FTX Hearing: Kevin O’Leary Attacks Binance Calling It An “Unregulated Monopoly”
The discussion surrounding the demise of what was once one of the biggest crypto exchanges in operation has grown courtesy of the Senate Banking Committee hearing on FTX, which is taking place today. While it does not involve any of the FTX employees, four different witnesses are going to testify in front of the panel.
Kevin O’Leary Testifies
Among these witnesses is Kevin O’Leary, from Shark Tank fame and also an investor in FTX. He has also previously been a paid spokesperson for the now-bankrupt crypto exchange.
Although the FTX debacle has left him at a loss, O’Leary still remains a staunch supporter of the blockchain technology and cryptocurrency in general.
Read More: Kevin O’Leary Claims He Can’t Call SBF Guilty Unless He’s Tried
According to O’Leary, he spoke with the FTX founder Sam Bankman-Fried after the business declared bankruptcy. He quoted Bankman-Fried as saying that a large portion of the missing money was used to buy back FTX shares from Binance founder Changpeng “CZ” Zhou.
O’Leary Slams Binance
O’Leary said that $2 billion to $3 billion in funds were used to buy shares, emptying the balance sheet of all assets in the process.
Read More: SBF Wanted To Keep SEC Out Of Crypto Regulation
He testified to the senate that,
Binance is a massive unregulated monopoly now. This is my personal opinion.
Furthermore, as per O’Leary — Bankman-Fried had stated that he needed to purchase these shares because CZ was effectively blocking compliance requirements in a number of different locations where the exchange was attempting to gain regulatory approval.
Read More: CEO John J. Ray iii Claims “Embezzlement” Root Cause Of FTX Collapse
According to his testimony, CZ would not comply with the data requirements imposed by a number of different jurisdictions. He was also quoted saying that Binance had intentionally tried to put rival FTX “out of business”.
The troubles at FTX extended much further than just obtaining shares from CZ, as demonstrated by various claims made by prosecutors and by the newly appointed CEO of FTX, John J. Ray III.
However, it seems like Kevin places most or at least some of the responsibility on Binance, which was rivaled by FTX during its heydays.
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
