Be aware, Binance is the largest crypto exchange platform in the world and probably also has the highest user record.
Yet in recent times, the platform has faced legal pressures starting with South Africa, Japan, and the United Kingdom (UK). At the same time, the crypto market in China is being gripped by the authorities causing most crypto miners, especially Bitcoin (BTC) to move abroad.
Not to be outdone the U.S. Department of Justice, the Internal Revenue Service, and the Commodity Futures Trading Commission (CFTC) are also actively monitoring Binance’s activities.
In the wake of this unexpected situation, Coinbase, Kraken and Gemini saw an opportunity for them to overtake Binance.
Gemini founder Cameron Winklevoss explained: “We are trying to be the fastest turtle in this race. A long match will pay off from time to time. ”
When compared to Binance, Gemini is much more compliant with U.S. laws related to monetary exchange. In fact, they have partnered with Bitstamp, Bittrex and bitFlyer USA in an effort to ‘clean up’ the crypto industry and ease the stress of financial supervisors.
While Coinbase had already issued audited finances during its IPO in April and Kraken was recognized as the first crypto exchange to switch as a legal bank in the US.
Still, Binance still won the race with a report from CoinMarketCap proving Binance’s spot trading volume was 100x higher than Gemini’s with a record of nearly $ 14 billion in 24 hours, compared to Gemini’s only $ 117.7 million.
In fact, it is still risky for Binance as they are unable to regulate themselves due to lack of adequate technical requirements such as non -transparency in meeting the requirements of the authorities.
However, it is not appropriate to underestimate the potential of Binance as this exchange is still young and able to grow quickly. Depending on the time, maybe one day Binance will operate according to defined laws.
