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CNBC host Jim Cramer said Binance is “way too sketchy” for him to use the platform.
The comment came following a CNBC appearance by former Commodities Futures Trading Commission (CFTC) Chair Tim Massad, in which Cramer had the opportunity to hear Massad speak about the exchange.
“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.”
Massad served as CFTC Chair between 2014 and 2017 and now works as a Research Fellow at Georgetown law school, specializing in financial regulation and fintech.
Inverse Cramer
Cramer’s post was met with multiple replies making light of his words.
Crypto Rand said that is the signal to go long on the BNB token. Similarly, Carl From The Moon said he now feels confident enough to deposit funds back on the exchange.
“Perfect, now I’m ready to deposit back to #Binance
Thanks Jim, best confirmation I could have gotten.”
Binance CEO Changpeng Zhao (CZ) joined in by simply tweeting the “pray” emoji, presumably to thank Cramer for contributing to the pro-crypto cause.
Cramer has a long-running reputation for making incorrect calls. A 2013 CBS News article cited several examples of his “poor ability to call stock sells.”
Jokingly, the author floated the idea of launching a hedge fund called Remarc (Cramer spelled backward) to trade his opposite calls.
Ten years later, the Inverse Cramer ETF was launched in March – managing to beat the S&P500 in its first week.
CFTC goes after Binance
On March 27, the CFTC filed legal action against Binance over allegations of breaking commodities rules — thus operating an illegal exchange.
The 74-page complaint detailed several charges, including helping U.S. citizens bypass blocks to accessing the platform, operating an opaque corporate structure with no physical location headquarters, and failing to prevent and detect money laundering and terrorism financing.
CZ said the company does not agree with the charges — which he put down to “ an incomplete recitation of facts.”