Jim Cramer Said Binance Is “Way Too Sketchy” For Business Deals

In a recent tweet, Jim Cramer, an American television personality and host of Mad Money on CNBC, expressed his concerns about Binance. He cited Tim Massad, former head of the CFTC, and said, “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.“

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

— Jim Cramer (@jimcramer) March 31, 2023

The recent investigation by the US authorities into Binance’s operations has created a lot of buzz in the cryptocurrency world. The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance, alleging a violation of the Commodity Exchange Act and CFTC regulations. The lawsuit accuses Binance of soliciting customers in the United States to generate revenue and provide liquidity for its various markets, despite publicly stating its purported intent to “block” or “restrict” such customers from accessing its platform.

Despite this, Binance has been able to maintain a strong trading volume, with BinanceUS (excluding binance.com) reaching 41% of Coinbase’s global trading volume last week, an all-time high, according to the CZ post.

The investigation has also led to a former chief executive of Binance’s US subsidiary enlisting a former federal prosecutor and top cop at the CFTC to represent her in the US government’s investigations into Binance.

It remains to be seen how this investigation will impact Binance and the cryptocurrency world. However, it is important to note that Binance’s trading volume remains strong despite the allegations. As always, investors must conduct their due diligence and carefully consider the risks before investing in any cryptocurrency.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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