Exchange News- His position on where he keeps his wealth, however, has shifted after FTX crash.
- FTX had taught him not to maintain money on unregulated exchanges.
Even after the demise of Sam Bankman Fried’s FTX, for whom Kevin O’Leary was a paid spokesman, he continues to invest in the cryptocurrency market. O’Leary has not changed his mind on the asset class despite the FTX crash, which has been called one of the worst times for the crypto sector.
According to O’Leary, one’s level of confidence may be increased by the success of one’s investments; so far this year, bitcoin, and Polygon (MATIC) have been the best performers among his holdings. Bitcoin and other speculative assets surged by almost 70% in the first quarter as investors wagered the Federal Reserve would reverse course on monetary tightening.
Regulatory Scrutiny
His position on where he keeps his wealth, however, has shifted. O’Leary said in November that he had moved all of his assets to Canada because the collapse of FTX had taught him not to maintain money on unregulated exchanges.
In an interview published on Monday, he restated this stance. This came just after the Canadian cryptocurrency exchange WonderFi, in which O’Leary has invested, announced a merger with Coinsquare and CoinSmart.
Companies have joined together to create Canada’s biggest regulated digital asset trading platform. Shares of WonderFi jumped by 31% to $0.21 on the announcement. He said he has greater faith in WonderFi’s ability to safeguard assets and consumers because of its regulatory support.
O’Leary claims that the current regulatory action against Binance and Coinbase is a precursor to more scrutiny and that the reaction from policymakers quickly after the FTX incident was an indication of this.
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Source: https://thenewscrypto.com/kevin-oleary-warns-against-unregulated-crypto-exchanges/