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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.
The days of the Crypto Cowboys are over. Abu Dhabi's M2 exchange is exactly what this industry has been searching for.
An exchange that is regulated, backed by billions of dollars and tied to huge financial institutions. This is very promising for the Crypto industry. pic.twitter.com/EAEROG03Ao
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) November 14, 2023
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.
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