Kevin O’Leary Blames Binance For The Fall Of The FTX Empire

Through his argument, O’Leary claimed that FTX was intentionally forced out of business by its rival Binance, saying that the two platforms were involved in a scuffle before the problem blew, he stated when speaking before the Senate Banking Committee on December 14.

FTX experienced a liquidity crisis after Zhao indicated on Twitter that the exchange planned to liquidate all of its FTT tokens.

Notably, Zhao claimed that Binance had planned to buy FTX founder, but charges of fraud against Sam Bankman-Fried surfaced.

O’Leary claims that Binance is an uncontrolled worldwide monopoly and blames CZ for engineering the FTX crash. The venture capitalist went on to say that FTX and Binance were “at war with each other.”

Zhao, according to O’Leary, undermined FTX in order to buy out the exchange.

“I have an opinion. I don’t have the records. These two behemoths that own the unregulated market together and released incredible businesses in terms of growth, were at war with each other. And the one put the other one out of business, reluctantly.

Maybe there’s nothing wrong with love and war, but Binance is a massive unregulated global monopoly. Now they put FTX out of business,” O’Leary said.

O’Leary stated that controls are required to avoid a repetition of the FTX disaster in the rest of the market.

The demise of FTX remains unclear to the public. Bankman-Fried had arrested a day before a scheduled congressional hearing, and he is currently being charged with multiple fraud charges.

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