FTX Hearing: Kevin O’Leary Attacks Binance, Calling It an “Unregulated Monopoly”.
The Senate Banking Committee hearing today on FTX has sparked a lot of discussion about the demise of one of the largest crypto exchanges in existence. Although it doesn’t involve any FTX employees at all, four witnesses will testify before the panel.
Kevin O’Leary testifies
Kevin O’Leary, a Shark Tank star and investor in FTX, is one of these witnesses. He was also a paid spokesperson for the now bankrupt crypto exchange.
O’Leary is still a strong supporter of blockchain technology and cryptocurrency, despite the FTX disaster.
Read More: Kevin O’Leary Claims That He Can’t Call SBF Guilty Unless he’s Tried
O’Leary claims that he spoke to Sam Bankman-Fried, founder of FTX, after the company declared bankruptcy. Bankman-Fried said that a large amount of the money was used to purchase back FTX shares from Changpeng Zhou, Binance founder.
O’Leary Slams Binance
O’Leary stated that funds of $2 billion to $3 billion were used to purchase shares, which emptied the balance sheet of all assets.
Read more: SBF Wants to Keep SEC Away From Crypto Regulation
He testified before the senate about,
Binance is an unregulated monopoly that is massive right now. This is my personal opinion.
O’Leary-Fried also stated that he had to buy these shares because CZ was blocking compliance requirements at a number of locations where the exchange was trying to gain regulatory approval.
Read More: CEO John J. Ray iii Claims “Embezzlement” Root Cause Of FTX Collapse
His testimony indicated that CZ would not comply to data requirements set forth by different jurisdictions. Binance was also quoted as saying that Binance had deliberately tried to shut down rival FTX.
The problems at FTX went beyond obtaining shares from CZ. This is evident by the various claims made by prosecutors as well as John J. Ray III, who was recently appointed CEO of FTX.
It seems that Kevin is putting most, if not all, of the responsibility on Binance. Binance was a rival to FTX during its heyday.
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