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Venture capital and shark reservoir star kevin o'leary says he thinks BINANCE crypto exchange may face regulatory review in the near future.
In a new interview with Scott Melker, the former developer ftx paid that binance shareholders should worry about regulators worldwide looking into crypto exchange.
I do not place assets in an unregulated, decentralized or centralised foreign exchange office. That's none of my business. I think that, regardless of the shareholders of the binance, they would be concerned about all the regulatory activities such as the buzzing bees around a hive at the moment. Not just the regulatory authorities, but all the regulatory authorities.
One of the challenges of being able to bankrupt your competitor is that you have to scramble around the world and all the regulatory bodies are looking at it. I think binary management would be wise to come to an agreement with regulators no matter what the cost, because there's something useful here.
If you have an appropriate licence and you have a very big platform like that, it's a valuable thing. But no institution will touch this platform while all the regulators around the world are learning about it. This review will continue. I believe the situation will only increase as more hearings take place.”
O'Leary also says the industry is still full of pennies and worthless projects, most of which have no future. He believes that at least ten thousand crypto chips will eventually reach zero.
"10,000 chips, most of which are not worth anything – they will eventually drop to zero due to lack of volatility and volume. They’re irrelevant. And it will be put off the market as well."
There are currently 22,470 crypto tokens on the market, according to CoinMarketCap
