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Market

Gemini plans to defeat Binance through compliance with the goal of being the “fastest turtle”

July 13, 2021 - Around 2 mins mins to read

Gemini exchange co-founder Cameron Winklevoss has stated that the company is expected to outperform what is currently the largest cryptocurrency exchange, Binance.

As Bloomberg reported on July 12, Cameron Winklevoss stressed the importance of complying with regulatory requirements, saying that Gemini is “playing the long game:”

“We’re trying to be the fastest turtle in the race. The long game will pay off over time. “

The comments come as Binance faces mounting regulatory pressure with the UK active. Financial regulators told Binance that they would not be allowed to conduct regulated activities in the country at the end of June, and the bank was blocked as several banks on the street restricted their dealings with the exchange.

Around the same time, Bloomberg also reported that the U.S. Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission were actively investigating aspects of Binance’s business.

In contrast, Winklevoss claims Gemini worked with Bitstamp, Bittrex, and bitFlyer USA to clean up the industry and allay financial regulators’ concerns. The company helped found the Virtual Commodities Association in 2018, which aims to root out bad behavior and prevent fraud and manipulation.

Connected: ‘Crypto Demand Rule’ Says New Gemini Ad Campaign

Binance continues to dominate crypto trading volume, however, with its analytics platform CoinMarketCap, which estimates Binance’s daily spot trading volume to be more than 100 times the pair’s trading volume while Gemini booked $ 117.7 million.

Gemini isn’t the only US-based exchange that has prioritized adherence to its roadmap. Coinbase released audited financial data after going public earlier this year. Kraken also plans to go public soon after receiving a regulated banking charter in Wyoming in September 2020.

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Market

Gemini plans to defeat Binance through compliance with the goal of being the “fastest turtle”

Gemini exchange co-founder Cameron Winklevoss has stated that the company is expected to outperform what is currently the largest cryptocurrency exchange, Binance.

As Bloomberg reported on July 12, Cameron Winklevoss stressed the importance of complying with regulatory requirements, saying that Gemini is “playing the long game:”

“We’re trying to be the fastest turtle in the race. The long game will pay off over time. “

The comments come as Binance faces mounting regulatory pressure with the UK active. Financial regulators told Binance that they would not be allowed to conduct regulated activities in the country at the end of June, and the bank was blocked as several banks on the street restricted their dealings with the exchange.

Around the same time, Bloomberg also reported that the U.S. Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission were actively investigating aspects of Binance’s business.

In contrast, Winklevoss claims Gemini worked with Bitstamp, Bittrex, and bitFlyer USA to clean up the industry and allay financial regulators’ concerns. The company helped found the Virtual Commodities Association in 2018, which aims to root out bad behavior and prevent fraud and manipulation.

Connected: ‘Crypto Demand Rule’ Says New Gemini Ad Campaign

Binance continues to dominate crypto trading volume, however, with its analytics platform CoinMarketCap, which estimates Binance’s daily spot trading volume to be more than 100 times the pair’s trading volume while Gemini booked $ 117.7 million.

Gemini isn’t the only US-based exchange that has prioritized adherence to its roadmap. Coinbase released audited financial data after going public earlier this year. Kraken also plans to go public soon after receiving a regulated banking charter in Wyoming in September 2020.

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