Kevin O’Leary of “Shark Tank” Claims a New Regulatory-Compliant Crypto Exchange Will Replace Binance and FTX
According to venture investor Kevin O’Leary, a significant cryptocurrency exchange is now being prepared for debut in the Middle East.
O’Leary claims in a recent appearance with Fox Business that creative crypto startups are leaving the United States because of the country’s unfavorable regulatory environment.
The Shark Tank star claims that significant companies are trying to expand in nations with a friendlier view of the emerging sector rather than the United States.
“Although it hasn’t been officially stated yet, Abu Dhabi is planning to open a new exchange called M2 to compete with both FTX and Binance. They expect to make billions of dollars from it.
It will be lawfully used by anybody in the globe without fear of legal repercussions, backed by billions of dollars, extremely stable, and with clear ownership transparency.
You can’t keep Bitcoin without an exchange for liquidity, therefore this is likely to become the industry norm.”
O’Leary argues that American legislators and authorities should take notice of Abu Dhabi’s development as a major rival in the crypto market.
Fidelity and BlackRock were on Capitol Hill because “Gensler has sued Coinbase, the biggest [crypto] exchange in the US. They were really disappointed that they were unable to carry out their exchange-traded fund (ETF).
Now Abu Dhabi is saying, “We can do it over here,” so the game is on. We’ll do it here if it can’t be completed there. We’re the next big financial center, and we’re here to compete.”