Venture capitalist and Shark Tank star Kevin O’Leary says that he thinks crypto exchange Binance may face regulatory scrutiny in the near future.
In a new interview with Scott Melker, the former paid FTX promoter says that Binance shareholders should be worried about regulators all over the world looking into the crypto exchange.
“I don’t put any assets on any unregulated exchange, decentralized or centralized. It’s of no concern to me, I don’t own any of it. I would think, whoever the shareholders are of Binance, would be concerned about all the regulatory activity like bees humming around a hive right now. Not just the US regulators – all the regulators.
One of the challenges of successfully putting your competitor out of business is you poke the bear in every geography and every regulator is looking at this now. I would think the management of Binance would be wise to settle with regulators whatever the cost is because there’s something of value here.
If you were properly licensed and had a very large platform like that, that’s something of value. But no institution is going to touch that platform while every regulator on earth is inquiring on it. That scrutiny is not going to stop. I think it’s only going to heighten as more hearings occur.”
O’Leary also says that the industry is still filled with a lot of worthless coins and projects, most of which have no future. He thinks at least 10,000 crypto tokens will eventually go to zero.
“10,000 tokens, most of them worthless – they’ll eventually just go to zero because of lack of volatility and lack of volume. They’re irrelevant. And so that will also be flushed out of the market.”
There are currently 22,470 crypto tokens on the market, according to CoinMarketCap.
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