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Jim Cramer Issues Warning on Binance: Details

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Thu, 5/01/2023 - 12:18
Jim Cramer Issues Warning on Binance: Details
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In a tweet, CNBC Mad Money host Jim Cramer issued yet another warning about top cryptocurrency exchange Binance; this time, he believes the U.S. Securities and Exchange Commission is very concerned about Binance.

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Cramer also blatantly reiterated his anti-crypto stance, saying, "I do not like crypto."

The Mad Money host opines that the SEC not letting Binance close the Voyager deal might be an indication that the agency is very worried that Binance will prove to be more chimerical than many think.

He further stated his dislike for crypto, stating its defenders were too strident about its need. He added, "I just don't want people to lose money needlessly."

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In a new development, the U.S. Securities and Exchange Commission (SEC) has filed a limited objection to Binance. The United States proposed a $1.02 billion acquisition of the assets of defunct crypto lender Voyager.

The ability of the cryptocurrency exchange to "consummate a transaction of this magnitude," as well as how Binance.US intends to secure customer funds, and details on how Binance.US will rebalance its cryptocurrency portfolio were among the informational gaps the SEC raised in its filing.

In December, Voyager Digital announced that Binance.US had agreed to purchase its assets for $1.022 billion. The bankrupt crypto lender Voyager had consented earlier to sell its assets to the now-defunct crypto exchange FTX before Binance made a renewed bid.

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This is not the first time that CNBC's "Mad Money" host has criticized the world's largest cryptocurrency exchange in terms of trading volume, Binance.

Cramer said ironically that he would trust his money more in DraftKings, a sports betting company, than in Binance, saying Binance has "no real legitimacy" following the implosion of its main rival, FTX.

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