Kevin O’Leary’s Grave Warning: How To Prevent Crypto Exchanges From Failing

Key Points:

• The well-known investor and Shark Tank host Kevin O’Leary claimed in a tweet that cryptocurrency exchanges will continue to decline until regulation was put in place.
• According to O’Leary, regulators in important markets including the United States, Canada, Switzerland, United Arab Emirates, South American markets, and others will introduce a passport system that must go by a set of laws to function.
• O’Leary was making these statements against an “absurdly vast quantity of evidence,” according to Schwartz

The well-known investor and Shark Tank host Kevin O’Leary claimed in a tweet that cryptocurrency exchanges will continue to decline until regulation was put in place.

O’Leary thinks that the failure and explosion of unregulated exchanges can be attributed to a lack of regulation.

He emphasized in a recent interview with Kitco that these unregulated exchanges encourage users and account holders to purchase their centralized “meritless” coins in order to receive rebates on trading fees.

O’Leary adds that the issue is not with cryptocurrencies per such, but rather with all the dishonest players and these unlicensed exchanges.

O’Leary thinks that when the market is more tightly regulated, all of these unfavorable aspects, which he calls “crap,” would eventually disappear. He contends that everyone would gain from and find great interest in a controlled cryptocurrency market.

According to O’Leary, regulators in important markets including the United States, Canada, Switzerland, United Arab Emirates, South American markets, and others will introduce a passport system that must go by a set of laws to function.

Ripple CTO David Schwartz lambasted the Shark Tank star

Ripple CTO David Schwartz lambasted the Shark Tank star for attributing Binance’s demise to that of the company’s principal competition, FTX.

During a Senate Banking Committee hearing, O’Leary asserted that Binance purposefully forced FTX out of business. O’Leary was making these statements against an “absurdly vast quantity of evidence,” according to Schwartz, who reacted.

Samuel Bankman-Fried, the creator of FTX, was recently detained by Bahamian police after being accused of fraud by federal prosecutors in the United States. Further criminal allegations were brought against the former crypto tycoon earlier this week.

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