While Binance is facing different regulatory challenges across the globe, another exchange is planning to usurp the leading exchange by volume due to its own more regulation-compliant methods.
According to Cameron Winklevoss, the co-founder of Gemini, his exchange current compliance with regulations around the world would help it usurp Binance. He continued that Gemini is “playing the long game,” and that the platform is “trying to be the fastest tortoise in the race.”
This statement comes on the heels of different clampdowns being faced by Binance. In the UK alone, several A-listed banks have enforced different level of clampings against the leading crypto exchange. This came right after the Financial Conduct Authority had declared that the platform had no right to carry out its operation within the country.
Per a Bloomberg report, authorities in the United States were also paying close attention to some aspects of the CZ-led exchange within the country.
This is unlike its competitors like Gemini who struck a partnership with other crypto sites platforms like Bitstamp, Bittrex, and bitFlyer to find a way of cleaning up the industry while also attending to the fears of the regulatory bodies.
Despite the current crackdown that Binance faces, the firm remains top in crypto trading volumes, CoinMarketCap estimation states that its Daily Spot Trading volume is almost 100 times higher than that of Gemini. Binance daily trade is worth approximately $14 billion, while that of Gemini stands at $117.7 million.