month, when the price of BTC soared, the Mad Money host said he would sell his bitcoin “right into this rally.” He firmly believes that crypto prices are being manipulated up. Prior to the BTC rally, he advised investors to get out of the crypto. Cramer also expects the U.S. Securities and Exchange Commission (SEC) to “do a roundup” of uncompliant crypto firms. Tags in this story Binance, Binance CFTC, binance warning, Jim Cramer, Jim Cramer Binance, Jim Cramer Binance CFTC, jim cramer crypto, jim cramer cryptocurrency, Jim Cramer Tim Massad, Tim Massad


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 between economics and cryptography. Crypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty REGULATION | 3 hours ago Ripple CEO Slams SEC Chair Gensler for Dictating Which Crypto Tokens Are Securities REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBRICS Nations Working on Creating New Currency to Be Discussed at Next Leaders Summit: Report Next articleCrypto Exchange Bittrex Shuts Down US Operations Due to Regulatory Uncertainty Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Iran to Increase Penalties for Unauthorized Cryptocurrency Mining

News Feed

The Central African Republic Says Sale of 210 Million Sango Crypto Tokens to Commence in Late July
The Central African Republic Says Sale of 210 Million Sango Crypto Tokens to Commence in Late July The sale of the Central African Republic (CAR)’s 210,000,000 Sango coins i
Gareth Jenkinson10 hours agoSEC files charges against Quantstamp for $28M initial coin offeringQuantstamp has agreed to settle charges and will repay proceeds from its 2017 ICO that raised $28 million.3760 Total views30
US Real Estate Market Shudders: Experts Predict 40% Lower Sales, March Contracts Dip by 21%
US Real Estate Market Shudders: Experts Predict 40% Lower Sales, March Contracts Dip by 21%According to the National Association of Realtors, pending contracts for property sales dr
Genesis Global secures court approval for $3B payout
Amaka Nwaokocha1 hour agoGenesis Global secures court approval for $3B payoutAccording to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCG
Filing suggests SEC is exploring grounds to deny spot Ether ETFs
Turner Wright2 hours agoFiling suggests SEC is exploring grounds to deny spot Ether ETFsA March 4 filing for BlackRock"s spot Ether ETF called for feedback on whether the investment vehicle could be listed as a commodity
Derek Andersen2 hours agoSingapore court authorizes freeze order attached to wallets as soulbound NFTA British investigative firm tracked down stolen funds and convinced the High Court of Singapore to mark the wallets co
Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness
Introducing Binance Oracle VRF: The Next Generation of Verifiable Randomness sponsored Main Takeaways Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables
Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Month Lows to Start the Week
Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit Multi-Month Lows to Start the Week On Monday, bitcoin fell to its lowest level since June, as sentiment in cryptocurrency markets
Memecoin trader nets $8.9M profit in an hour, raising ‘insider’ allegations
Zoltan Vardai8 hours agoMemecoin trader nets $8.9M profit in an hour, raising ‘insider’ allegationsThe wallet added over $1.04 million worth of Shroom coins during the same block when new liquidity was deployed.1446
Eclipse founder Neel Somani replaced as CEO amid sexual misconduct claims
Martin Young4 hours agoEclipse founder Neel Somani replaced as CEO amid sexual misconduct claimsEclipse’s chief growth officer Vijay Chetty was named CEO “effectively immediately” with the firm announcing that Neel
Price analysis 2/26: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE
Rakesh Upadhyay1 hour agoPrice analysis 2/26: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGEBitcoin targets new highs above $55,000. Will altcoins follow?898 Total views12 Total sharesListen to article 0:00Price Anal
Play-to-Earn Blockchain Game Axie Infinity Surpasses $4 Billion in All-Time NFT Sales
Play-to-Earn Blockchain Game Axie Infinity Surpasses $4 Billion in All-Time NFT Sales This week, Axie Infinity, the blockchain-based online video game crafted by the Vietnamese sof