The era of “crypto cowboys” will come to an end as the cryptocurrency market pushes toward regulation, according to Canadian businessman and media personality Kevin O’Leary.
In an interview with CoinDesk, O’Leary, a former paid spokesperson for the now-defunct FTX exchange, made the remarks.
The industry’s founders and all of the crypto cowboys are shortly to be extinct. All of them have wounds, O’Leary added.
Despite this, O’Leary is still upbeat about the prospects for cryptocurrencies, but he insists on only partnering with exchanges that are completely regulated.
Some FTX personnel, including the organization’s former Chief Operating Officer Constance Wang, had raised concerns about O’Leary’s relationship with the company, for which he reportedly paid $15.7 million for a variety of services.
O’Leary highlighted concerns about the United States’ regulatory environment driving innovative crypto startups to other nations in a prior discussion with Fox Business. It has previously revealed plans for M2, a new exchange that will take the place of FTX and Binance, in Abu Dhabi.
It hasn’t been confirmed yet, but they intend to set up a new exchange in Abu Dhabi, according to O’Leary. An exchange that is entirely legal, supported by enormous sums of money, highly stable, has clear ownership, and can be used lawfully by anyone anywhere in the globe… It will replace current exchange standards, he predicted.
O’Leary is still optimistic about the potential of cryptocurrencies in spite of the difficulties plaguing the sector. He ended by noting, “The promises of the crypto concept are still valid, they are still there.”
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