The pundit believes Binance may not be living up to the standards it preaches.
In a tweet today, CNBC Mad Money host Jim Cramer suggested that the US Securities and Exchange Commission is worried about Binance.
The comments come in response to the SEC filing a limited objection to Binance.US’s acquisition of Voyager assets. The TV personality opined that Binance might be “more chimerical than we think.” The Mad Money host implied users should take their funds off the exchange, saying, “I just don’t want people to lose money needlessly,” after sounding warnings against crypto.
SEC not letting Binance close the Voyager deal.. i think the SEC is VERY worried that Binance will prove to be more chimerical than we think. I reiterate, i do nit like crypto and its defenders are too strident about its need… I just don't want people to lose money needlessly
— Jim Cramer (@jimcramer) January 5, 2023
Recall that last month, the analyst sent mixed messages to followers on his view of the leading crypto exchange as it experienced what Binance chief Changpeng Zhao termed a “stress test.” Cramer appeared to support Binance on December 14, only to say he would rather trust DraftKings with his funds two days later.
It bears mentioning that the pundit has predicted a bleak year for crypto assets, much to the excitement of the crypto community, which is used to seeing things go against his predictions.
Meanwhile, Cramer is not the only one to suspect a deeper intent behind the SEC’s objection to the Binance-Voyager deal. Attorney John Deaton has said he suspects the regulator will sue the crypto exchange.
Notably, the SEC in its filing, asserted that it was dissatisfied with Binance.US’s disclosure statement, questioning how the crypto exchange planned to finance the acquisition. Binance.US lawyers have committed to filing a revised disclosure statement before the next hearing.
While it is widely reported that Binance.US will pay $1.02 billion to acquire Voyager’s assets, a Forbes report contrasts this, saying the crypto exchange is only paying $20 million for the defunct crypto lender’s customer accounts. According to Forbes, the extra $1 billion represents the value of the assets in these accounts, which will eventually be distributed to Voyager customers at the bankruptcy court’s discretion.