Jim Cramer, the renowned television personality, author, and former hedge fund manager, has once again made waves in the financial world with his bullish comments on Binance and its CEO, Changpeng Zhao (CZ).
Despite the controversy surrounding Binance and the ongoing lawsuits by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), Cramer expressed optimism and even announced his intention to invest in Binance tokens.
Jim Cramer’s Positive Outlook on Binance and CZ
During a recent discussion on CNBC Market Alert, Jim Cramer voiced his support for Binance and its CEO, CZ. Despite the regulatory pressures and challenges faced by the exchange. Cramer acknowledged CZ’s efforts in proving and dispelling fear, uncertainty, and doubt (FUD) surrounding Binance.
While some critics argue that Binance has only proven collateral and not reserves, Cramer believes CZ is trustworthy and expressed his bullish sentiment by stating, “I’m loading up on their tokens. Way oversold!”
Cramer’s comments quickly caught the crypto community’s attention, with many questioning the potential impact of his endorsement on Binance, BNB, and CZ. It is worth noting that this is not the first time Cramer has made remarks about Binance. In the past, he has expressed skepticism about the legitimacy of the exchange, especially in comparison to other investment options like DraftKings, a sports betting company.
The Regulatory Challenges and Lawsuits
The SEC filed 13 charges against Binance and CZ, alleging both comingled billions of dollars worth of user funds and sent them to a European company controlled by Zhao.
Moreover, the SEC has filed a lawsuit against Binance, seeking a court order related to undisclosed documents. This unexpected development has been described as disappointing by Binance. CZ responded to the lawsuit by posting “4” on social media, alluding to his previous statement about ignoring FUD, fake news, and attacks.
In addition to the SEC lawsuit, Binance is also dealing with a lawsuit from the CFTC. The specifics of these legal cases are still unfolding, and CZ has expressed disagreement with the characterization of the issues alleged in the complaints.
The crypto community has closely monitored the developments surrounding Binance, CZ, and Cramer’s comments. Most recently, the crypto influencer Crypto Rover posted on X, joking about the investor’s unpredictability due to the fact that him being bullish on Binance’s token.
The opinions are divided, with some viewing Cramer’s endorsement as a bullish signal for Binance. However, others remain cautious, considering the current regulatory challenges and lawsuits the exchange faces.
