It has been just revealed the fact that there’s a new regulatory-compliant crypto exchange that could replace Binance and FTX, according to the latest reports. Check out the new details below.
New regulatory-compliant crypto exchange makes massive moves
According to Kevin O’Leary, a prominent venture capitalist, a new cryptocurrency exchange is being developed in the Middle East. O’Leary cites the challenging regulatory environment in the United States as a factor driving innovative crypto companies to seek opportunities in other countries.
He reveals that a new exchange, called M2, is being planned in Abu Dhabi to replace FTX and Binance.
The exchange will be fully compliant, backed by billions of dollars, and offer ownership transparency. It is expected to become the new standard for cryptocurrency exchanges, as it will provide liquidity for Bitcoin and can be used by anyone in the world on a compliant basis.
According to O’Leary, the emergence of Abu Dhabi as a big competitor in the crypto space should serve as a wake-up call to American lawmakers and regulators.
“Gensler has sued Coinbase, the largest [crypto exchange] in the US, which is why Fidelity and BlackRock were there on the Hill. [They] were really unhappy because they can’t do their ETF (exchange-traded fund).
Well, Abu Dhabi is putting up its hand and saying, ‘We can do it over here. If you can’t get it done there, we’ll do it here. We’re the new capital of capital and we’re coming to compete.’”
In other recent news, Barclays, a London-based lender, has announced its decision to close the savings or current accounts of several British citizens who currently live outside of the United Kingdom.
The bank is reaching out to these expatriates to inform them of the upcoming account termination. According to Barclays, all customers must have a valid UK address to continue using their accounts, and failure to comply will result in permanent account closure.
