- Kevin O’Leary believes that Abu Dhabi’s upcoming M2 exchange could pose a major threat to leading crypto exchanges like Binance due to its regulatory compliance and substantial financial backing.
- According to O’Leary, M2 aims to become the new industry standard for exchanges given their crucial role in providing liquidity for crypto assets.
- It’s worth noting O’Leary previously promoted FTX, which collapsed, and he lost nearly all of the $15 million FTX paid him to be its spokesperson.
Kevin O’Leary’s Prediction
According to O’Leary, M2 will emerge as the largest regulated crypto exchange globally as it is backed by substantial capital and has connections with major 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,” he said in a recent interview with Fox News.
Although American citizens will be unable to register on the platform, O’Leary believes that M2 will have a notable impact on Binance, potentially causing the exchange to lose half of its customer base.
The appeal lies in M2’s regulatory compliance and substantial financial backing, making it an attractive alternative for users who want to transition from a platform facing legal challenges to one backed by billions of dollars and established financial institutions.
O’Leary said he wants to be an early investor in this exchange.
According to O’Leary, M2 aims to become the new industry standard for exchanges considering the crucial role they play in providing liquidity for Bitcoin and other cryptocurrencies.
As of now, no official announcement has been made regarding the launch of M2.
O’Leary’s Past Promotion of FTX
It is worth noting that in the past O’Leary had promoted FTX, which later faced collapse and its CEO was arrested on fraud charges.
When he first began to promote FTX, he said it was the platform’s compliance systems that drew him to invest in the crypto exchange.
Last year, the investor revealed that he lost almost all of the $15 million the now-bankrupt cryptocurrency exchange FTX paid him to be its official spokesperson.
He disclosed that he was paid around $15 million to promote FTX. However, after taxes, agents fees, a $1 million equity investment into FTX, and using $10 million to buy crypto that’s now stuck on the FTX exchange, he’s got nothing left from the deal.