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The host of Mad Money, Jim Cramer, has warned investors about using cryptocurrency exchange Binance, stating that the crypto trading platform is \u201cway too sketchy.\u201d Cramer cited former regulator Timothy Massad, who previously served as chairman of the U.S. Commodity Futures Trading Commission (CFTC). The regulatory agency recently took action against Binance and its CEO, Changpeng Zhao (CZ). <\/strong><\/p>\n The host of CNBC\u2019s Mad Money show, Jim Cramer, cautioned investors about using cryptocurrency exchange Binance on Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. He tweeted:<\/p>\n After listening to Tim Massad on last night\u2019s show (former head of the CFTC), I would not do business with Binance. Just way too sketchy.<\/p>\n<\/blockquote>\n Massad, who served as chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2014-2017, has been an advocate of stronger cryptocurrency regulations for years. Explaining the charges the CFTC filed against Binance and its CEO, Changpeng Zhao (CZ), Massad described<\/a> that the crypto trading platform engaged in a \u201csystematic effort to cultivate U.S. business.\u201d He added that Binance allegedly helped \u201cU.S. persons get around restrictions\u201d and failed to comply with know-your-customer (KYC) regulations.<\/p>\n Many people on social media are entertained by Cramer\u2019s tweet. Some ridiculed the Mad Money host for frequently making wrong<\/a> predictions and took his negative comment about Binance as a bullish signal for the crypto exchange. Before the collapse of Silicon Valley Bank and Signature Bank, Cramer recommended investors purchase stocks in the two banks.<\/p>\n This was not the first time Cramer has cautioned against Binance. In December last year, he said he would trust his money more<\/a> in fantasy sports betting platform Draftkings than he would Binance.<\/p>\n Cramer has also been warning investors about investing in cryptocurrencies. Earlier this month, when the price of BTC<\/a> soared, the Mad Money host said he would sell his bitcoin<\/a> \u201cright into this rally.\u201d He firmly believes that crypto prices are being manipulated up. Prior to the BTC<\/a> rally, he advised investors to get out of the crypto<\/a>. Cramer also expects the U.S. Securities and Exchange Commission (SEC) to \u201cdo a roundup<\/a>\u201d of uncompliant crypto firms.<\/p>\nJim Cramer Warns About Binance<\/h2>\n
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