Giovanni Russo Jim Cramer, the host of Mad Money, has shared a warning about using Binance – a cryptocurrency platform. He said it’s way too suspicious and he quoted former regulator Timothy Massad as proof. Tim used to be the person in charge of an important commission known as US Commodity Futures Trading Commission (CFTC). The CFTC recently took some legal action against Binance and its CEO Changpeng Zhao (CZ).
Jim Cramer Cautions Investors to Stay Away from Binance
Jim Cramer, the host of CNBC’s Mad Money show and former hedge fund manager who co-founded Thestreet.com, warned people about using Binance cryptocurrency exchange on Friday. He was told this by Tim Massad, an ex-head at CFTC (Commodity Futures Trading Commission). Jim tweeted: “I wouldn’t recommend anyone to use Binance because it just seems way too suspicious.”
Massad has been hoping for tighter rules on cryptocurrency for a while. He said that the US Commodity Futures Trading Commission (CFTC) took legal action against Binance and its CEO, Changpeng Zhao (CZ), because they operated without following necessary laws and regulations. Massad suggested that Binance tried to help U.S. folks ignore important rules like ‘know your customer’ which requires companies to get information about people using their products.
Many people find the tweets of Cramer funny on social media. Some poked fun at him because often his predictions are not correct, and he even had something negative to say about Binance. Prior to Silicon Valley Bank and Signature Bank going downhill, Cramer suggested investors buy stocks of those two banks.
This isn’t the first time Cramer has warned against Binance. Last December, he said that it would be safer to put his money in Draftkings (a fantasy sports betting platform) than in Binance.
Recently, a famous investment guru named Cramer has been warning people about investing in cryptocurrencies. He thinks that the prices of these digital assets are going up due to manipulation and he recommended everybody to sell their cryptocurrencies. Additionally, he predicts that the U.S. Securities and Exchange Commission will be looking at companies related to cryptos for any issues soon.
Do you think what Mad Money host Jim Cramer said about Binance is true; that it’s “way too sketchy”? Let us know in the comments section.
