- Investor Kevin O’Leary testified against Binance in the US Senate hearing on FTX.
- As former FTX spokesman, O’Leary claimed that Binance intentionally destroyed FTX.
- In his testimony O’Leary said, “Binance has an unregulated global monopoly.”
The Shark Tank judge, Kevin O’Leary, recently spoke at a Senate hearing and addressed the crash of the FTX crypto exchange. Senator Patrick Joseph Toomey Jr. of the United States questioned O’Leary about what according to him led to FTX’s decline during evidence at the Senate hearing. O’Leary slammed Binance in the hearing by blaming the rivalry between the former with FTX and said “Binance intentionally put FTX out of business”.
Contextually, the Bankman-Fried fiasco has finally reached the court after months of fear, uncertainty, and doubt in the crypto community. The collapse of the FTX exchange has drawn attention to certain celebrities and public figures who advocated FTX, yanking them under investigation and into the fire.
Kevin O’Leary, a former spokesman for FTX, had opposing views about Binance in his testimony. The investor said,
I have an opinion, I don’t have the records. These two behemoths that own the unregulated market together and released incredible businesses in terms of growth, were at war with each other. And the one put the other one out of business, intentionally.
As per O’Leary, “Binance is a massive, unregulated global monopoly.” He also emphasized how FTX’s collapse was caused by Binance. Many would disagree with O’Leary’s claims, considering that FTX failed as a result of mishandling consumer funds.
For instance, a netizen shared views that “FTX put FTX out of business”. Whereas DAO maker tweeted with a reply, “a weird way of spelling stealing customers’ money”.
For the uninitiated, FTX was one of the biggest cryptocurrency players in the crypto community. The exchange’s unexpected collapse was sparked by investor FUD, and the ex-CEO was unable to provide assets back to users and filed for bankruptcy.
Currently, the Bankman-Fried trial is in session, and the US Senate committee has begun hearings.