Huobis vice president criticizes Binances manipulation of CoinMarketCap

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Ciara Sun, VP of Huobi, denounced Binance on Twitter for distorting data on CoinMarketCap. He claims the exchange is taking advantage of his recent purchase of CoinMarketCap to gain an unfair advantage.

In a tweet, he said that institutional trading volume increased 128% between the fourth quarter of 2019 and the first quarter of 2020 Huobi has a much higher deposit volume than Binance. However, none of this is reflected in the new ranking of CoinMarketCap.

Institutional trading volumes increased 128.25% in the first quarter of 2020 compared to the fourth quarter of 2019.

From Fidelity, almost half of the institutional investors who use metrics see digital assets in their portfolios.

@CoinMarketCap, however, now uses unique website views and visits.

Look ahead, not back.

in the another tweetHe said Huobi had seen $ 1.48 billion in deposits, with Binance receiving only $ 931 million in the first ten days of March. Huobi also made 70% of all withdrawals between exchanges during the same period.

A few days ago, CoinMarketCap reorganized the “Top Cryptocurrency Exchanges” page. Binance is organized according to traffic and unique visitors and is now the number one priority. This change has been made Criticized by many in the industry who don’t see web traffic as an accurate measure.

Taken together, Ciara Sun’s comments are one Escalation of an ongoing dispute between Huobi and Binance. The two exchanges have reached an all-time high for Bitcoin’s trading volume in the past month and a half. It is clear that Huobi sees Binance as its main competitor.

So far, Binance has not commented on the controversy.



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