TL;DR Breakdown
- Multiple exchange firms plan to overrun Binance through regulatory compliance
- Binance under fire from many regulators after FCA called it illegal in UK
Top American crypto trading platform Gemini Exchange has revealed plans to take over Binance as number one crypto exchange through regulatory compliance.
This is in the wake of many clampdowns the number one crypto exchange firm faces with several regulators globally. Gemini exchange and other crypto firms aim to use the friction to their advantage and get ahead of Binance in crypto business.
Cameron Winklevoss, one of the twins that developed Gemini exchange, said that they expect to overtake the current largest crypto exchange by volume, Binance, predicting its emphasis on compliance will win out as regulators increasingly crackdown on unregulated exchanges.
Cameron emphasized why it is important to adhere to regulatory demands as he said, “Gemini is playing the long game.”
“We’re trying to be the fastest tortoise in the race. The long game pays off over time, he said.
Binance pains become Gemini exchange’s gain
The number one crypto firm has been on the radar of many regulators, especially after the UK Financial Conduct Authority (FCA) issued a warning to the firm indicating that they operate illegally in the UK.
Ever since many other regulators have been after them, likewise Binance partners across the UK have been cutting ties with them over their regulatory hurdle.
Around the same time, Bloomberg also reported that the US Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission were actively examining aspects of Binance’s business.
However, during the trying times for Binance, Gemini exchange began working side by side with Bitstamp, Bittrex, and bitFlyer USA to clean up the industry supposedly. Cameron calls it allaying fears of regulators.
Gemini exchange has come up with a virtual commodity association in 2018 primarily aimed to stop illicit in the crypto space.
As Binance suffers and Gemini makes a move to come atop, the embattled crypto firm remains dominant in the industry so far as it dominates crypto volumes. It still remains the number one crypto firm. Binance hosted almost $14 billion worth of trade in 24 hours while Gemini posted $117.7 million.
Beyond Gemini, Coinbase, Kraken exchanges are also navigating this route to outrun Binance.
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