Shark Tank star Kevin O’Leary says a new crypto exchange is coming that will take business away from the industry’s leading giants.
In a new interview with Fox Business, the venture capitalist says the days of the “crypto cowboy” are long gone.
O’Leary says that a new firm based in Abu Dhabi called M2 will become the largest “regulated” crypto exchange in the world, backed by billions in capital with connections to large institutional players.
“The age of the crypto cowboy, those days are over… We have the pending announcement, rumored… In the next ten days, they will announce M2 in Abu Dhabi, the largest exchange ever that’s regulated with billions backing it and tied to huge financial institutions.
So, unfortunately, no American can register there. But really what they are going after is Binance [which] will probably lose half of its accounts to the new M2. Because now you can go off something that the SEC is suing and go on to a compliant exchange that’s backed by billions of dollars and huge financial institutions.”
The investor says he “so badly” wants 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’re going to get billions [of dollars] on it called M2.
[It is going to be] totally compliant, backed by billions of dollars, incredibly stable, ownership transparency and it can be used by anybody in the world legitimately on a compliant basis…
It’s going to become the new standard in exchanges because you can’t hold Bitcoin without an exchange for liquidity.”
At time of writing, there has been no official announcement about the launch of M2.