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Famous Shark Tank investor Kevin O’Leary has said that he will keep his crypto assets on regulated crypto exchanges despite the recent failure of FTX.

According to O’Leary, cold storage was not an option for him or for companies that must maintain an industry-specific percentage of exposure. He said cold storage does not provide the kind of cash they would need for the day-to-day running of their operations.

O’Leary said that these assets must be available for trading at all times in order to remain “on the margins of their diversified mandate”.

O’Leary will move assets from the United States to Canada-based BitBuy

In the same interview, the famous investor said that he would move his assets from the United States to the Canada-based exchange BitBuy. O’Leary noted that he has several opportunities available to him in Europe, Dubai and even the United States, however, he will place his assets in the Canadian stock exchange as the country offers “the most regulatory environment more advanced”. He added that BitBuy is “the safest place in the world to place assets.”

“You are going to see billions of dollars going without regulation and exchanges looking for somewhere in the world where they can be safely placed. That, right now, is Canada.

O’Leary throws weight behind SBF

O’Leary also came under fire after saying he would always support former FTX CEO Sam Bankman-Fried. The investor, who also signed a contract last year as a spokesperson for FTX, said the disgraced founder was one of the brightest traders in the crypto space.

He said this in response to the hypothetical question of whether he would invest in SBF again. According to O’Leary, he would still do this without giving him operational control of the assets, just business control.

Meanwhile, O’Leary mentioned losing his assets and investments in and FTX US, but did not reveal how much he lost. He only pointed out that the collapse could be a silver lining for crypto by encouraging more regulation.

FTX Failure Will Bring More Crypto Regulation

O’Leary said that incidents like that of FTX Collapse was unlikely to recur as this will encourage more industry regulation.

“There will never be another situation like this again for institutional investors, we’re just not going to put capital to work until this stuff is regulated,” O’Leary said.

He added that he would lead the campaign for better regulation of the crypto sector and believed that regulators should start by embracing the Stablecoin Transparency Law. This is one of several crypto-related bills currently before Congress and will require more transparency from stablecoin issuers.

“If I have to put serious capital to work in a broker, in a stock exchange, it will be a regulated exchange, transparent and subject to the same rules as all other stock and bond exchange transactions.”


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