Jim Cramer, an American television celebrity and the host of Crazy Money on CNBC, has stated his worries about Binance in a tweet. He cited Tim Massad, former head of the CFTC, and said:
After listening to Tim Massad on last night's show (former head of the CFTC) I would not do business with Binance. Just way too sketchy
— Jim Cramer (@jimcramer) March 31, 2023
The current US government probe into Binance's business has generated a lot of discussion in the cryptocurrency community. In a complaint filed by the Commodities Futures Trading Commission (CFTC), Binance is accused of breaking both CFTC rules and the Commodity Exchange Act. The complaint claims that while publicly declaring its alleged intention to "ban" or "restrict" such consumers from using its platform, Binance has been seeking clients in the United States to earn income and provide liquidity for its multiple markets.
Despite this, Binance has been able to sustain a robust trading volume, with BinanceUS (excluding binance.com) achieving an all-time high of 41% of Coinbase's worldwide trading volume last week.
A former chief executive of Binance's US company has also hired a former federal prosecutor and top CFTC official to defend her in the US government's inquiries into Binance as a result of the inquiry.
How this probe will affect Binance and the crypto industry is yet unknown. It's crucial to remember that despite the charges, Binance's trading volume is still significant.
