OKEx executive calls Binance’s CoinMarketCap ranking“embarrassing

OkEx’s chief strategy officer, Alysa Xu, spoke about the crypto-data site, CoinMarketCap (CMC), because of its recent classification of exchanges, proclaiming the platform as dead.

„Justice and fairness are the basis of all rankings,“ Xu said in a May 15 post on the Chinese microblogging site Weibo. „CMC is dead, and we are mourning together tonight.“

CoinMarketCap initially dismissed the figure that now puts Binance at No.1

CoinMarketCap has recently changed its ranking parameters
Binance recently climbed to the top of CMC’s rankings of cryptomoney exchanges after the data site changed the reasoning behind its list. CMC now shows exchanges ranked in order of web traffic, rather than liquidity or volume. Binance acquired CMC about six weeks ago, paying several hundred million dollars for the platform.

In November 2019, Carylyne Chan, CMC’s chief strategy officer and acting CEO at the time, said she did not approve of the ranking of exchanges based on web traffic.

CoinMarketCap study indicates that Argentina is the leading country in Latin America with women in the crypto ecosystem

Binance CEO Changpeng Zhao mentioned the updated metric in a tweet on May 14, explaining:

This ranking is currently very biased towards web traffic, it’s not 100% accurate, but it’s better than before. It will continue to iterate.
Xu says other exchange metrics have priority
As part of his statement against recent completely ruin bitcoin, kyc leaks at binance, bitcoin price ticker widget, raised an additional $15 million, possible insider job, a year ago, a coding academy, bought $232 million, to improve sidechains, worked with ethereum-based quorum, Xu described security, „the custody of hundreds of billions of user assets“ and significant liability as a priority with regard to exchange classifications. Liquidity comes as the second most important aspect, along with scale of transactions. He also mentioned the expertise of the customers, the services and the platforms themselves, in various capacities.

„In the era of the mobile internet in 2020, ranking with web parameters is either ignorant or shameless,“ Xu said of the new CMC format.

Gilded automates crypto payments for CoinMarketCap
Cointelegraph contacted OKEx and Binance for comments, but did not receive a response until the time of publication. This article will be updated accordingly when a response is received.

This entry was posted in Krypto. Bookmark the permalink.

Comments are closed.