Gemini is about to squeeze Binance

Co-founder of the Gemini cryptocurrency exchange Cameron Winklevoss announced that his company expects to bypassBinance, 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.

“We are playing a long game. We are trying to be the fastest turtle in this race. In a long game, you get results over time, ”Winklevoss said in an interview with Bloomberg.

As noted by Bloomberg, from these positionsKraken and Coinbase could also compete with Binance. Coinbase released post-audit reports and strengthened its legal compliance policies ahead of its stock market listing this year. Kraken has received a banking license in Wyoming and is also planning to go public. Gemini was involved in the creation of the Virtual Commodities Association, which aims to eradicate malicious behavior in the cryptocurrency industry.

“The catch is that the cryptocurrency ecosystem has beencreated to get away from the big banks, said John Griffin, professor of finance at the University of Texas School of Business at Austin. "But instead of getting an autonomous universe free from government regulation, we have crypto exchanges that play the role of traditional exchanges and the state in traditional markets."

Binance has previously attracted the attention of Americanauthorities, however, the situation was aggravated after the notification of the UK Financial Conduct Authority that the exchange was 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. Binance, however, remains the largest cryptocurrency exchange in the world with a turnover of $ 11 billion in the last 24 hours, while trading volume on Gemini was only $ 117 million.

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