Celebrity host of CNBC Mad Money, Jim Cramer recently called out Binance, the largest cryptocurrency exchange in the world. He said that he would not conduct business with Binance as it was “way too sketchy.” Binance CEO replied with a hands folded emoji that can mean either please or thank you. Followers and fans had mixed reactions. Last Monday, the Commodity Futures Trading Commission (CFTC) served a lawsuit against Binance. Many cryptocurrency companies are facing scrutiny after the massive collapse of FTX.
On Friday, Jim Cramer, who is a popular host, former hedge fund manager and co-founder of a financial website called TheStreet Inc. posted on social media that he would not undertake business with Binance after he had listened to Tim Massad, on the show the previous night. Massad is the former head of the CFTC.
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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.
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