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April 01, 2023

Binance CEO Laughs at Jim Cramers’ Critique of ‘Sketchy’ Exchange

  • The host of Mad Money Jim Cramer says that Binance is sketchy.
  • Cramer says that after listening to CFTC Head, he would not do business with Binance.
  • Binance CEO Changpeng Zhao responded to Cramer’s tweet with an emoji.

Jim Cramer, the host of Mad Money on CNBC, has tweeted that he would not do business with Binance after listening to Tim Massad, former head of the CFTC, on last night’s show. Cramer also stated that Binance was way “too sketchy.”

Cramer has quite the reputation for his predictions going the other way. Every time he makes a prediction, the opposite thing is said to happen. In that context, a Twitter user named Mrvik.eth replied, “I just put my entire net worth back on Binance.”

Binance CEO Changpeng Zhao (CZ) responded to the tweet with a laughing emoji. The comment from Cramer comes as a follow-up to the recent FUD that is happening about Binance.

Binance, the leading cryptocurrency exchange worldwide in terms of trading volume, has faced regulatory challenges across multiple jurisdictions. Recent investigations, which have been ongoing for several years, have culminated in formal charges being brought against the exchange.

The Commodity Futures Trading Commission (CFTC) reportedly filed a lawsuit on Monday alleging that Binance, along with its CEO Changpeng Zhao and other staff, violated regulations related to trading and derivatives.

According to the lawsuit, Binance encouraged customers in the United States to use the platform and failed to comply with regulations intended to prevent American citizens from trading unregistered crypto derivatives products.

The scrutiny of the cryptocurrency realm is also believed to be part of a bigger mission called “Operation Choke Point 2.0.” This operation is aimed at bringing down the cryptocurrency industry in the US, while other nations are embracing it.

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