After celebrating the bullish uptick in mid-March, Binance, the world’s largest cryptocurrency exchange, was presented with another regulatory conundrum. Earlier this week, the stock market was hit by a court case by the Commodity Futures Trading Commission [CFTC]. The lawsuit accuses both Binance and its CEO Changpeng Zhao of several violations. While some continued to trust the company, a few others did not.
Prominent CNBC host, Jim Cramer, was among the latter, and his latest tweet was proof of that. Cramer called out Binance for being “vague” and claimed he would never work with the CZ-led company.
Cramer is notoriously known for his predictions and comments that usually fail to materialize or react in the opposite way. That’s why some community members congratulated Binance and CZ for being “safe” now.
CZ also acknowledged Cramer’s tweet with the “
emoji on Twitter. Many rushed to sarcastically suggest that brighter and more optimistic days lay ahead for the exchange. It should be noted that Cramer has previously done several digs at Binance. In December 2022, he suggested the exchange had taken place “no real legitimacy.” In the midst of this, one of the Binance chief’s tweets caused quite a stir in crypto Twitter.
Is Binance.US better than Coinbase?
Following this tweet from Cramer, CZ took to Twitter and shared a chart showing Binance’s weekly trading volume. According to the data, Binance.US trading volume surged to an all-time high last week. He also pointed out that the US wing of the company alone accounted for 41% of Coinbase’s global trading volume in the past week.
Sharing some public data. @BinanceUS (Not included https://t.co/ukvU1dlpOt) weekly trading volume reached 41% of Coinbase’s (worldwide) trading volume last week. An ATH. pic.twitter.com/DMY8f64Eab
— CZ
Binance (@cz_binance) March 31, 2023
A majority praised CZ for its transparency and increased numbers. But few pointed out that trading volume included both buying and selling activity.
After the latest lawsuit, Binance experienced increasing withdrawals. Several attributed the increase in trading volume to this incident. It should be noted that Binance encountered a worthwhile outflow $2 billion following the lawsuit. Therefore, the above tweet was not considered positive for the exchange. A Twitter user wrote,
“High volume also includes sales volume to withdraw money. It would be better to focus on net inflows. Don’t be fooled by @cz_binance guys!”
A few others urged CZ to include Binance’s total trading volume.