Cameron Winklevoss, co-founder of Gemini, has said the company hopes to overtake Binance, the largest cryptocurrency exchange in terms of trading volume. He has said that to do so, unregulated propositions will have to take a back seat. In an interview with Bloomberg, Winklevoss has said:
"We’re trying to be the fastest tortoise in the race. The long game pays off over time."
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As noted by Bloomberg, Kraken and Coinbase may also compete with Binance. Coinbase has published post-audit reports and strengthened its legal compliance policies before going public. For its part, Kraken has received a banking license in Wyoming and also plans to go public. Gemini has been involved in the creation of the Virtual Commodity Association, which oversees the integrity of the crypto industry.
Binance has recently attracted the attention of the US authorities, later the UK's Financial Conduct Authority (FCA) has banned the exchange from offering its services to UK residents.
Binance remains the world's largest cryptocurrency exchange with a trading volume of $11 billion over the past 24 hours, while Gemini's trading volume stands at $117 million.