Kevin O’Leary shares opinion on Binance’s fate, calls it similar to FTX

SNEAK PEEK

• O’Leary Ventures Chairman and Shark Tank’s Kevin O’Leary has shared his point of view regarding Binance’s future.
• Binance has faaced a decline in market share after being accused of fraud by The Commodity Futures Trading Commission.
• Previously, Coinbase too fell after being warned by the US SEC of getting its certain crypto products sued. 

Crypto exchange Binance is the world’s largest exchange when it comes to daily trading volumes of various cryptocurrencies. Founded in 2017 by Changpeng Zhao, the firm has introduced several cryptocurrencies time and again, and BSC runs using “Proof of Staked Authority.”

Currently, the renowned company is under investigation by the United States Department of Justice and the Internal Revenue Service on the grounds of tax offenses and money laundering. In 2021, the Financial Conduct Authority of the United Kingdom ordered Binance to stop its regulated activity in the UK. 

In the past weeks, US regulators have targeted Coinbase and Binance, besides a number of influencers and celebrities connected with crypto. 

Now “Shark Tank” star Kevin O’Leary has talked about this recent regulatory action against Coinbase and Binance and called them a sign of what is about to follow. He shared that the response from policymakers right after the FTX collapse hinted that the space was coming under increased scrutiny. 

O’Leary said that the regulators are tired and don’t want further hearings. He also mentioned that, while talking to the senators, he realized their frustration. They were pissed off and had enough of all this. 

Recently, as reported by Investor Bites, O’Leary opened up about how Binance has the same risk as FTX. The exchange can choose to remain in the shadows, which is quite profitable. However, to play in the real world and in the world’s largest market, i.e., the U.S., it must sit down with the regulators to pay the penalty and unveil the ownership of the tokens. 

Meanwhile, O’Leary’s remarks have not gone well on Twitter, as many users don’t seem to agree. For instance, while one user believes that O’Leary hates Binance and is biased, another user tweeted that O’Leary doesn’t have any credibility in cryptocurrency. He is the same person who defended SBF repeatedly.