Abu Dhabi’s M2 Exchange to Challenge Binance
Venture capitalist Kevin O’Leary predicts that Binance may lose half of its business once the new Abu Dhabi-based crypto exchange, M2, is launched. According to O’Leary, this marks the end of the “crypto cowboy” era as M2 is set to bring significant changes to the industry.
O’Leary described M2 as a regulated exchange with substantial financial backing from major institutions, making it an attractive option for investors. Although little is known about M2’s backers and there has been no formal announcement of its launch, in August, Abu Dhabi granted the exchange financial services permission to operate a trading facility in the United Arab Emirates capital.
O’Leary also hinted at rumors suggesting that M2’s launch could be imminent within the next month, or even within the next ten days, positioning it as potentially the largest exchange ever.
M2 Targets Binance
According to O’Leary, M2 is poised to compete directly with Binance and is expected to be backed by major financial institutions while maintaining full compliance. He anticipates that Binance could lose half of its accounts to M2 as investors opt for a compliant exchange over one facing legal challenges from regulatory authorities such as the US Securities and Exchange Commission.
O’Leary expressed a strong interest in investing in the new exchange, emphasizing his belief in its potential for success.
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Hot Take: The Rise of Regulated Exchanges
The emergence of regulated exchanges like M2 signals a shift in the cryptocurrency industry towards compliance and institutional backing. As investors increasingly prioritize security and legitimacy, exchanges like Binance may face significant challenges in retaining their market share.
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