Gemini bitcoin exchange co-founder Cameron Winklevoss announced in an interview with Bloomberg that he plans to beat the competition from Binance, the largest trading platform by volume.
According to him, regulated business will help the company to do so. Non-compliant products will have to fall by the wayside, says the Gemini co-founder.
"We are playing a long game. We are trying to be the fastest turtle in this race. In the long game, you get results over time," said Winklevoss.
Trading volume on leading cryptocurrency exchanges fell 52% in June. That didn't stop Binance from holding onto the lead with a turnover of $668 billion, which was 69.7 percent of the total.
The publication points out that Coinbase and Kraken, which also account for significant trading volumes, could also compete with Binance in terms of legal compliance.
Coinbase went public on Nasdaq and published reports after an audit and hired former SEC and Goldman Sachs staff to deal with regulators. Kraken had previously been licensed in the state of Wyoming and had also announced plans to go public.
Recall that at the end of June, the regulator in Japan issued another warning to Binance. After that, an inspection of the exchange began in the Cayman Islands and Thailand accused it of operating without a license. The regulator in Poland called for caution when using the platform.
The UK Financial Services Authority has banned Binance Markets Limited from any regulated activity in the country without prior written approval.
Against this background, Barclays UK banned customers from transferring funds to Binance. The local branch of Santander Bank notified that it would block payments to the cryptocurrency exchange.
From 7 July, Binance suspended the acceptance of euro deposits through the SEPA payment system.
Later, payment system Clear Junction refused to process payments related to the trading platform.