- Venture capitalist Kevin O’Leary divulges a looming crypto exchange launch in Abu Dhabi, geared to overshadow Binance and FTX.
- The Shark Tank mogul underlines the adverse US regulatory milieu, driving crypto innovators towards more lenient jurisdictions.
In a recent disclosure on Fox Business, venture capitalist Kevin O’Leary shed light on a monumental development brewing in the Middle Eastern crypto sphere. The imminent unveiling of a major crypto exchange in Abu Dhabi is foreseen as a stern challenger to established platforms like Binance and FTX. The Shark Tank veteran laments the unaccommodating regulatory posture in the United States, which he believes is impelling crypto-ventures to seek friendlier terrains overseas.
Abu Dhabi’s Regulatory Oasis Nurtures Crypto Advancement
“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.”
The forthcoming M2 platform emanates as a beacon of regulatory compliance, flaunting a robust financial backing and heralding a new era of transparent ownership, thereby making it accessible for legitimate global utilization on a compliant basis.
The aspect of compliance plays a pivotal role here. Unlike the more stringent regulatory conditions in the US, Abu Dhabi presents a more congenial environment for crypto endeavors. The robustness of this new platform, according to O’Leary, could redefine the standards of crypto exchanges.
“It’s going to become the new standard in exchanges because you can’t hold Bitcoin without an exchange for liquidity,”
Moreover, O’Leary underscored Abu Dhabi’s meteoric rise in the crypto domain should resound as an alarm for American legislators and regulatory bodies. The instance of SEC’s lawsuit against Coinbase, a leading US-based crypto exchange, epitomizes the challenging regulatory terrain in the country.
In sharp contrast, Abu Dhabi’s welcoming regulatory ambit seems to be enticing crypto magnates and signaling a potential shift in the global crypto epicenter. The bold endeavor by Abu Dhabi to position itself as the new “capital of capital” in the crypto realm, according to O’Leary, epitomizes a burgeoning competition in the decentralized financial landscape, and perhaps, a call to action for a reevaluation of regulatory frameworks elsewhere.