Cryptocurrency exchanges will continue to go to zero according to Kevin O’Leary!
According to a tweet by Kevin O’Leary, the famous investor and host of “Shark Tank”, cryptocurrency exchanges will continue to go to zero until the necessary regulations and legal regulations are put in place.
O’Leary believes that the lack of regulation is the reason unregulated crypto exchanges have exploded and failed.
In his recent interview with Kitco, he highlighted that these unregulated platforms incentivize account holders and users to buy junk tokens to get discounts on trading fees.
O’Leary also points out that it is not cryptocurrencies that are the bad guys, but the big players and these unregulated platforms that are causing the problems.
O’Leary believes that all of these negative elements, which he refers to as foolishness, will eventually disappear with more regulation.
He also believes that a regulated crypto market will be very interesting and beneficial for everyone.
It is expected that the passport system will be launched by regulators in major markets such as the United States, Canada, Switzerland, the United Arab Emirates, South American markets, etc., which requires compliance with certain rules to operate.
Ripple CTO David Schwartz criticized O’Leary for blaming Binance for the collapse of FTX, its main competitor.
During a Senate Banking Committee hearing, O’Leary claimed that Binance intentionally put FTX out of business.
Schwartz responded by saying that O’Leary was making these claims against an absurdly large amount of evidence.
Recently, Bahamas authorities arrested FTX founder Sam Bankman Fred, after US federal prosecutors accused him of fraud.