The battle horns resound once again in the crypto world. This time, due to the changes made by CoinMarketCap in its exchange ranking. Which have clearly benefited the parent company of the data platform, Binance. This is the reason why the Vice President of Huobi, Binance’s main competitor exchange, denounces that CoinMarketCap is manipulating its data.
CoinMarketCap changes its exchange classification system
The last weeks have been full of news in the crypto market, especially due to the latest news from Binance, the biggest exchange in the world. Among which, perhaps the most significant has been the acquisition of CoinMarketCap by Changpeng Zhao’s exchange.
CoinMarketCap had been considered until now, as the main platform providing reliable data on the crypto market. Being consulted universally by all traders and companies that are part of the world of crypto currencies.
But, if the company is now in the hands of been denied by the sec, crypto ratings council, a blockchain-friendly legislative bill, activated in late february, faster, lighter and more secure, launching an exchange, crypto investors last year, within the same blockchain, sec takes a different tack, white hat response, one of the parties interested in statistics. Many fear that it could generate manipulations in the data of CoinMarketCap, which would benefit Binance over its competitors.
These concerns were quickly dismissed by the Binance team. With Changpeng Zhao at the head, he assured the entire crypto world that the platform would continue to work independently of the exchange.
Changpeng Zhao clarifies Binance’s independence from CoinMarketCap
Is there data manipulation in CoinMarketCap?
Despite the clarifications that Binance has tried to make about the independence of CoinMarketCap from Binance. These clarifications have not been enough to calm down the crypto users. Especially after a modification in the way the ranking of exchanges in CMC is calculated would benefit Binance greatly. At the same time it affected the position of its main rival: Huobi.
Immediately, Huobi’s Vice President, Ciara Sun, has come out to denounce what she considers a manipulation of the statistics by CoinMarketCap, using in an interested way the English web traffic, a metric that favors Binance, over other data such as the percentage of the market that each exchange has. A statistic that would benefit Huobi.