Kevin O’Leary, a venture investor and star of the television show Shark Tank, has expressed his belief that the cryptocurrency exchange Binance may soon be subject to governmental scrutiny.
In a recent interview with Scott Melker, the former paid promoter of FTX has said that shareholders of Binance should be concerned about the fact that authorities all over the globe are looking into crypto exchanges.
O’Leary revealed that he never puts any of his assets on any unregulated exchange, regardless of whether the exchange is centralized or decentralized, and that this is something that he says has never been a cause for worry to him.
“Whoever the owners of Binance are, they should be worried about all of the regulatory action that is going on right now because it sounds like a colony full of bees buzzing around it. Not just the regulatory bodies in the United States, but all of them.”
O’Leary: Putting FTX out of business is no checkmate but rather a doom for Binance
O’Leary asserts that one of the hurdles of fruitfully putting one’s rival out of business is that it pokes the bear in every geography and every watchdog into looking at matters. This assertion dates back to the collapse of FTX as O’Leary was discussing the event. Because there is something of value at stake, in Kelvin’s opinion, it would be prudent for the management of Binance to reach a settlement with the regulators, no matter what the cost is.
O’Leary is of the opinion that if Binance, which recently introduced a new tax calculator, were to get the appropriate licenses and maintain a very big platform like that, it would constitute something of value. However, he continues by saying that if any regulatory agency on the planet were to investigate Binance, no institution would likely risk doing business with it. In light of this, O’Leary believes that the level of regulatory monitoring will most certainly expand even more.
O’Leary: Many crypto assets are worthless
O’Leary also claims that there is still a great number of worthless coins and initiatives in the market. The majority of those do not have a viable future. He believes that the value of at least 10,000 cryptocurrency tokens will ultimately be zero.
The vast majority of these tokens are useless, and as a result of the lack of volatility and the lack of volume, they would ultimately simply fall to zero. They are of no consequence, which leads Kevin to assert their elimination from the markets in the future.v