In the aftermath of the SEC lawsuit, Jim Cramer, a skeptic of the cryptocurrency market, has been extremely critical of Binance.
The U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance, long-term crypto market skeptic Jim Cramer has been extremely critical of the cryptocurrency exchange.
The CNBC presenter went so far as to describe the exchange as a sham. Nevertheless, he also implied that the Coinbase SEC litigation was somewhat biased in comparison to the Binance SEC lawsuit. Previously, CoinGape reported that the absence of allegations against Coinbase CEO Brian Armstrong was a significant distinction between the two instances.
Cramer commented on Binance’s position in the litigation, to which Binance’s management responded aggressively. The CNBC host was asked to support his FTX-related comparison with evidence, as the exchange could revisit the accusations in the future.
Jim Cramer’s Analysis Of Binance And FTX
Tuesday, Cramer was highly critical of Binance and Coinbase’s enterprises in light of the SEC’s back-to-back lawsuits. He advised investors to evacuate funds from Binance and compared the exchange’s position to the defunct cryptocurrency exchange FTX.
This has apparently not gone over well with the Binance leadership. Patrick Hillmann, chief communications officer at Binance, cautioned Cramer about his outrageous comparison.
“Hey Jim Cramer, We will eventually revisit your on-air claims yesterday that we are guilty of the same crimes that FTX is accused. I hope you have some evidence of that.”
Earlier Wednesday, Jim Cramer criticized the cryptocurrency market as two of the world’s most prominent cryptocurrency exchanges were quickly attacked.
I've had it with Coinbase and don't get me started on Binance
— Jim Cramer (@jimcramer) June 7, 2023Also, the Bitcoin price has maintained its 24-hour gains despite the legal action fervor.
