Kevin O'Leary: "Binance deliberately killed FTX"
Shark Tank host Kevin O'Leary told the US Congress that he believes FTX failed because Binance intentionally put a competitor out of business.
Former FTX CEO Bankman-Fried told O'Leary that Changpeng Zhao and Binance owned a 20% stake in the exchange. However, instead of development assistance, every time FTX applied for a license from regulators in different jurisdictions, Binance stated that “it will not comply with the requirements of regulators to provide data that will give FTX permission to obtain a license.”
As a result, Bankman-Fried was forced to initiate a deal to buy back FTX shares from the founder of Binance for about $3 billion, which negatively affected the liquidity level of the entire group of companies.
“Binance deliberately forced FTX out of business. Maybe there’s nothing wrong with that… but right now, Binance is a huge unregulated global monopoly,” concluded Kevin O’Leary.
