Cramer: This FTX vs Binance issue is extremely concerning for crypto

on Nov 8, 2022
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  • Cramer says Binance and FTX issue could impact crypto market
  • FTX is not Three Arrows Capital, Cramer noted referencing the collapsed crypto hedge fund.
  • FTX token FTT fell more than 24% on Tuesday.

CNBC’s ‘Mad Money’ host Jim Cramer, has added his voice to cryptocurrency’s hottest topic today by noting that the fued issue around Binance and FTX crypto exchanges is “extremely concerning.

Cramer said this on Tuesday during an appearance in a ‘Squawk on the Street’ episode.

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‘I’ll say this: the opaque nature of the Binance versus Sam Bankman-Fried, I find [it] concerning.”

FTX CEO ‘real deal’ in crypto

According to Cramer, this opaque nature of the whole issue around the leading crypto exchanges and the men at their helm, makes it difficult for the market to draw any conclusions – positive or negative.

Asked how concerned he was about this, the seasoned investor replied “extremely.” He added:

“We have a lot of viewers who are in this, and they have arguably been kept in the dark by someone.”

The ‘Mad Money’ host’s comments came as cryptocurrencies saw major dips Tuesday. FTX’s FTT token fell heavily with over 24% in losses pushing its value below $19. Bitcoin (BTC/USD) and Ethereum (ETH/USD) also slipped, going down 6% and 7% respectively to under $20,000 and $1,550. Dogecoin (DOGE/USD) tumbled double digits.

Cramer said Binance CEO Changpeng Zhao’s comments that Binance had elected to liquidate its FTT holdings as a result of “recent revelations’ about FTX and Alameda were worrying.  

On what the reports on FTX’s balance sheet say and could mean for crypto, Cramer noted:

“This is not Three Arrows. This is the real deal; this is a man who has been instrumental in making sure this market works right.”