Venture capitalist Kevin O’Leary says that a major crypto exchange is being set up to launch in the Middle East.
In a new Fox Business interview, O’Leary says that the hostile regulatory climate in the United States is letting innovative crypto firms slip away from the country.
The Shark Tank star says that instead of burgeoning in the US, major players are looking to build in other countries that have a friendlier stance on the nascent 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’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.”
According to O’Leary, the emergence of Abu Dhabi as a big competitor in the crypto space should serve as a wake-up call to American lawmakers and regulators.
“Gensler has 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 can’t do their ETF (exchange-traded fund).
Well, Abu Dhabi is putting up its hand and saying, ‘We can do it over here. If you can’t get it done there, we’ll do it here. We’re the new capital of capital and we’re coming to compete.’”
I
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Credit: Source link
