Jim Cramer, the well-known presenter of CNBC’s Mad Money, recently criticized Binance, the biggest cryptocurrency exchange in the world. He claimed that Binance was “way too sketchy” for him to do business with it. The CEO of Binance responded with a hand-folded emoji, which can be used to say either thank you or request. Fans and followers responded in different ways. The Commodity Futures Trading Commission (CFTC) issued legal papers on Binance on Monday. Following FTX’s dramatic fall, numerous cryptocurrency businesses are being closely watched.
After hearing Tim Massad on the program, the night before, popular host Jim Cramer, a former hedge fund manager, and the co-founder of the financial website TheStreet Inc., announced on social media on Friday that he would not do business with Binance. Massad served as the CFTC’s previous chairman.
Cramer’s tweets drew mixed reactions and responses from fans and followers on social media. Some of them considered his negative comment on the cryptocurrency as a positive signal as the Mad Money host has made a few predictions that turned out opposite to his recommendations.
Before the collapse of Silicon Valley Bank and Signature Bank, Jim Cramer had recommended these stocks as buy, to investors. The stocks and the banks crashed following his advice.
This made some followers have a positive outlook on his recommendations on Binance.
Although investments into cryptocurrency continue, the recent collapse of FTX, the second largest cryptocurrency exchange followed by the lawsuit against Binance last week by the CFTC has affected investments in the crypto industry.
Several celebrity stars including Kim Kardashian, Jake Paul, Lindsay Lohan, and many others have paid fines for SEC charges on them over their law violations when these celebrity stars touted cryptocurrencies.
CWEBÂ has provided some information for this story.
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