Legendary stockbroker Jim Cramer has targeted the market’s largest cryptocurrency exchange after his criticism of Solana and Dogecoin. He said he trusts bookies more than crypto exchanges.
Jim Cramer gave sharp warning about this cryptocurrency exchange
The CNBC presenter, known as a stockbroker, gave a warning about Binance in his statements on Twitter on December 16. Known for his anti-crypto stance, the financial expert argues that Binance “has no real legitimacy” after its main competitor collapsed. He also points out the reluctance of most crypto analysts to admit that cryptos are worthless. On that matter, “Why aren’t there any analysts here saying ‘most cryptos are worthless so sell them’? she says.
Cramer later gave harsh criticism of Binance. His crisis was, “Why can’t the people responsible accept that Binance has no real legitimacy after what happened to FTX?” he asked. The former stockbroker also says he trusts a bookmaker more than Binance. Their disclosure came amid a money laundering charge from Binance dating back to 2018.
Binance can be prosecuted in the US
cryptocoin.com As we have reported, a Reuters report dated December 12 suggested that Binance would be prosecuted in the US for money laundering and sanctions violations. According to the report, US Department of Justice (DOJ) prosecutors say there is evidence to indict Binance executives, including CZ. Following this news, Kraken CEO Jesse Powell also said that Binance carries a “big red flag”. The news feed is followed by the statements of the auditor firm Mazars on 16 December.
Mazars, which oversees Binance, suspends services for cryptocurrency exchanges
Mazars, which oversees Binance’s reserves, announced that it is suspending all services for crypto firms, including proof of reserve. According to a Binance spokesperson, France-based Mazars will not offer services for crypto exchanges, including proof of reserve. Clients include Binance, KuCoin, Crypto.com and other major exchanges. The firm says that the crypto market is not secured by proof-of-reserve reports:
Mazars stated that they will temporarily cease working with all crypto clients globally, including Crypto.com, KuCoin, and Binance. Unfortunately, this means we cannot work with Mazars at this time.
Binance CEO CZ has previously mentioned that audit firms are reluctant to work with crypto companies. The leading exchange has put its reserves under the control of Mazars to lead this. However, Glassnode’s report says that Binance made a mistake in its self-reported Bitcoin reserve.
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