Kevin O'Leary, Shark Tank host and cryptocurrency enthusiast, has rarely refrained from expressing his honest opinions on anything. He received criticism from the community in mid-December 2022 following his comments against Binance. O'Leary blamed Binance for the demise of FTX. Then Binance CEO Changpeng Zhao called him a liar.
But, on Friday, the Shark Tank host tweeted that unless the rules are strongly enforced, cryptocurrency trades will continue to โgo to ZEROโ.
Regulators have grown even more cautious since the FTX crash. Several compliance measures have been implemented in recent weeks. For example, Kraken recently agreed to pay $30 million to settle an SEC investigation and halt its "staking" business in the United States.
The New York Department of Financial Services issued a directive to Paxos to stop issuing the Binance USD stablecoin. In addition, the Australian Securities and Investments Commission [ASIC] recently said that it is examining Binance's domestic derivatives business in a "targeted review."
This is how the world of cryptocurrencies reacted
Others in the group went on to say that it was crucial for investors to do "due diligence" before investing in "honeypots" like FTX. Here, it's important to note that Kevin O'Leary served as one of the spokespersons for FTX. The $15 million the exchange had paid her to be its spokesperson was lost as a result of the collapse. He persisted in supporting SBF despite that.
A cryptocurrency enthusiast responded to O'Leary's most recent post by saying,
โHis opinion on anything related to cryptocurrency should be taken with a grain of salt. Especially after endorsing FTX!โ
Another cryptocurrency enthusiast saying,
โPeople lost billions listening to his cryptocurrency advice. Leave it to the professionals and stay in your lane. PS: you are literally the voice of regulatory capture and every tweet makes you lose more respect."
โCryptomomโ, another staunch member of the community, rejected O'Leary's claims that exchanges had hit zero. She saying,
โCoinbase, Crypto.com, Kucoin, Binance will not go to zero like FTX did. And we don't need old money to tell us how to run Crypto. We have this!"
The Shark Tank host has, of course, already had his thoughts on the exchanges. O'Leary warned that runaway exchanges would continue to crash one after another in an interview with Kitco NEWS in January. He issued a warning about probable future collapses by saying,
โIf you ask me is there going to be another collapse to zero? Absolutely. One hundred percent it will happen, and it will continue to happen over and over and over again."
