Gemini, Coinbase And Kraken Embrace Regulation To Challenge Binance's Dominance As Leading Crypto Exchange

What Happened: Gemini, the crypto exchange led by Cameron and Tyler Winklevoss, anticipates it will surpass Binance to become the largest crypto exchange by volume.

This is despite the fact that Binance’s daily spot trading volume currently exceeds Gemini’s by over 100 times, according to data from CoinMarketCap.

In a recent interview with Bloomberg, Cameron Winklevoss said that Gemini is playing the long game by ensuring it complies with regulators.

“We’re trying to be the fastest tortoise in the race. The long game pays off over time,” he said.

Why It Matters: Other popular cryptocurrency exchanges like Coinbase Global Inc COIN and Kraken, too, have adopted a similar approach to embracing regulation.

Ahead of its direct listing on Nasdaq, Coinbase published its audited financials and appointed Stripe Inc’s Melissa Strait as its chief compliance officer.

Kraken, another major US-based crypto exchange that plans to go public next year, operates under a regulated banking charter in the state of Wyoming.

Meanwhile, Binance, which accounts for $13.4 billion in daily trading volume, has run into regulatory hurdles in a number of geographies.

Last month, the U.K.’s Financial Conduct Authority (FCA) ordered Binance to halt its operations in the country.

Read also: Traders Worldwide Sue Binance Over Losses During Service Crash In May

"While we don't regulate Crypto-assets like Bitcoin or Ether, we do regulate certain Crypto asset derivatives, such as futures contracts, contracts for difference and options, as well as those Crypto assets we would consider 'securities'. We must authorize a firm to advertise or sell these products in the U.K.," they said in the statement. 

Price Action: At press time, Bitcoin BTC/USD was trading at $32,969, down 2.11% over the past 24-hours.

Posted In: CryptocurrencyFintechGovernmentNewsLegalGlobalMarketsTechMediaTrading IdeasBitcoinCoinbasecryptocurrenciesEthereumExchangesKrakentrading
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