Jim Cramer’s recent tweet advising investors to stay away from Binance has provoked a strong reaction from Twitter users. The warning came after the CFTC charged Binance with violating trading and derivatives regulations in a lawsuit filed in federal court.
Cramer has long been skeptical of the cryptocurrency market and has warned investors about its risks.
However, many people on Twitter are questioning his motives for issuing the warning now. Some people believe that he is trying to scare people away from Binance so that he can short the stock and make a profit.
Changpeng Zhao, the CEO of Binance, mocked Cramer’s post with an emoji of a folded hand. Twitter users pointed up earlier Cramer suggestions, such as Silicon Valley Bank’s demise.
Trades in cryptocurrencies like Bitcoin, Ether, Litecoin, Tether, and Binance USD are made possible via Binance. Cramer said he would sell his Bitcoin “straight into the rise” earlier this month.