Search Inside Bitcoins

New Dubai-Based Crypto Exchange M2 May Slash Binance Business In Half As ”Crypto Cowboy” Era Ends, Says Shark Tank’s Kevin O’Leary

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Binance may lose half its business to M2, says Kevin O'Leary
Binance may lose half its business to M2, says Kevin O'Leary

Join Our Telegram channel to stay up to date on breaking news coverage

Binance may lose half of its business when new Abu Dhabi-based crypto exchange M2 is launched, bringing an end to the ”crypto cowboy” era, said venture capitalist Kevin O’Leary, best known for his appearances on the TV show “Shark Tank.”

“Abu Dhabi’s M2 crypto exchange is exactly what this industry has been searching for,” he tweeted. “An exchange that is regulated, backed by billions of dollars and tied to huge financial institutions.”

Little is known about the backers of M2 and there has been no formal announcement of its launch.

But in August Abu Dhabi announced that it had granted a financial services permission to M2 to operate a trading facility in the United Arab Emirates capital.

O’Leary said the announcement of M2’s launch is rumoured to be ”in the next month, in the next ten days” and that it will be the largest exchange ever.

“The days of the Crypto Cowboys are over,” he said.

M2 Is Going After Binance

O’Leary, who promoted FTX before its bankruptcy, said the new exchange will be backed by ”huge financial institutions” and ”totally compliant.”

“What they are going after is Binance,” he said, adding it will likely lost half of its accounts because investors will prefer a new, compliant exchange to one being sued by the US Securities and Exchange Commission.

O’Leary said he ”so badly” wants to be an investor in the new exchange.

Related News

New Crypto Mining Platform - Bitcoin Minetrix

Rating

Bitcoin Minetrix
  • Audited By Coinsult
  • Decentralized, Secure Cloud Mining
  • Earn Free Bitcoin Daily
  • Native Token On Presale Now - BTCMTX
  • Staking Rewards - Over 50% APY
Bitcoin Minetrix

Join Our Telegram channel to stay up to date on breaking news coverage

Read next