CoinMarketCap Removes Volume Requirement for Cryptocurrency Exchanges

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CoinMarketCap, the cryptocurrency data aggregation site, recently removed their volume requirements for crypto exchange listings on their platform, citing data transparency and clarity concerns.

The giant cryptocurrency portal made the announcement on their blog post today, which responded to criticism that cryptocurrency exchanges have been gaming their statistical algorithms in order to get listed more easily and rank higher. This leads to more visibility and prestige among newer exchanges.

Many users have long complained that newer cryptocurrency exchanges inflate their volumes by utilizing a low fee model. This encourages traders to increase activity by using bots or taking advantage of the low cost per trade fees.

Some exchanges have been accused of more questionable methods of increasing their volume through “exchange operated market-making services” or other unscrupulous methods known as washed trading.

Another recent volume enhancing scheme is known as “transaction mining”. This crypto exchange model charges the user a transaction fee, however indirectly refunds them by issuing their own tokens. This method has become popular among many trading platforms that now rank towards the top of the CoinMarketCap daily volume charts.

CMC stated that rather than censoring these exchanges, they will attempt to over provide more data and tools to analyze these conditions so that individuals have the ability to reach an informed decision on their own.

These newer tools include the ability to view an exchanges volume over a longer period of time other than the typical 24 hour rankings that are currently available. Users can also utilize filtering tools that help them distinguish between exchanges that operate on different fee models.

A rep from CoinMarketCap states…

“Our philosophy is to provide users with as much information as possible so that they can form their own interpretations and conclusions. This is an extremely demanding problem that requires all our users in the crypto community to resolve”.

Author: Cryptobonx

Cryptobonx is a Crypto –Currency and Blockchain Enthusiast.He is a believer of transforming complex information into simple, actionable content.

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