Major Crypto Exchange Set to Launch in the Middle East, Says Kevin O’Leary
Venture capitalist Kevin O’Leary reveals that a new crypto exchange is being established in the Middle East. In an interview with Fox Business, O’Leary points out that the stringent regulatory environment in the United States is causing innovative crypto firms to seek opportunities elsewhere.
O’Leary explains that rather than flourishing in the US, major players are opting to build their businesses in countries with more favorable attitudes towards the nascent industry. He mentions that Abu Dhabi plans to launch a compliant exchange called M2, which aims to replace FTX and Binance. The exchange will have high stability, transparency, and liquidity support for Bitcoin.
O’Leary believes that Abu Dhabi’s emergence as a significant competitor in the crypto space should serve as a wake-up call for American lawmakers and regulators. He highlights how Gensler’s lawsuit against Coinbase has hindered other companies like Fidelity and BlackRock from launching their ETFs.
Hot Take: Abu Dhabi Challenges the US as Crypto Capital
The establishment of a new regulatory-compliant crypto exchange in Abu Dhabi is a clear indication that the Middle East is becoming a key player in the cryptocurrency industry. As major firms seek friendlier jurisdictions outside of the US, American lawmakers and regulators must recognize the potential consequences of their hostile regulatory climate. By stifling innovation, they risk losing their position as the global leader in finance and technology. It’s time for US regulators to reassess their approach and create a more supportive environment for crypto businesses to thrive.
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