Gemini aims to overtake Binance, yet a long way to go
Cameron Winklevoss, Gemini exchange co-founder, expressed the company’s ambitions to overtake Binance, currently largest crypto exchange by volume. However they will have a long way to go.
In a Bloomberg article on July 12, Winklevoss was quoted saying how important it is for crypto business to adhere to regulators’ demands, thereby stating that Gemini is “playing the long game” and intends to conform:
“We’re trying to be the fastest tortoise in the race. The long game pays off over time.”
Winklevoss’ remarks come amidst Binance facing strong headwinds from regulator and banks. The U.K’s. Financial Conduct Authority prohibited Binance to carry out any regulated operations in the country. Not long after, several large banks started blocking their customers from transacting with the exchange.
On the other side of the pond, the U.S. Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission are also actively examining aspects of Binance’s business.
Seemingly remarkable, two months ago, Binance announced that it has hired former U.S. senator and ambassador to China, Maxwell Baucus, as a government relations adviser.
This stands in sharp contrast with Gemini’s operations. Winklevoss made it clear that Gemini is working with Bitstamp, Bittrex, and bitFlyer USA in an effort to drive regulatory compliance and address the concerns of financial regulators.
Binance nonetheless seems unaffected and continues to dominate crypto trade volumes. According to CoinMarketCap, Binance’s daily spot trading volume is over 100 times that of the Winklevoss twins’ Gemini. The largest crypto trading platform of the world is known to be a pioneer in the industry by leading the pack with new products and other innovations. By doing so, they are fully aware of balancing on the edge’s of what regulators might deem appropriate.
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Author: Peter Siu