- Gemini co-founder Cameron Winklevoss says his exchange could overtake Binance.
- Cameron Winklevoss claims Gemini will leverage its high compliance to win.
- However, Binance continues to dominate the market despite regulatory problems.
Top ranking crypto exchange, Binance, could lose its throne due to the regulatory troubles the exchange is currently facing. One rival set to take full advantage of Binance’s fall from grace is Gemini exchange.
To clarify, Binance is currently the highest-ranking crypto exchange by volume, according to CoinGecko. Notably, Gemini is not the only regulation complaint that could benefit from the Binance clampdown.
However, Gemini co-founder Cameron Winklevoss shared that the exchange plans on overtaking Binance by leveraging Gemini’s high compliance. In fact, Cameron alluded that Gemini is playing by its own rules in the crypto exchange game of thrones. The Winklevoss twin added,
We’re trying to be the fastest tortoise in the race. The long game pays off over time.
Cameron Winklevoss shared these remarks in a recent interview with Bloomberg. Also, the Gemini co-founder made reference to the increasing regulatory pressure that the Binance exchange has fallen victim to.
Although the top-ranking exchange enjoys a presence in many countries across the world. However, some authorities have banned the exchange. Some countries that have cracked down on Binance include the UK, the Cayman Islands, Japan, Thailand, among others.
These nations have all flagged Binance for carrying out regulated activities without proper licensing or regulatory compliance. In addition, the exchange exited Canada’s Ontario province in the midst of a regulatory crackdown.
At the same time, the US also started looking into some of the exchange’s activities. It seems that with increased crypto adoption authorities are under pressure to enforce tighter regulations on the crypto market.
The increasing number of crypto scams and rug pulls have once again put a spotlight on the perils of crypto trading. A fact that Gemini is not only aware of but is working towards fixing. Notably, Gemini helped start the Virtual Commodity Association in 2018. The association aims to expose bad practices, fraud, and manipulation within the crypto industry.
Finally, despite the regulatory problems Binance has managed to not only dominate the crypto market. In addition, the top exchange is outperforming the market. At the time of writing, the exchange recorded $11,204,217,010 in trading volume. In comparison, top rival Coinbase exchange only record $1,466,572,591 trading volume in the same period, with Gemini recording $115,441,473.