After the implosion of the FTX crypto exchange, various people are arguing about the current status of Binance, the largest cryptocurrency exchange. In the latest development, Jim Cramer, a CNBC host, claims that Binance has no “real legitimacy.” He seems puzzled by the arguments of crypto market strategists that most of the cryptocurrencies have no value at all.
Jim Cramer says that why these strategists are not asking people to sell their crypto assets as these are worthless. But still, he is fearing the future of the crypto market and says that he would trust his money more in DraftKing than in Binance.
Binance CEO Changpeng Zhao has also answered Cramer’s remarks by saying that he should refrain from using Binance for the sake of everyone else.
Since the collapse of FTX exchange, there has been a wave of negative sentiment regarding crypto exchanges. In the wake of these several negative events, Binance has seen a record number of withdrawals.
