After the collapse of the cryptocurrency exchange FTX, the waters for crypto exchanges do not calm down. Billionaire businessman Kevin O’Leary has targeted the world’s largest crypto exchange, Binance. O’Leary brought heavy criticism to the stock market by saying “Unregulated Monopoly”. He also accused Binance of being one of the main reasons for FTX’s downfall.
Crypto billionaire testifies for FTX
Controversy continues over the demise of one of the largest crypto exchanges that was once in operation. These debates are likely to escalate with the Senate Banking Committee hearing on FTX today. Four different witnesses will testify before the committee, although it does not include any of the FTX employees. Among those witnesses is Shark Tank star and FTX investor Kevin O’Leary. Moreover, O’Leary was a paid spokesperson and screen face of the bankrupt crypto exchange.
With this, cryptocoin.comAs you follow, Kevin O’Leary announced that he was hurt by the collapse of FTX. But O’Leary still remains a staunch supporter of blockchain technology and crypto in general. According to O’Leary, he met with FTX founder Sam Bankman-Fried after the company declared bankruptcy. He cited Bankman-Fried saying that most of the lost money was used to repurchase FTX shares from Binance founder Changpeng Zhou (CZ).
Kevin O’Leary: “Binance is an unregulated monopoly”
The cryptocurrency billionaire revealed that between $2 billion and $3 billion was used to buy shares. He also said that in the process he emptied the balance sheet of all assets. Kevin O’Leary used the following statements while testifying to the Senate:
Binance is now a massive unregulated monopoly. This is my personal opinion.
Also, according to Kevin O’Leary, Sam Bankman-Fried said he should buy those shares. Because CZ was effectively circumventing compliance requirements in a number of different places the exchange was trying to get regulatory approval. According to SBF’s statement, CZ would not comply with data requirements imposed by a number of different jurisdictions. Also, Binance was deliberately trying to ‘put jobless’ rival FTX.
As several allegations made by prosecutors and FTX’s newly appointed CEO, John J. Ray III, show, the problems with FTX go far beyond buying shares in CZ. But it looks like Kevin is putting most, or at least some, of the responsibility on Binance, a rival to FTX in its heyday.
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