Kevin O'Leary Says This Is the 'Safest Place on Earth' to Keep Your Money After FTX Crypto Crash
The 'Shark Tank' star was a spokesperson and investor in the now-bankrupt FTX crypto exchange.
Although the businessman was one of the many people who invested in the now-bankrupt FTX crypto exchange, he still thinks digital currency is the best way to protect your cash. FTX filed for bankruptcy last week after millions of funds "vanished" from the firm shortly after founder and CEO Sam Bankman-Fried resigned, per AP News.
O'Leary revealed on TikTok that despite having multiple citizenships, which allows him to disperse his earnings at his discretion, he's choosing to keep his assets in Canada with Bit Buy, which is a broker-dealer attached to the WonderFi crypto exchange.
WonderFi is regulated by the Ontario Securities Exchange, and O'Leary is a shareholder in its First Ledger Corp parent company.
Calling Bit Buy "the most advanced regulatory environment right now that I can find," he added, "in my opinion, that is the safest place on Earth to put assets."
The former FTX spokesperson, a Canada native, told Markets Insider his homeland is the only country offering fully-regulated broker-dealer exchange accounts, adding that he no longer trusts unregulated exchanges.
"We have confidence that the regulatory environment in Canada scrutinizes accounts that can't be commingled," O'Leary told Insider. "I can't find another place on Earth right now safer than Canada."
Entrepreneur Editors' Picks
How an Encounter With the 'Armpit of Destiny' Helped the Founder of Grubhub Take His Business From His Apartment to a $2 Billion IPO
You Can Train Your Brain to React to Stressful Situations Better. Here's the 3-Step Process.
A Disastrous Valentine's Day Inspired This Founder to Launch Her Own Floral Brand. It Became a Celebrity Magnet With Retail Revenue Up 450% Since 2019.
What Is Your Dream Job? Ask Yourself These 4 Questions to Find Out.
This Is the Crazy Process This Juice Franchise Went Through to Get USDA-Certified Organic. But It Sure Has Paid Off.
No One Would Rent Me a Café in Trendy NYC Neighborhoods, So I Tried Something Risky. Now I Have 3 Coffee Shops.