Shark Tank personality Kevin O’Leary has revealed plans for a new cryptocurrency exchange that he believes will challenge the dominance of industry leaders. In an interview with Fox Business, O’Leary emphasized the shift away from the era of the “crypto cowboy.”
The seasoned investor disclosed that a forthcoming announcement, rumored to be within the next ten days, will introduce M2, a regulatory-compliant exchange based in Abu Dhabi. O’Leary touted M2 as a formidable contender, supported by substantial capital and affiliations with major institutional players.
Quoting O’Leary, he stated, “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 further explained the potential impact on existing exchanges, saying, “So, unfortunately, no American can register there. But really what they are going after is Binance [which] will probably lose half of its accounts to the new M2. Because now you can go off something that the SEC is suing and go on to a compliant exchange that’s backed by billions of dollars and huge financial institutions.”
Expressing his keen interest in being an early investor in the venture, O’Leary drew parallels with his past endorsement of FTX, which faced a collapse and legal issues.
Notably, O’Leary acknowledged his involvement with FTX and the subsequent financial setbacks in December 2022, emphasizing the need for stringent government regulations to prevent the repeated failures of unregulated crypto exchanges.
Despite the absence of an official announcement regarding M2’s launch at the time of writing, O’Leary remains committed to navigating the cryptocurrency space, unveiling ambitious plans for a regulated exchange that he believes will overshadow previous industry giants.
Information for this story was found via The Daily Hodl, Finbold, and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.