Gemini cryptocurrency exchange co-founder Cameron Winklevoss announced that his company expects to bypass Binance, the largest cryptocurrency exchange platform in terms of trading volume. In this, he said, regulated businesses will help them, while unregulated proposals will have to fade into the background.
Thus, the brainchild of the Winklevoss brothers, the Gemini cryptocurrency exchange, focused on adherence to standards and compliance with statutory and regulatory requirements.
According Cameron Winklevoss, Gemini looks forward to the long term. It intends to become a platform on which it will be possible to safely and safely trade cryptocurrencies. He stressed that Gemini known for its law-abiding nature and always strictly adheres to all rules and procedures. Which, unfortunately, cannot be said about some other trading floors.
Moreover, Gemini involved in the creation of the Virtual Commodities Association, which monitors the integrity of the cryptocurrency industry.
Gemini – for regulation
Winklevoss said the Gemini is “trying to be the fastest tortoise in the race”. And added that the effort will pay off over time. Indeed, such an approach can bear fruit and become a support factor for Gemini. Especially given the current situation in the crypto space.
As noted by Bloomberg, from this position, Kraken and Coinbase also can compete with Binance. Coinbase released post-audit financials and strengthened compliance policies ahead of its listing on the stock market this year. Kraken has received a banking license in Wyoming and is also planning to go public.
Binance caught the attention of regulators
We will remind, Binance previously attracted the attention of the US authorities, but the situation worsened after the notification of the UK Financial Conduct Authority that the exchange prohibited from offering regulated services to residents of the country. Subsequently, this led to a limitation of the ability to transfer funds in traditional currency to the trading platform.
In particular, in just a week she lost the support of two banks. In addition, the regulators of Poland and China opposed it.
Also at the end of June, the Japanese regulator issued another warning to Binance. After that, an audit of the exchange began in the Cayman Islands, in Thailand it accused of operating without a license.
Nevertheless, Binance is one of the world leaders among crypto exchanges. It is not surprising that the authorities of different countries do not want her to strengthen her position without proper oversight from the state.
However, after all of the above, we can conclude that Gemini will definitely have strong competition with Binance.
Recent events have clearly demonstrated that regulators are aiming to tighten the screws in the cryptoindustry segment. This issue has become particularly acute in the face of the last bullish year in the crypto market and the growth of public awareness regarding digital currencies. This combination can create a dangerous environment for various types of fraud, or simply pose a threat to inexperienced investors. A similar opinion has already been voiced by the regulators of the USA, Great Britain, Canada and South Korea.