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Jim Cramer Expresses Concern Over CFTC Complaint Against Binance

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Wed, 29/03/2023 - 17:30
Jim Cramer Expresses Concern Over CFTC Complaint Against Binance
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Jim Cramer, host of CNBC's "Mad Money," expressed concerns over the Commodity Futures Trading Commission's (CFTC) recent lawsuit against Binance, the world's largest cryptocurrency exchange.

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In a tweet on March 29, Cramer called the complaint an example of "a company gone rogue."

Binance and its CEO, Changpeng Zhao, face allegations of regulatory violations filed by the CFTC in federal court in Chicago on Monday.

The CFTC accuses Binance and Zhao of breaking trading and derivatives rules by soliciting and accepting orders from U.S. customers involving spot and derivative transactions since July 2019 without being registered with the CFTC.

The lawsuit raises further questions about the regulatory environment for cryptocurrency exchanges, particularly in the United States, where regulations have been tightening.

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Cramer, who has been vocal about his opinions on cryptocurrency, recently urged investors to opt for gold instead of cryptocurrencies like Bitcoin as a hedge against inflation or economic chaos.

As reported by U.Today, Cramer also warned that Binance, the largest cryptocurrency exchange, lacked legitimacy, and he trusts DraftKings more with his money. Binance CEO Changpeng Zhao dismisses Cramer's concerns, stating that the exchange is safe.

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