Gemini exchange co-founder, Cameron Winklevoss, has stated the company expects to overtake the current largest crypto exchange by volume, Binance, predicting its emphasis on compliance will win out as regulators increasingly crack down on unregulated exchanges.
As reported by Bloomberg on July 12, Cameron Winklevoss emphasized the importance of adhering to regulators’ demands, stating that Gemini is “playing the long game:”
“We’re trying to be the fastest tortoise in the race. The long game pays off over time.”
The comments come as Binance faces increasing regulatory pressure, with the U.K’s. Financial Conduct Authority told Binance that it wasn’t authorized to carry out regulated activities in the country in late June. A banking blockade followed as several high street banks curtailed their customer’s activities 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 examining aspects of Binance’s business.
By contrast, Winklevoss stated that Gemini has been working