After celebrating the bullish upswing in mid-March, Binance, the world’s largest cryptocurrency exchange was presented with another regulatory conundrum. Earlier this week, the exchange was hit with a lawsuit by the Commodity Futures Trading Commission [CFTC]. The lawsuit accuses both, Binance as well as its CEO Changpeng Zhao, of various violations. While some continued to trust the firm, a few others did not.
Prominent CNBC host, Jim Cramer belonged to the latter and his latest tweet was proof of the same. Cramer called out Binance for being “sketchy” and he claimed that he would never work with the CZ-led firm.
Cramer has been infamously known for his predictions and comments that most often don’t come true or react in the opposite manner. Hence, some community members congratulated Binance and CZ as they were “safe” now.
CZ also acknowledged Cramer’s tweet with the “🙏” emoji on Twitter. Many rushed to sarcastically suggest that better and bullish days were ahead for the exchange. It should be noted that Cramer has taken several digs at Binance earlier. Back in December 2022, he suggested that the exchange had “no real legitimacy.” Amidst this, one of Binance chief’s tweets started quite an uproar in crypto Twitter.
Is Binance.US better than Coinbase?
Following this tweet by Cramer, CZ took to Twitter and shared a chart highlighting the weekly trading volume of Binance. According to the data, Binance.US’s trading volume surged to an all-time high last week. He also pointed out that the firm’s U.S. wing alone accounted for 41% of Coinbase’s global trading volume over the last week.
A majority of them lauded CZ for his transparency and the increased numbers. But few pointed out how trading volume included both buying and selling activity.
Following the latest lawsuit, Binance encountered increased magnitudes of withdrawals. Several attributed the rise in trading volume to this incident. It should be noted that Binance encountered outflows worth $2 billion following the lawsuit. Therefore, the above tweet wasn’t deemed positive for the exchange. One Twitter user wrote,
“High volume also includes selling volume in order to withdraw funds. It would be better to focus on net inflows. Don’t be fooled by @cz_binance guys!”
A few others urged CZ to include the overall trading volume of Binance.