token has felt the ripple effects of the allegations, dropping more than 6% following the announcement.This lawsuit came on the verge another SEC action against cryptocurrency exchange Coinbase, alleging similar unregistered operations. However, Coinbase has not been accused of fraud. CEO Brian Armstrong also has not been named as a defendant.
Cramer, known for his straightforward financial advice on CNBC's"Mad Money," previously voiced criticism for cryptocurrency exchanges, including Binance and Coinbase. Last year, he opined that he found DraftKings to be more trustworthy than Binance and went as far as to say that Binance has"no real legitimacy."
It remains to be seen how the recent SEC lawsuits against Binance and Coinbase will impact the future of these cryptocurrency exchanges and the industry as a whole.