Shark Tank star Kevin O’Leary says a new crypto exchange is on the way that will take business away from the industry’s leading giants.
In a new interview with Fox Business, the venture capitalist say the days of the ‘crypto cowboy’ are long gone.
O’Leary says a new company based in Abu Dhabi called M2 will become the largest “regulated” crypto exchange in the world, backed by billions in capital with connections to major institutional players.
“The era of the crypto cowboy, those days are over… We have the announcement coming up, or so the rumors go… In the next ten days they will announce M2 in Abu Dhabi, the largest exchange ever to is regulated with billions in support and connected to huge financial institutions.
Unfortunately, no American can register there. But what they are actually after is Binance [which] will probably lose half of its accounts to the new M2. Because now you can move on from something that the SEC is suing and move on to a compliant exchange backed by billions of dollars and huge financial institutions.”
The investor says he “would love” to be an early investor in the new project.
Kevin O’Leary promoted FTX shortly before its collapse and its CEO was arrested on fraud charges.
In October, O’Leary made similar comments about the M2 exchange.
“This hasn’t been announced yet, but in Abu Dhabi they are planning to launch a new exchange to replace both FTX and Binance, and they are going to receive billions [of dollars] it is called M2.
[It is going to be] fully compliant, backed by billions of dollars, incredibly stable, ownership transparency and it can be used legitimately by anyone in the world on a compliant basis…
It will become the new standard in exchanges because you can’t hold Bitcoin without an exchange for liquidity.”
At the time of writing, there has been no official announcement regarding the launch of M2.
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