Kevin O'Leary asserts Binance deliberately collapsed FTX

Key points:

• "Shark Tank" star Kevin O'Leary slammed Binance today - claiming it deliberately caused FTX to crash.
• The businessman also said that Binance is "now a giant, unregulated monopoly."
• O'Leary also called for greater regulation today, noting that FTX-owned derivatives trading platform LedgerX was "the only entity that didn't go to zero" after the crash because it is regulated by the Commodity Futures Trading Commission.
• Former FTX CEO and founder Sam Bankman-Fried were arrested in the Bahamas over the weekend after U.S. Federal agencies sought his extradition from FTX's home country. He is now under investigation and faces eight criminal charges.

Canadian entrepreneur and "Shark Tank" star Kevin O'Leary slammed cryptocurrency exchange Binance today - claiming it deliberately caused FTX to crash.

In testimony to the Senate Banking, Housing and Urban Affairs Committee, the prominent businessman also said that Binance is "now a giant, unregulated monopoly."

FTX, once one of the largest digital asset exchanges in the world, suffered a spectacular collapse last month — prompting lawmakers to think more than ever about how to regulate digital assets. The topic of today's hearing is "Cryptocurrency Crash: Why the FTX Bubble Burst and the Harm to Consumers."

O'Leary, who is heavily invested in FTX, told the hearing today: "I have an opinion, not a record. One puts the other out of business — on purpose."

Binance, the world's largest cryptocurrency exchange, played an early role in the collapse of major exchange FTX last month. Binance CEO Changpeng Zhao “CZ” announced that he would be selling FTX’s native tokens held by the exchange, a move that sparked a liquidity crisis. A few days later, FTX filed for bankruptcy.

The exchange’s bankruptcy has hammered the cryptocurrency market — including several companies affiliated with the giant.

O'Leary also called for greater regulation today, noting that FTX-owned derivatives trading platform LedgerX was "the only entity that didn't go to zero" after the crash because it is regulated by the Commodity Futures Trading Commission.

And he’s not alone: ​​Sen. Cynthia Lummis (R-WY) told the hearing it’s time to “separate digital assets from corrupt organizations.”

"FTX is a good old-fashioned scam," she said. “Mismanagement, human error, and improper controls are all under review. We need to regulate this business and put digital assets on top of our existing financial framework.”

Former FTX CEO and founder Sam Bankman-Fried were arrested in the Bahamas over the weekend after U.S. Federal agencies sought his extradition from FTX's home country. He is now under investigation and faces eight criminal charges.

The disgraced cryptocurrency tycoon was ordered to testify at today's hearing ahead of his arrest but declined — despite agreeing to attend yesterday's House hearing without him. He has previously said his testimony could be "impressive".