Kofi Mensah Jim Cramer, the host of the TV show Mad Money, is warning people not to use cryptocurrency trading platform Binance. This is because he believes the platform is “suspicious” and has been flagged by a U.S. agency called the Commodity Futures Trading Commission for taking action against its CEO Changpeng Zhao (CZ). This decision was made by Timothy Massad, an ex-regulator from this agency.
Jim Cramer Warns Investors to Avoid Binance
Jim Cramer, the host of CNBC’s Mad Money show, warned investors about using an online cryptocurrency trading platform named Binance on Friday. Cramer used to work as a hedge fund manager and also founded a website about finances and financial knowledge. He tweeted: ” After listening to Tim Massad during my last show (he used to be in charge of something called CFTC), I suggest not doing business with Binance since it looks too suspicious.”
Massad was the head of the U.S. Commodity Futures Trading Commission (CFTC) until 2017, and he has been saying for a while that cryptocurrencies need to have stricter regulations. The CFTC charged Binance and its CEO, Changpeng Zhao (CZ) because they said that the crypto trading platform was trying hard to conduct business in the US, even though it was helping people disobey US rules and didn’t follow safety procedures like know-your-customer (KYC).
Many people on social media found Jim Cramer’s tweet amusing. Some joked that he makes the wrong guesses often and think his negative opinion about Binance means good news for the coin exchange. Earlier, Cramer advised investors to invest in Silicon Valley Bank and Signature Bank, but then both banks experienced a huge loss.
Mr. Cramer has told people not to use the Binance service before. Back in December, he told everyone that it would be safer to put their money into a fantasy sports betting platform, like Draftkings, than Binance.
Cramer is not a fan of investing in crypto currencies. He recently said he would sell his bitcoins when the price was high and thinks that prices are going up because of manipulation. Before that, Cramer told people to stay away from crypto. He also believes that the US Securities and Exchange Commission will take action against any companies breaking the rules.
Do you think that Mad Money presenter Jim Cramer is right to say that Binance is “very suspicious”? Let us know your opinion in the comments.
