Economist Jim Cramer, who is famous for being wrong in his comments on both the cryptocurrency market and traditional markets, commented on the crypto exchange Binance.
As it is known, the SEC filed a lawsuit against Binance on the grounds that it sold unregistered securities and mixed customer funds yesterday evening. Today, the SEC again targeted a cryptocurrency exchange and filed a similar lawsuit against Coinbase, the largest US crypto exchange.
Commenting on Twitter after the second lawsuit, Jim Cramer said:
“If you have money on Binance, leave your 'investor' friends behind and exit as your assets are mixed… Whoever comes out first can get their money.”
If you have money with Binance, beat your fellow "investors" and get out as your assets are commingled… First out, might get money
— Jim Cramer (@jimcramer) June 6, 2023
Many cryptocurrency users humorously thanked Cramer, who was ridiculed for his predictions being wrong, for saving Binance with this statement.
Cramer previously announced that he was in favor of the bull on META stocks, and then there was a big drop in these stocks. Similarly, he used the term "loser" for NVIDIA, the company that has been on the agenda in recent days, and then the company exceeded the market value of 1 trillion dollars.
Cramer previously described Bitcoin as an "illegal currency" in 2017, but later bought some in 2020 and said it was a "great alternative to gold."
However, he sold most of his Bitcoin in 2021, citing China's pressure on crypto mining and his concerns about ransomware attacks in the US. He also said that he prefers Ethereum over Bitcoin because of its faster transactions and smart contracts.
*Not investment advice.
