{"id":84909,"date":"2023-11-15T13:24:57","date_gmt":"2023-11-15T18:24:57","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/kevin-oleary-says-binance-could-lose-half-of-its-customers-to-abu-dhabis-m2-exchange\/"},"modified":"2023-11-15T13:24:59","modified_gmt":"2023-11-15T18:24:59","slug":"kevin-oleary-says-binance-could-lose-half-of-its-customers-to-abu-dhabis-m2-exchange","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=84909","title":{"rendered":"Kevin O\u2019Leary Says Binance Could Lose Half of its Customers to Abu Dhabi&#8217;s M2 Exchange"},"content":{"rendered":"<div>\n<figure id=\"attachment_131662\" aria-describedby=\"caption-attachment-131662\" style=\"width: 640px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-131662\" class=\"wp-caption-text\">Image Source: CNBC<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Shark Tank star Kevin O\u2019Leary has predicted that Abu Dhabi\u2019s M2 exchange could pose a significant threat to industry giants.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">According to O\u2019Leary, M2 will emerge as the largest regulated crypto exchange globally as it is backed by substantial capital and has connections with major institutional players.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThe age of the crypto cowboy, those days are over\u2026 We have the pending announcement, rumored\u2026 In the next ten days, they will announce M2 in Abu Dhabi, the largest exchange ever that\u2019s regulated with billions backing it and tied to huge financial institutions,\u201d he\u00a0<\/span><span data-preserver-spaces=\"true\">said in a recent interview with Fox News<\/span><span data-preserver-spaces=\"true\">.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Although American citizens will be unable to register on the platform, O\u2019Leary believes that M2 will have a notable impact on Binance, potentially causing the exchange to lose half of its customer base.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The appeal lies in M2\u2019s regulatory compliance and substantial financial backing, making it an attractive alternative for users who want to transition from a platform facing legal challenges to one backed by billions of dollars and established financial institutions.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">O\u2019Leary said he wants to be an early investor in this exchange.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cThis hasn\u2019t been announced yet but in Abu Dhabi, they are planning to launch a new exchange to replace both FTX and Binance, and they\u2019re going to get billions [of dollars] on it called M2.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">According to O\u2019Leary, M2 aims to become the new industry standard for exchanges, considering the crucial role they play in providing liquidity for Bitcoin and other cryptocurrencies.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As of now, no official announcement has been made regarding the launch of M2.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">O\u2019Leary Previously Promoted Now-Defunct FTX<\/span><\/h2>\n<p><span class=\"replacer\"><\/span><br \/><span data-preserver-spaces=\"true\">It is worth noting that in the past, O\u2019Leary had promoted FTX, which later faced collapse and its CEO was arrested on fraud charges.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When he first began to promote FTX, he said it was the platform\u2019s compliance systems that drew him to invest in the crypto exchange.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cFinally solved my compliance problems with cryptocurrencies,\u201d O\u2019Leary\u00a0<\/span><span data-preserver-spaces=\"true\">wrote on LinkedIn<\/span><span data-preserver-spaces=\"true\">\u00a0and in a since-deleted August 2021 tweet.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last year, the investor revealed that he lost almost all of the $15 million the now-bankrupt cryptocurrency exchange FTX paid him to be its official spokesperson.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">He disclosed that he was paid around $15 million to promote FTX. However, after taxes, agents fees, a $1 million equity investment into FTX, and using $10 million to buy crypto that\u2019s now stuck on the FTX exchange, he\u2019s got nothing left from the deal.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cTotal deal was just under $15 million, all in,\u201d O\u2019Leary said.\u00a0<\/span><\/p>\n<blockquote>\n<p><span data-preserver-spaces=\"true\">\u201cI put about $9.7 million into crypto. I think that\u2019s what I lost. I don\u2019t know. It\u2019s all at zero. I don\u2019t know cos my account got scraped a couple of weeks ago. All the data, all the coins, everything.\u201d<\/span><\/p>\n<\/blockquote>\n<p><span data-preserver-spaces=\"true\">As reported, FTX investors have\u00a0<\/span><span data-preserver-spaces=\"true\">filed a class action<\/span><span data-preserver-spaces=\"true\">\u00a0lawsuit against SBF, the founder and former CEO of the collapsed cryptocurrency exchange, as well as several celebrities who promoted the platform.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The celebrities listed include Kevin O\u2019Leary, Golden State Warriors, Shaquille O\u2019Neal, Udonis Haslem, David Ortiz, Naomi Osaka, and more.\u00a0<\/span><\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/kevin-oleary-says-binance-could-lose-half-of-its-customers-to-abu-dhabis-m2-exchange.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Image Source: CNBC Shark Tank star Kevin O\u2019Leary has predicted that Abu Dhabi\u2019s M2 exchange could pose a significant threat to industry giants.\u00a0 According to O\u2019Leary, M2 will emerge as the largest regulated crypto exchange globally as it is backed by substantial capital and has connections with major institutional players. \u201cThe age of the crypto [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":84910,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-84909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kevin O\u2019Leary Says Binance Could Lose Half of its Customers to Abu Dhabi&#039;s M2 Exchange | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Image Source: CNBC Shark Tank star Kevin O\u2019Leary has predicted that Abu Dhabi\u2019s M2 exchange could pose a significant threat to industry giants.\u00a0 According\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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