Binance faces criticism and legal action from Jim Cramer and influencers.

Jim Cramer, the host of Mad Money, has warned investors against using Binance, stating that the crypto trading platform is "way too sketchy." Cramer cited former regulator Timothy Massad, who previously served as chairman of the U.S. Commodity Futures Trading Commission (CFTC). The regulatory agency recently took action against Binance and its CEO, Changpeng Zhao (CZ). Massad described that the crypto trading platform engaged in a "systematic effort to cultivate U.S. business" and failed to comply with know-your-customer (KYC) regulations.