Cameron Winklevoss: Gemini Set to Overtake Binance

Gemini co-founder Cameron Winklevoss said in a Bloomberg interview about plans to beat Binance, the largest platform by trading volume.

According to him, a regulated business would help the company. Products that do not meet regulatory requirements will have to take a back seat, says the Gemini co-founder.

“We’re playing the long game. We’re trying to be the fastest turtle in this race. In the long run, results come with time,” Winklevoss said.

In June, trading volume on the leading cryptocurrency exchanges declined by 52%. This did not prevent Binance from maintaining leadership with a turnover of $668 billion, which accounted for 69.7% of the total.

The report notes that Binance’s competition in terms of regulatory compliance could also come from Coinbase and Kraken, which also account for significant trading volumes.

Coinbase went public on Nasdaq and published reports after audits, hiring former employees SEC and Goldman Sachs to liaise with regulators. Earlier Kraken received a license in Wyoming and also announced plans to go public.

In late June, Japan’s regulator issued another warning to Binance. After that, a review of the exchange’s operations began in the Cayman Islands, in Thailand they accused it of operating without a license. The Polish regulator urged caution in using the platform.

The UK’s Financial Conduct Authority barred Binance Markets Limited from any regulated activity in the country without prior written approval.

Against this backdrop, Barclays barred clients from transferring funds to Binance. The local branch of Santander notified that it would block payments to the cryptocurrency exchange.

Since July 7, Binance has suspended euro deposits via the payment system SEPA.

Later, the payment processor Clear Junction refused to process payments related to the trading platform.

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