Kevin O’Leary said he made some “serious” allegations in the 136-page indictment that the U.S. Securities and Exchange Commission released against Binance on June 5. In an interview, he said he believes founder and CEO Changpeng Zhao is in a “difficult” situation. Here are billionaire name Kevin O’Leary’s comments on Bitcoin and altcoin…
Kevin O’Leary talks about Bitcoin exchange Binance
O’Leary, a venture capitalist and CNBC personality more colorfully known as “Mr. Wonderful,” was an investor in crypto exchange FTX before its collapse in November. He was open about losing $15 million from his job as a paid spokesperson for the company. Some observers have blamed FTX’s failure on a Twitter discussion between 31-year-old founder and CEO Sam Bankman-Fried and Binance CEO Changpeng “CZ” Zhao, suggesting that FTX was open to bailing out the company for a short time during its collapse. attributes the transaction to a series of events that follow.
O’Leary nonetheless said he sympathizes with CZ, 46, whom the SEC targeted for alleged mishandling of client funds by transferring them between entities it controls, including over $20 billion between Binance and a company called Merit Peak. “They’re going after CZ personally,” O’Leary said. This is so hard. So, you have to be a little merciful to him,” she said. In addition, O’Leary uses the following expressions:
If you think about why the crypto market is “squeezing”, not advancing, it’s because no new money is getting into it. There is no institutional capital. When you see a constant flood of lawsuits against exchanges and accusations made by regulators, it scares away corporate money. I think everyone understood that, including regulators as well as legislators and lawmakers. They are tired of the “rogue” nature of this area. They got sick and tired of holding hearings when the next guy blew up with $6 billion. His voters are angry. They’re tired of it.
O’Leary: They’re after CZ personally
They’re also after CZ personally, according to O’Leary. The billionaire said, “This is very difficult. So, you have to be a little compassionate towards him. He is the founder of the world’s largest stock exchange. But I think once the world’s number one regulator makes these claims and makes these accusations, he will run out of oxygen about which jurisdictions he will allow to operate. This is not a good situation. There is no good news here. “I don’t know how anyone can make good news out of this,” he said. Subsequently, O’Leary stated that the SEC’s regulatory moves did not affect altcoin investment. “What do you think about the future of anything other than Bitcoin and Ethereum? Would you invest in them at this point?” He answered the question as follows:
Yes. That doesn’t change my investment thesis about crypto. In fact, it encourages me to reach an end point sooner in terms of regulation and getting the infrastructure to integrate it with the world’s financial services. I see this as a very encouraging development because we really need to turn a new leaf. I’ve said this many times. But I’m an investor at Polygon. I am an investor in Mysten Labs and [token] Sui. I am Bitcoin, Ethereum and many other investors.
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