After Binance acquired CoinMarketCap for $ 400 million in late March, it made some updates to its Top Cryptocurrency Exchanges page.
Navigating the Top Cryptocurrency Exchanges page on the site now shows something completely new. Instead of seeing nameless stock exchange platforms in the laundry trade, we now see all recognizable leaders: Binance, Coinbase Pro, Kraken and so on.
Binance praises the page “Cryptocurrency Exchanges”
The reason for the change is that the rankings are now based on web traffic rather than the declared trading volume. Of course, this gives Binance a huge advantage. Web traffic is often considered a valid metric because it is fairly easy to confirm.
Previously, there were unnamed exchange platforms such as BKEX, P2PB2B and LATOKEN leading the CMC ranking based on the fake trading volume.
Although the changes so far are welcome, the most notorious exchanges for commercial laundry are still listed on CoinMarketCap. The site has often come under fire because it continues to list dubious exchange platforms and non-liquid altcoins.
After a BitWise report in 2019 found that 95% of cryptocurrency transactions were misleading, CoinMarketCap was under pressure to correct their data. However, the data analytics side was slow to respond and only recently added numbers on “real liquidity”.
Many hoped that the Binance acquisition would help correct the incorrect numbers reported by CoinMarketCap. However, the stock market seems to have replaced the real volume indicators with “liquidity”, which is valued from 0 to 1000 based on the document in the order book. The laundry trade continues to be reported as before.
For newbies in the crypto space, CoinMarketCap now appears to be more valid in its reports. However, concerns remain about whether Binance will use the website for reinforcement(BNB) and its platform. So far, only minor changes have been made to the website.
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