Kevin O’Leary from Shark Tank Predicts Regulatory-Compliant Crypto Exchange to Challenge Binance and FTX
Venture Capitalist Kevin O’Leary Announces Upcoming Launch of Major Crypto Exchange in the Middle East
"In a recent interview with Fox Business, Kevin O’Leary expressed concerns about the increasingly hostile regulatory environment for cryptocurrencies in the United States, which has prompted innovative crypto companies to seek friendlier jurisdictions abroad.
O’Leary, a prominent figure on Shark Tank, revealed that a major crypto exchange is being developed in Abu Dhabi, poised to compete with platforms like FTX and Binance. The new exchange, known as M2, is anticipated to be fully compliant, backed by substantial capital, characterized by stability, and offering transparency in ownership. It aims to facilitate legitimate global crypto trading by adhering to regulatory standards.
O’Leary emphasized the importance of crypto exchanges, stating, 'It’s going to become the new standard in exchanges because you can’t hold Bitcoin without an exchange for liquidity.'
The emergence of Abu Dhabi as a significant player in the crypto industry serves as a wake-up call to American lawmakers and regulators. O’Leary pointed out that the actions taken by the U.S. Securities and Exchange Commission (SEC), such as the lawsuit against Coinbase, the country's largest crypto exchange, have hindered the development of crypto-related financial products, including exchange-traded funds (ETFs).
O’Leary's message is clear: as Abu Dhabi positions itself as a new hub for cryptocurrency innovation and investment, the United States needs to reconsider its regulatory approach to remain competitive in the rapidly evolving crypto space.
I
Oct 01, 2023
