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Jim Cramer Says Binance 'Way Too Sketchy,' Binance CEO CZ Reacts

Fri, 03/31/2023 - 12:22
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Tomiwabold Olajide
This is not first time Cramer has taken aim at Binance
Jim Cramer Says Binance 'Way Too Sketchy,' Binance CEO CZ Reacts
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In a recent tweet, CNBC's Mad Money host, Jim Cramer, took aim at the world's largest cryptocurrency exchange, Binance. 

Cramer stated he would not do business with Binance, adding it was "just way too sketchy."

Cramer's tweet got the attention of Binance CEO Changpeng "CZ" Zhao, who reacted with an emoji that can mean "please" or "thank you."

Some Twitter users interpreted CZ's hand-praying emoji to mean "sigh of relief," as several considered the fact that Cramer's predictions often go the opposite of what he says.

Some say it remains a "bullish signal" for Binance. This is not the first time Cramer has taken aim at Binance.

In December, after FTX collapsed, Cramer said Binance had "no real legitimacy." He added that he would trust his money more in DraftKings, a sports betting company, than in Binance.

Jim Cramer Issues Stark Warning About Binance

Following the criticism, Binance CEO Changpeng Zhao half-joked that Cramer should refrain from using Binance "for the sake of everyone else."

Binance CFTC lawsuit

On Monday, the crypto industry got the shocking news that Binance had been slapped with a lawsuit by the Commodity Futures Trading Commission (CFTC).

The CFTC's moves were described as "unexpected and disappointing" by Binance. CZ's first statement to the public was the number "4," which refers to an earlier post in which he listed his "dos and don'ts for 2023: 4. Ignore FUD, fake news, attacks, etc."

The CFTC's lawsuit "appears to contain an incomplete recitation of facts, and we don't agree with the characterization of many of the issues alleged in the complaint," CZ wrote in a longer blog post following up on his initial response.

Binance "does not trade for profit or manipulate the market under any circumstances," CZ claimed in reaction.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.