At the recent FTX hearings, entrepreneur and investor Kevin O’Leary made an impassioned argument against the growth of cryptocurrency exchanges like Binance. O’Leary argued that these exchanges add too much risk to the global financial system and should be closely regulated. He also accused the exchange of facilitating money laundering and other illicit activities. O’Leary urged regulators to shut down exchanges like Binance, claiming that they are not fit to handle large amounts of money. He also stated that these exchanges do not provide enough consumer protection and have inadequate security protocols. O’Leary’s argument was met with resistance from other participants in the hearing, who argued that the growth of cryptocurrency exchanges is an important part of financial innovation and should not be stifled by over-regulation.