Venture capitalist Kevin O’Leary says a major crypto exchange is being set up to launch in the Middle East.
In a new Fox Business interview, O’Leary says the hostile regulatory environment in the United States is causing innovative crypto companies to leave the country.
The Shark Tank star says that instead of growing in the US, major players want to build in other countries that have a friendlier attitude towards the emerging industry.
“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.”
According to O’Leary, Abu Dhabi’s emergence as a major competitor in the crypto space should serve as a wake-up call for US lawmakers and regulators.
“Gensler sued Coinbase, the largest [crypto exchange] in the US, which is why Fidelity and BlackRock were there on the Hill. [They] were really unhappy because they couldn’t do their ETF (exchange-traded fund).
Well, Abu Dhabi is raising its hand and saying, ‘We can do it here. If we can’t do it there, we’ll do it here. We are the new capital of capital and we come to compete. ”
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