Just In: Binance Executive Warns Jim Cramer Over Wild Accusation
Crypto Market News: Long term crypto market skeptic Jim Cramer has been coming down heavily in criticism of Binance in the wake of the U.S. Securities and Exchange Commission’s (SEC) lawsuit against the crypto exchange. The CNBC host went to the extent of calling the exchange a sham. However, he also hinted that the Coinbase SEC lawsuit was to an extent biased when compared with the Binance lawsuit. Earlier, CoinGape reported that the lack of charges against Coinbase CEO Brian Armstrong was a major difference between the two cases.
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In a latest, Cramer made yet another comment on the state of Binance in the lawsuit, to which the Binance management reponded aggressively. The CNBC host was asked to back his FTX related comparison with evidence as the exchange could later on ‘revisit’ the accusations.
Jim Cramer’s Comparison Of Binance With FTX
On Tuesday, Cramer was highly critical of Binance and Coinbase’s businesses, in the context of the back to back lawsuits from the SEC. Stating that investors should withdraw funds from Binance, he also compared the exchange’s position with that of fallen crypto exchange FTX. Apparently, this has not gone down well with the Binance leadership. Patrick Hillmann, the Chief Communications Officer at Binance, warned Cramer over his wild 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 on Wednesday, Jim Cramer continued his criticism of the crypto market, as two of the world’s top crypto exchanges have been targeted in quick succession.
I've had it with Coinbase and don't get me started on Binance
— Jim Cramer (@jimcramer) June 7, 2023
Meanwhile, the Bitcoin price continues to maintain the 24 hour gains despite the frenzy over the legal action.
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