Shark Tank star Kevin O’Leary has predicted that Abu Dhabi’s M2 exchange could pose a significant threat to industry giants. 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 Rise of M2 Exchange
In a recent interview with Fox News, O’Leary 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.”
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 expressed his interest in becoming an early investor in this exchange.
M2’s Goal to Become the New Industry Standard
M2 aims to become the new industry standard for exchanges, considering the crucial role they play in providing liquidity for Bitcoin and other cryptocurrencies. However, no official announcement has been made regarding the launch of M2 at this time.
O’Leary’s Past Promotions and Losses
It is worth noting that in the past, O’Leary had promoted FTX, which faced collapse and resulted in its CEO being arrested on fraud charges. O’Leary initially invested in FTX due to the platform’s compliance systems.
“Finally solved my compliance problems with cryptocurrencies,” O’Leary wrote on LinkedIn and in a since-deleted August 2021 tweet.
Last year, O’Leary revealed that he lost almost all of the $15 million the now-bankrupt cryptocurrency exchange FTX paid him to be its official spokesperson. His disclosure included details such as paying taxes, agent fees, a $1 million equity investment into FTX, and using $10 million to buy crypto that is now stuck on the FTX exchange.
“Total deal was just under $15 million, all in,” O’Leary said.
As reported, FTX investors have filed a class-action lawsuit against SBF, the founder and former CEO of the collapsed cryptocurrency exchange, as well as several celebrities who promoted the platform. These celebrities include Kevin O’Leary, Golden State Warriors, Shaquille O’Neal, Udonis Haslem, David Ortiz, Naomi Osaka, and more.
